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Red River Resources Ltd.
Summary
| Project: | Hillgrove | |
|---|---|---|
| Deposit: | Bakers Creek | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 2/28/2020 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine in Care & Maintenance | |
| Report details: | 28-2-2020: Red River Resources Ltd. announces a Resource Estimation report for its Bakers Creek deposit at the Hillgrove project. Updated mineral resource estimate for Bakers Creek. Base and precious metals producer Red River Resources Limited (ASX: RVR) | |
| Resources: | (Resource, Inf.): 225Kt @ 2.5g/t Au for 18Koz Au contained | |
| CP/QP: | [Resources]: Mitchell Tarrant (Internal) | |
| ABSTRACT: | Base and precious metals producer Red River Resources Limited (ASX: RVR) (“Red River” or “the Company”) is pleased to announce an Inferred Mineral Resource of 225,000 tonnes @ 2.5 g/t Au for the Bakers Creek Stockpile at the Hillgrove Gold Mine in New South Wales (refer to Table 1). Processing the Bakers Creek stockpile will allow Red River to commence gold production at Hillgrove in CY2020 using existing equipment and infrastructure, leveraging its exposure to high gold prices. Red River acquired the project in August 2019. Metallurgical test work carried out by Red River indicates 75-80% of the gold contained in the Bakers Creek Stockpile can be recovered to gold doré using the existing Hillgrove Mill (onsite gravity and flotation concentrate leaching) with minimal capital expenditure. Red River Managing Director Mel Palancian said, “The Bakers Creek Stockpile offers Red River an exceptionally low capital cost restart route for the Hillgrove Gold Mine. The short time line to restart operations combined with the forecast very low operating costs (no mining cost) will allow Red River to generate material cash flow over the 12 month period of processing the Stockpile, taking advantage of the current seven year high gold price. Red River is also working on the full restart of Hillgrove’s underground mining operations, which will occur once the Stockpile has been treated.” | |
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