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    • Delayed Prices (USD) - Last Updated 27-06-2022
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    Red River’s drilling at Liontown indicates potential to expand Thalanga

    Red River Resources Limited (ASX: RVR) has announced further encouraging results from drilling at the Liontown Project, part of its Thalanga Operations in Northern Queensland.

    The company reported that it continues to receive outstanding results from drilling in the New Queen Lens and the Main Lens prospects, part of the ongoing Liontown drilling program. RVR said that the results from these lenses indicate potential for a near term mining opportunity, which could be material to Thalanga operations.

    Red River reported that the assays at the New Queens Lens prospect has identified Copper Lead Zinc + Gold/Silver Sulphide mineralisation including 71.20m @ 6.9% Zn Eq. from 32.00m down-hole inc. 16.00m @ 11.3% Zn Eq. from 39.00m down-hole and 12.50m @ 10.7% Zn Eq. from 68.15m down-hole; 8.40m @ 8.0% Zn Eq. from 35.8m down-hole; and 35.75m @ 14.9% Zn Eq. from 53.75m down-hole.

    Red River reported that the assays at the Liontown Main Lens prospect (Copper Lead Zinc + Gold/Silver Sulphide Mineralisation) include 37.78m @ 6.8% Zn Eq. from 163.32m down-hole inc. two zones of high grade massive sulphides; 5.67m @ 33.1% Zn Eq. from 105.88m down-hole; and 23.65m @ 19.4% Zn Eq. from 181.50m down-hole inc. 15.60m @ 25.9% Zn Eq. from 189.55m down-hole.

    The company noted that these results provide confidence in historic drill data and confirm the high grade, gold-rich polymetallic nature of the Liontown Deposit.

    Liontown project

    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, with two diamond drill rigs currently active. The drill program is expected to finish in Q1 CY2020.

    To date, 19 holes have been completed (for 3324.36m), and assay results received for 11 holes.

    The company has now announced the drilling results from New Queen Lens and Main Lens. It may be noted that the lens comprises three, stratiform tabular lodes (Upper, Central, and Lower) hosted within sericitic siltstones near the sediment pumice breccia contact. The lens is oxidised to a depth of 60-80m and mineralisation is characterised by banded low iron sphalerite.

    Drill results at New Queens Lens

    The New Queens Lens is a large body (approximately 600m by 250m by 5m) of polymetallic (Cu-Pb-Zn) volcanic hosted massive sulphide (VHMS) mineralisation with significant precious metal (gold and silver) credits.

    Red River reported that the material assays results from the current drilling program at New Queens Lens include 71.20m @ 0.2% Cu, 1.8% Pb, 4.0% Zn, 1.5 g/t Au & 14 g/t Ag (6.9% Zn Eq.) from 32.00m down-hole, including 16.00m @ 0.3% Cu, 3.2% Pb, 7.0% Zn, 3.5 g/t Au & 12 g/t Ag (11.3% Zn Eq.) from 39.00m down-hole and 12.50m @ 0.3% Cu, 3.5% Pb, 5.3% Zn, 1.0 g/t Au & 28 g/t Ag (10.7% Zn Eq.) from 68.15m down-hole (hole LTDD19011).

    Results from hole LTDD19012 include 8.40m @ 8.0% Zn Eq. from 35.8m down-hole. At hole LTDD19013, drilling intersected 35.75m @ 0.3% Cu, 3.5% Pb, 7.4% Zn, 2.2 g/t Au & 91 g/t Ag (14.9% Zn Eq.) from 53.75m down-hole.

    The company noted that the intersection at hole LTDD19013 included exceptionally high-grade precious metal rich mineralisation of 5.35m @ 1.3% Cu, 12.6% Pb, 25.0% Zn, 10.1 g/t Au & 461 g/t Ag (57.1% Zn Eq.) from 78.90m down-hole.

    To date, the Main Lens drilling has confirmed the presence of high-grade polymetallic VHMS mineralisation over mineable widths, supporting the case for the proposed underground mining approach.

    Drilling results at Main Lens

    The Main Lens is a large body (approximately 450m by 400m by 5m) of polymetallic (Cu-Pb-Zn) volcanic hosted massive sulphide (VHMS) mineralisation with significant precious metal (gold and silver) credits.

    Significant results from the current drilling program include 37.78m @ 0.3% Cu, 1.1% Pb, 4.0% Zn, 0.3 g/t Au & 29 g/t Ag (6.8% Zn Eq.) from 163.32m down-hole, including 4.50m @ 0.8% Cu, 3.2% Pb, 14.1% Zn, 0.2 g/t Au & 36 g/t Ag (20.6% Zn Eq.) from 167.50m down-hole and 6.10m @ 0.3% Cu, 2.0% Pb, 7.4% Zn, 0.8 g/t Au & 68 g/t Ag (12.1% Zn Eq.) from 195.00m down-hole (hole LTDD19005); 5.67m @ 0.8% Cu, 6.3% Pb, 21.5% Zn, 0.8 g/t Au & 115 g/t Ag (33.1% Zn Eq.) from 105.88m down-hole (hole LTDD19008); and 23.65m @ 0.6% Cu, 4.2% Pb, 10.4% Zn, 1.0 g/t Au & 109 g/t Ag (19.4% Zn Eq.) from 181.50m down-hole, including 15.60m @ 0.7% (hole LTDD19010).

    Results from Carrington Lode

    The company also reported results from Carrington Lode (Copper Gold Mineralisation) which include 5.00m @ 5.3% Cu and 0.1 g/t Au from 253.00m down-hole.

    Next steps

    Red River reported that further Drilling at Liontown is ongoing.

    Management statements

    Red River Managing Director Mel Palancian said: “We are impressed with the results from Liontown, which are demonstrating the potential of this deposit to add to the mine life of our Thalanga Operations.

    The New Queens Lens has potential to become a starter pit, targeting the shallow high-grade polymetallic mineralisation while results from the Main Lens support a possible underground mining operation.

    In addition, we are remodelling the Carrington Lode using historic and new results to design a drill program to better target the gold in that system and define a Mineral Resource.”

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    • Delayed Prices (USD) - Last Updated 27-06-2022
    • Gold $1,826.40
    • Silver $21.14
    • Platinum $908.00
    • Palladium $1,802.00
    • Dalian Iron Ore i2209 $113.98
    • Aluminium $2,456.00
    • Cobalt $72,400.00
    • Copper $8,381.00
    • Lead $1,915.00
    • Nickel $22,400.00
    • Tin $24,590.00
    • Zinc $3,350.00