Red River Resources Limited (ASX: RVR) has announced further encouraging results from the drilling at the Liontown Project, part of its Thalanga Operations in Northern Queensland.
The company reported new exceptional high-grade, gold-rich polymetallic mineralisation drill results from the New Queen Lens in Liontown project.
RVR announced peak assay results of 1.70m @ 1.1% Cu, 15.9% Pb, 30.8% Zn, 21.8 g/t Au and 304 g/t Ag (67.2% Zn Eq.) from 62.40m down-hole in LTDD19027.
The company reported intercepts of 30.00m @ 0.4% Cu, 3.8% Pb, 7.1% Zn, 2.4 g/t Au & 38 g/t Ag (13.9% Zn Eq.) from 61.00m down-hole; including 5.50m @ 0.4% Cu, 5.8% Pb, 11.9% Zn, 7.2 g/t Au & 119 g/t Ag (25.0% Zn Eq.) from 61.00m down-hole; including 1.70m @ 1.1% Cu, 15.9% Pb, 30.8% Zn, 21.8 g/t Au & 304 g/t Ag (67.2% Zn Eq.) from 62.40m down-hole.
Other intercepts include 5.40m @ 1.0% Cu, 7.2% Pb, 14.4% Zn, 4.7 g/t Au & 52 g/t Ag (27.7% Zn Eq.) from 73.90m down-hole including 2.55m @ 1.6% Cu, 12.0% Pb, 24.3% Zn, 8.9 g/t Au & 78 g/t Ag (46.8% Zn Eq.) from 74.30m down-hole and 1.84m @ 1.3% Cu, 12.1% Pb, 20.3% Zn, 1.4 g/t Au & 33 g/t Ag (36.9% Zn Eq.) from 88.50m down-hole.
RVR said that it is working to update the New Queen Lens JORC 2012 Mineral Resource Estimate and had commenced preliminary mining studies for New Queen Lens with results expected shortly.
Red River said that it is planning to accelerate production at the high-grade, gold-rich polymetallic Liontown Project ahead of the zinc rich Waterloo deposit.
The Liontown Project is located 40km southwest of Charters Towers in North Queensland.
Tenure for the Liontown/Waterloo Project area comprises two exploration permits (or part thereof) and one mining licence.
The Liontown Project comprises polymetallic VHMS deposits, New Queen Lens, Main Lens, and Liontown East; and a later gold-rich copper mineralised vein system (IRGS), the Carrington Lode.
The Liontown Project has a current Mineral Resource of 3.5Mt @ 10.0% Zn Eq. and is the largest resource at Thalanga.
Red River has commenced development activities at Liontown, with the intention to commence mining at Liontown in FY23. The Liontown deposit is open in all directions and is likely to be a key part of mining operations at Thalanga for the foreseeable future.
Drilling at Liontown
Red River had commenced drilling at Liontown in June 2019 and completed 34 drill holes (5,278m drilled) to date, with assay results received for 23 holes.
The company said that the assay results from the latest five drill holes completed at the New Queen Lens highlight the precious metal-rich nature of the VHMS mineralisation.
Red River said that it is awaiting assays for the remaining 11 holes, which are expected before the end of January.
High-grade results from New Queens Lens
The New Queens Lens is a large body (approximately 600m by 250m by 5m) of polymetallic (Cu-Pb-Zn) VHMS mineralisation with significant precious metal (gold and silver) credits.
Most known New Queen Lens mineralisation falls within an existing Mining Lease (ML10277) held by Red River’s wholly owned subsidiary, Cromarty Resources Pty Ltd.
Some of the notable intercepts from the 5 drillholes completed include drill holes LTDD19023, LTDD19027, and LTDD19028.
Hole LTDD19027: The company said that the hole LTDD19027 intersected 30.00m @ 0.4% Cu, 3.8% Pb, 7.1% Zn, 2.4 g/t Au & 38 g/t Ag (13.9% Zn Eq.) from 61.00m down-hole; including 5.50m @ 0.4% Cu, 5.8% Pb, 11.9% Zn, 7.2 g/t Au & 119 g/t Ag (25.0% Zn Eq.) from 61.00m down-hole; including 1.70m @ 1.1% Cu, 15.9% Pb, 30.8% Zn, 21.8 g/t Au & 304 g/t Ag (67.2% Zn Eq.) from 62.40m down-hole and 5.40m @ 1.0% Cu, 7.2% Pb, 14.4% Zn, 4.7 g/t Au & 52 g/t Ag (27.7% Zn Eq.) from 73.90m down-hole including 2.55m @ 1.6% Cu, 12.0% Pb, 24.3% Zn, 8.9 g/t Au & 78 g/t Ag (46.8% Zn Eq.) from 74.30m down-hole and 1.84m @ 1.3% Cu, 12.1% Pb, 20.3% Zn, 1.4 g/t Au & 33 g/t Ag (36.9% Zn Eq.) from 88.50m down-hole.
Hole LTDD19023: RVR said that the hole LTDD19023 intersected 7.60m @ 0.2% Cu, 1.8% Pb, 4.0% Zn, 3.8 g/t Au & 120 g/t Ag (11.2% Zn Eq.) from 87.40m down-hole
Hole LTDD19028: The company reported that the hole LTDD19028 also hit the high-grade, copper-rich Carrington Lode, with an intersection of 2.89m @ 7.2% Cu from 140.41m down-hole.
Updates and next steps
The company announced that further Drilling at Liontown is ongoing.
Red River said that it is working to update a JORC 2012 Mineral Resource estimate for the New Queen Lens and has commenced preliminary mining studies.
The company said that the Mineral Resource estimate will be completed when the assays for the outstanding 11 holes are received (expected by the end of January).
RVR said that the completion of Mineral Resource estimate will allow the outcome of the preliminary mining studies to be finalised.
The company reported that the ongoing exploration success at Liontown has increased potential to develop the deposit.
Red River said that it is seeking to accelerate production at Liontown ahead of developing the zinc-rich Waterloo deposit.