Red River Resources : intercepts 20% Zn Eq. at Liontown

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ASX Announcement	ASX Code: RVR
2 DECEMBER 2021

Red River intercepts +20% Zn Eq. at Liontown

Highlights:

• Recent RC drilling results increase confidence of Liontown Gap Lode mineralisation
• Sulphide Gap Lode intercepts included:
  o 1m @ 20.2% Zn Eq. from 122m, 4m @ 4.5% Zn Eq. from 111m & 2m @ 5.4% Zn Eq. from 67m (LLRC196)
  o 6m @ 11.1% Zn Eq. from 105m (LLRC206) o 12m @ 4.7% Zn Eq. from 153m (LLRC197) o 1m @ 3.2% Zn Eq. from 140m (LLRC205)
• Significant Oxide Gap Lode intercept:
  o 2m @ 7.5g/t Au from 11m (LLRC193)
• Red River is developing Liontown as its third mine at its Thalanga Operations
• Red River will complete further delineation and extensional drilling at Liontown over next year and test satellite targets nearby
• Red River will report more results from the Liontown drill program by end of CY2021.

Red River Resources Limited (ASX: RVR) is pleased to announce high-grade polymetallic results from an ongoing multi-target RC drilling program at Liontown, part of its Thalanga Operation in Qld.

Red River aims to develop Liontown as its third deposit at Thalanga and is focusing on an open pit / underground development for the Liontown Project with a conceptual mine life of 10+ years. Mining at Liontown is expected to commence in CY2022.

Red River's latest drilling increases the confidence in the Gap Lode Mineral Resource and investigates the potential of oxide gold mineralisation above it. The Gap Lode is hosted in a footwall rhyodacitic pumice breccia between the Liontown and Liontown East deposits (Figure 1).

The Gap Lode currently contains an Inferred Sulphide Mineral Resource of 403kt @ 1.7% Cu, 0.8% Pb, 1.9% Zn

3.5 g/t Au and 12g/t Ag for 15.3% Zn Eq. (ASX Announcement 11 March 2020). No oxide material from the Gap lode is currently classified as a Resource.

Address: Level 6, 350 Collins Street, Melbourne, VIC, 3000, Australia

1. [phone] F: [phone] E: [e-mail] www.redriverresources.com.au

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Figure 1: Long section of mineralised zones at Liontown

Discussion

Gap Lode Reverse Circulation Program Drilling Results

Red River's reverse circulation (RC) drilling in the Gap area has continued to deliver high-gradeAu-Cu mineralisation with significant Pb and Zn associations. The initial six holes of this program were released in August 2021 (see ASX Announcement 18 August 2021). Results for the remaining seven holes are shown in Table 1 and in Figure 2. The drilling strengthens the interpretation of the current Gap Inferred Mineral Resource and demonstrates the opportunity for further expansion between the Liontown and Liontown East deposits (Figure 1 & 3).

LLRC206 contained a 6m downhole interval of 11.1% Zn Eq. which included 3.3g/t Au and 0.8% Cu. Multiple mineralised lodes have been encountered in holes LLRC196 and LLRC197. Further investigation will continue to define continuity of these lodes and their place in the greater mineralising system.

Water was encountered in hole LLRC187, and unfortunately insufficient sample return was achieved through what appeared to be a broad mineralised lode intersection. Six other RC holes located to the east and at depth encountered water early and were paused to be used as pre-collars for diamond drilling.

Red River will complete further drilling in the Gap area over the next 12 months including six diamond tails from the completed RC pre-collars and an additional eight diamond holes (Figure 2). This drilling will narrow the drill spacing to 60m in the centre of the current Gap Mineral Resource and support the development of underground drill platforms early in the life of the underground operation.

Drill results from the remainder Liontown RC drill program will be reported by end of CY2021.

Address: Level 6, 350 Collins Street, Melbourne, VIC, 3000, Australia

T: [phone] F: [phone] W: www.redriverresources.com.au	2

Table 1: Recent Gap Lode Intercepts

		Hole ID			From			To			Intersection			Au g/t			Cu%			Pb%			Zn%			Ag g/t			Zn Eq.			Oxidation			Comment
only				(m)			(m)			(m)*													%			Sate
	LLRC187	91		110		19					Insufficient sample return (ISR)					Fresh		Wet
												Sample
		and	116		119		3					Insufficient sample return (ISR)					Fresh		Wet
													Sample
		LLRC190								No significant intersection (NSI)											Oxide
		LLRC193	11		13		2		7.5		0.2		0.9		0.3		6.4			N/A		Oxide
		LLRC196	67		69		2		0.1		0.1		0.0		4.9		1.9		5.4			Fresh
use		and	111		115		4		0.1		0.9		0.2		1.1		7.5		4.5			Fresh
	and	122		123		1		0.1		3.3		0.7		8.2		12.7		20.2			Fresh
	LLRC197	153		165		12		0.9		0.4		0.5		1.0		5.6		4.7			Fresh
	including	153		157		4		0.0		0.6		1.2		2.0		11.3		5.5			Fresh
	including	162		164		2		5.0		0.4		0.3		0.4		3.8		12.0			Fresh
	LLRC205	140		141		1		1.9		0.1		0.1		0.2		2.1		3.2			Fresh
personalFor
	LLRC206	105		111		6		3.3		0.8		0.5		1.4		8.7		11.1			Fresh
	*Downhole width

Figure 2: Gap sulphide infill drilling

Address: Level 6, 350 Collins Street, Melbourne, VIC, 3000, Australia

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Figure 3: Plan projection at the -150mRL showing the main polymetallic deposits

Figure 4: Collar locations of the drillholes reported

Address: Level 6, 350 Collins Street, Melbourne, VIC, 3000, Australia

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Background

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Red River's Liontown Project is located approximately 32km in a direct line from its Thalanga Operations and 107km by road (Figure 5). The total Liontown Project Mineral Resource (Fresh Sulphide) (Liontown + Liontown East) consists of 4.1Mt @ 0.6% Cu, 1.9% Pb, 5.9% Zn, 1.1 g/t Au & 29 g/t Ag (12.7% Zn Eq.) and a shallow oxide gold Mineral Resource of 113,000 tonnes @ 1.9g/t Au & 24 g/t Ag (ASX Announcement 11 March 2020).

The Liontown deposit is of volcanogenic-hosted-massive-sulphide (VHMS) style and is hosted within Cambro- Ordovician marine volcanic and volcano-sedimentary sequences of the Mt Windsor Volcanic Sub-province. The Liontown deposit demonstrates strong affinities with other well-known deposits in the region including the Liontown East, Waterloo and the operating Thalanga group deposits.

The Liontown deposit VHMS mineralisation comprises the Main Lode, New Queen and Liontown East lenses (Figure 1). The Main Lode and Liontown East lenses are contained within a series of fine-grained siltstones (hanging wall) at their contact with a thick package of rhyodacitic pumice breccia (footwall), while the New Queen lenses are hosted within a series of schists within the footwall rhyodacitic pumice breccia. The mineralisation occurs as massive, banded, and stringer sulphides of sphalerite, pyrite, galena and chalcopyrite. Lenses are capped near surface by gold bearing oxide material.

The Western Footwall and Gap (Figure 1) are gold-copper dominant polymetallic lodes of mineralisation with a late-stage structural influence and hosted in the footwall pumice breccia. This late structure locally intersects and overprints the New Queen VHMS mineralisation near the surface. High-gradeAu-Cu structurally controlled mineralisation was historically mined from 1905-1911 as the Carrington Lode. The oxide zone of the New Queen was also historically mined with minor tonnages reported from 1951-1963.

A plan projection (Figure 4) of the five polymetallic targets projected to the 150m RL (150m below surface) shows the strong stratigraphical control from the predominantly E-W lithology, that dips approximately 60-70 degrees to the south.

Figure 5: Location of Liontown as part of Red River's Thalanga Operations

Address: Level 6, 350 Collins Street, Melbourne, VIC, 3000, Australia

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