Thalanga gold strategy delivers high-grade results

Red River Resources has announced more high-grade finds at Thalanga in North Queensland as it pushes ahead with its strategy to capitalise on strong gold prices. Sampling at the historic New Homestead workings on the Thalanga Range, 3km from Red River's Thalanga mill, has returned gold assays of up to 59.8g per tonne. The sampling program was carried out as part of the company's Thalanga Operations Gold Strategy, aimed at taking advantage of current high gold prices. It includes: Exploration to target known gold mineralisation on tenements and leases held by Red RiverMonetising existing resources/inventory, such as stockpiles and tailingsUsing available capacity at the Thalanga mill to increase gold productionApplications to target regional areas of known or potential gold mineralisation This sample from the Agnes Howson site in the New Homestead group of historic workings at Thalanga returned 59.8 g/t gold and 52.7 g/t silver. Red River has a large tenement holding in the Charters Towers region, close to proven world-class gold deposits. It completed a gold exploration review lats year, including 16 days on site by geological consultant Nick Tate from Geomap. This resulted in the company prioritising New Homestead, the Liontown West Extension , Coronation, Truncheon and Kitchen Rock as targets. Managing director Mel Palancian said it made sense for the company to review its Thalanga landholding for opportunities to leverage exposure to gold. “We have been producing base metals at Thalanga since 2017, however with a gold price that continues to strengthen, we want to ensure we are not missing opportunities to increase our profitability,” he said. “In addition to our acquisition of the Hillgrove gold and antimony project (NSW) in August 2019, where we are undertaking restart study activities, we have also developed the Thalanga gold strategy and we will be progressing through the steps of this strategy in 2020. “Initial results from this work are encouraging, as seen in the sampling results from New Homestead." It follows news last month of high-grade gold and silver hits from a drilling campaign at the Liontown project, within Red River's Thalanga operations area. The company last week indicated this would be the next area to be brought online as a mine at the Thalanga hub and it plans to restart gold production at Hillgrove in New South Wales this year, using the existing infrastructure to take advantage of current high gold price https://www.i-q.net.au/main/liontown-mine-focus-for-red-river-in-2020

Thalanga gold strategy delivers high-grade results

Industry Queensland

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