Red River Resources Shares Up on Thalanga Gold Results (ASX:RVR)
The Red River Resources Ltd [ASX:RVR] share price is up today close to 5% after releasing a drilling update at Thalanga.
Red River Resources’ goal is to build a multi-asset mining business focused on precious metals. Their main asset is the Thalanga Base Metal Operation, located in Northern Queensland and which they fully own.
What did they announce today?
The company said they received some ‘encouraging gold results’ on their first reverse-circulation drilling program at New Homestead and Don gold prospects. They are both part of Thalanga Operations.
Red River started producing copper, lead, and zinc, with gold and silver credits in Thalanga in 2017, but they are also looking to build exposure to gold.
At New Homestead, which is around 2km west of Thalanga, Red River drilled 10 RC holes for 958 metres where they intersected quartz sulphide veining.
At Don, located around 20km NW of Thalanga, they completed 10 RC holes for 910 metres. According to the company, results ‘confirmed the presence of high-grade mesothermal gold mineralisation at shallow depths’ in several holes.
Some of the results included: 1 metre at 28 gram per tonne of gold from 34m, 6m @2.2 g/t Au from 77m including 1m @6.4 g/t gold from 78 m and 4m @2 g/t gold from 40m including 1m @4.7 g/t gold from 41m.
Mel Palancian, Red River Resources’ Managing Director, had this to say:
‘The drill results received from the Don are an excellent start to our Thalanga gold exploration program, demonstrating the presence of gold mineralisation at shallow depths.
‘We will continue to explore the Thalanga region for its gold potential, aiming to build our resource inventory at Thalanga while we also ramp up gold production at our Hillgrove Gold Mine in NSW.’
Red River got the Hillgrove Gold Operation in New South Wales back in 2019, and recently poured their first gold bar in more than 20 years.
What’s next the RVR Share Price?
The share price today was trading at 22 cents, up from 21 cents at yesterday’s close.
Red River is planning an RC drilling program at Toomba that will likely take place as early as May. They’ll be drilling 13 holes for 1,379 metres.