PRECIOUS METALS

Hillgrove delivering gold for Red River

RED River Resources has begun gold production and had exploration success at its second standalone operation.

 Red River's newly commissioned Hillgrove gold operation in NSW

Red River's newly commissioned Hillgrove gold operation in NSW

Gold production at Hillgrove in northern New South Wales began late last month, while drilling of the Eleanora lode recorded 2m grading 38 grams per tonne gold and 2.1% antimony from 188m downhole.

Other promising hits were also recorded in drilling targeting Eleanora as a feed source for the Hillgrove mill.

Red River said it's planning to continue drilling over the next 3-4 months to support the conversion of the Eleanora-Garibaldi JORC 2004 mineral resource to a JORC 2012 compliant mineral resource, as well as accelerate mine planning activities at Sunlight and generate samples for metallurgical test work

Red River's gold production at Hillgrove is currently based on the Bakers Hill stockpile (225,000t at 2.5gpt gold).

Hillgrove has become Red River's second operation, with the Thalanga polymetallic project in Queensland the company's foundation asset.

Red River had A$12.5 million cash and no debt at the start of October.

Thalanga generated earnings of about $12 million over the past 12 months on an EBITDA basis.

Shares in Thalanga were trading at levels around 32c this week, capitalising the company at $166 million.

The stock was at 15c 12 months ago.

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