The company’s update to the market on work at site in Queensland included all aspects of the development, which will comprise production from three deposits and a 650,000 tonne per annum processing plant.
Thalanga will feature average annual production of 21,400 tonnes of zinc, 3600t of copper, 5000t of lead, 2000 ounces of gold and 370,000oz of silver in concentrate over an initial mine life of five years.
The presence of substantial established infrastructure – from previous operator Kagara – has meant a low pre-development capital cost of A$17.2 million.
Last quarter Red River completed the second tranche ($16 million) of a $30 million placement.
Shares in Red River closed Thursday down 2.6% at 18.5c, capitalising the company at $87 million.