- Red River (RVR) increases the Hillgrove JORC 2012 mineral resource to more than one million ounces of gold
- The new resource has increased the contained gold at Hillgrove by 54 per cent and contained antimony increased by 20 per cent
- This positions Hillgrove as Australia’s largest antimony resource and the ninth largest in the world
- Red River is looking into alternate mining and processing scenarios to maximise the value of Hillgrove
- On the market this morning, Red River is in the grey and trading at 20 cents per share
Red River (RVR) has increased its Hillgrove JORC 2012 Mineral Resource to more than one million ounces of gold.
The new resource is 7.23 million tonnes at 4.5g/t of gold and 1.2 per cent antimony, for 1.04 million ounces of gold and 90,000 tonnes of antimony.
This has increased the contained gold at Hillgrove by 54 per cent and contained antimony increased by 20 per cent.
Importantly, this positions Hillgrove as Australia’s largest antimony resource and the ninth largest in the world.
Red River is looking into alternate mining and processing scenarios to maximise the value of Hillgrove which may result in a new strategy for the project.
However, the company believes the lack of drilling and sampling at Hillgrove over the past 50 years is a great opportunity to add additional resources through future drilling campaigns.
Notably, antimony has been designated as a critical mineral by the Australian Government.
Managing Director Mel Palancian is pleased with this “fantastic milestone” for the company.
“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 can continue to build the scale of the Hillgrove project,” Mr Palanican said.
“Drilling has also shown there is halo mineralisation that has not previously been identified and pursued.”
On the market this morning, Red River is in the grey and trading at 20 cents per share at 11:41 am AEST.