THE BOURSE WHISPERER: Red River Resources (ASX: RVR) has completed a regional exploration potential review for the company’s 100 per cent-owned Thalanga zinc project in Queensland, in preparation for a Re-Start Study.
Red River acquired the project in October 2014, since when it has expanded the tenement package – most recently via a joint venture with Natural Resources Exploration Group (NRE JV).
Red River currently holds approximately 210 square kilometres of exploration permits in the Mt Windsor Belt.
It has a further 30sqkm in applications, and an exposure to a further 180sqkm through the NRE JV (total area of 420sqkm).
The Belt contains multiple high grade Volcanic-Hosted Massive Sulphide (VHMS) deposits, of which three; Liontown, Thalanga and Highway-Reward have been mined to date.
Red River said it had completed the recent review to prioritise future exploration work.
From the review Red River has identified groups of deposits and prospects, including:
Thalanga Group (hosting West 45, Far West and Orient among others);
Highway-Reward Group (hosting Truncheon and prospects within the NRE JV, including Snake Oil);
Liontown-Waterloo Group (hosting Liontown, Liontown East and Waterloo among others); and
Ermine Group (hosting the Ermine, Ermine North and Echidna prospects).
“This Review highlights that we have abundant exploration potential across a region which has demonstrated an exceptional capacity to host high-grade zinc and copper VHMS mineralisation,” Red River Resources managing director Mel Palancian said in the company’s announcement to the Australian Securities Exchange.
“Considering that our Thalanga plant is already paid for, any exploration success is very valuable.”