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    RVR   AU000000RVR7

RED RIVER RESOURCES LIMITED

(RVR)
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Red River Resources : increases Hillgrove Resource to +1Moz Gold and 90kt Antimony

07/29/2021 | 10:56am EDT

Red River Managing Director Mel Palancian said, 'It's a fantastic milestone to grow our Hillgrove resource to more than 1 million ounces of gold and 90kt of antimony, making Hillgrove the ninth largest antimony resource in the world, in the best location.

Hillgrove has significant growth potential both in resources and scale. All deposits remain open and we have defined a large number of targets and control the whole mineral field so we are confident that we cancontinue to build the scale of the Hillgrove project. Drilling has also shown there is halo mineralisation that has not previously been identified and pursued'. 'Building the scale of the Hillgrove project is considered to be a significant value creating opportunity for our shareholders and I'm looking forward to seeing the results of our future exploration and drilling over the coming quarters.'

Red River Resources Limited (ASX: RVR) ('Red River'', 'RVR or 'the Company') is pleased to announce a JORC 2012 compliant Eleanora/Garibaldi Mineral Resource of 2.4Mt @ 4.7g/t Au & 0.6% Sb & (5.5g/t Au Eq.) (362koz contained Au & 15kt contained Sb) at its Hillgrove Gold Project in NSW. The additional Eleanora and Garibaldi resource brings the total Hillgrove resource to 7.23Mt @ 4.5g/t Au & 1.2% Sb (6.2g/t Au Eq). This increase to more than 1Moz of gold confirms the high potential of the Hillgrove gold project. RVR's continued successful exploration programs have identified wider halo mineralised zones surrounding the highgrade lodes while also updating the Eleanora and Garibaldi JORC 2004 resource to JORC 2012 compliance. The updated JORC 2012 Mineral Resource increases contained antimony at Hillgrove to 90,000 tonnes, making Hillgrove the 9th largest antimony resource in the world and the largest in Australia. RVR is investigating alternate mining and processing scenarios (increased tonnages) to maximise value of the Hillgrove resource which may result in a new strategy for the project. However, RVR believesthe lack of drilling and sampling at Hillgrove over the past 50 years is a great opportunity to add additional resources through future drilling campaigns. Previous operations have focussed on high-grade mineralisation.

The significant lower grade portions and halo mineralisation has largely been discounted due to small-scale operations and lower gold prices. As a result, the resources are not well defined at lower cut-off grades due to a lack of drilling and sampling, providing significant potential upside.

About Red River Resources (ASX: RVR)

RVR is building a multi-asset operating business focused on base and precious metals with the objective of delivering prosperity through lean and clever resource development. RVR's foundation asset is the Thalanga Base Metal Operation in Northern Queensland, which was acquired in 2014 and where RVR commenced copper, lead and zinc concentrate production in September 2017. RVR commenced production at the high-grade Hillgrove Gold Operation in New South Wales in 2020, after acquiring it in 2019. The Hillgrove Operation is a key part of RVR's strategy to build a multi-asset operating business focused on base and precious metals.

Contact:

Nathan Ryan

Tel: +61 3 9017 5380

Email: nathan.ryan@nwrcommunications.com.au

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2022 - - -
Net income 2022 34,0 M 25,2 M 25,2 M
Net Debt 2022 - - -
P/E ratio 2022 -
Yield 2022 -
Capitalization 114 M 84,7 M 84,6 M
Capi. / Sales 2022 -
Capi. / Sales 2023 -
Nbr of Employees 3
Free-Float 79,3%
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Mean consensus BUY
Number of Analysts 1
Last Close Price 0,22 AUD
Average target price 0,40 AUD
Spread / Average Target 81,8%
Managers and Directors
Melkon Palancian Managing Director & Executive Director
Rod Lovelady Chief Financial Officer
Brett Fletcher Non-Executive Chairman
Karl Spaleck Operations Manager
Mark Hanlon Independent Non-Executive Director
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