26 April 2021:  Red River receives encouraging gold results from Thalanga drilling

Highlights:

• Assay results received from RC drilling completed at the Don (10 holes for 910m) and New Homestead (10 holes for 958m) gold targets
• Strong results received from the Don prospect with high-grade gold mineralisation intersected in Main Vein
• Material intersections include:
  • DNRC001 intersected 1.0m @ 28.0 g/t Au from 34.0m down hole
  • DNRC002 intersected 6.0m @ 2.2 g/t Au from 77.0m down hole including 1.0m @ 6.4 g/t Au from 78.0m down hole; and
  • DNRC003 intersected 4.0m @ 2.0 g/t Au from 40.0m down hole including 1.0m @ 4.7 g/t Au from 41.0m downhole
• First-pass RC drilling will be undertaken next at the Toomba gold prospect (early May)
• Red River aims to build exposure to gold across its Thalanga Operations in Queensland.

Red River Resources Limited (ASX:RVR) is pleased to announce encouraging initial results from its first-pass reverse circulation (RC) drilling program at the New Homestead and the Don gold prospects, part of its Thalanga Operations in northern Queensland.

Drilling is targeting gold in areas proximal to its Thalanga Operations, where Red River produces zinc, copper and lead with gold and silver credits but is also seeking to build its exposure to gold. Red River applied for the Toomba and Don exploration tenements near Thalanga in 2020.

Multiple RC drill holes (DNRC001, 002, 003 and 004) intersected high-grade mesothermal gold mineralisation in the Main Vein at the Don, with high grade and wider lower grade intercepts demonstrating the Main Vein potential.

Gold mineralisation intercepted at the Don is open in all directions (strike and dip). Red River plans to undertake first pass RC drilling at the Toomba gold prospect, which is currently scheduled to start in early May.

Red River Resources Managing Director Mel Palancian said: “The drill results received from the Don are an excellent start to our Thalanga gold exploration program, demonstrating the presence of gold mineralisation at shallow depths.

“We will continue to explore the Thalanga region for its gold potential, aiming to build our resource inventory at Thalanga while we also ramp up gold production at our Hillgrove Gold Mine in NSW.”

--- click on the link at the top for the full report ---

[I hold RVR shares.  I do like companies who can explore for gold while funding this exploration through existing production and cashflow, without tapping shareholders or insto's for additional funds.]

01-Mar-2021:  Red River pours first gold at Hillgrove

Highlights:

• Red River completes commissioning of the Hillgrove gold plant and pours first bar of gold in more than 20 years at Hillgrove
• Plant production is ramping up; gold recovery to flotation gold concentrate and Knelson gravity gold concentrate performing in line with expectations
• Consep Acacia Leach Reactor installed - successfully treating gravity gold concentrates
• Red River has processed ~18,000 tonnes of ore from Bakers Creek Stockpile to date
• After initial low grade commissioning feed, stockpile grades meeting expectations, with an estimated 800 – 1,000 ounces of gold currently in circuit

--- click on the link for more ---

[I hold RVR shares.]

25-Feb-2021:  4:41pm (after market close):  Half Year Report - 31 December 2020

Also, recently:  04-Feb-2021:  Virtual Gold Conference - Presentation   or, for the same presso without the "ersonal use only" watermark up the left edge of every page - see here.

• Revenue and other income from ordinary activities up +107.8% to $69 million
• Net profit after tax attributable to members up +310.1% to $11 million
• NTA per share up +18.5% from 9.98 cps to 11.83 cps

Period Highlights

• Transformational period for Red River as it becomes a diversified, multi-asset mining company
• First ore processed at Hillgrove Gold Mine on 28 December 2020
• Record copper concentrate production for the period at Thalanga
• Red River granted key Herberton silver-indium project tenements in Northern Queensland
• Thalanga Operation
  • Record copper concentrate production of 7,637 DMT, zinc concentrate production of 14,456 DMT and lead concentrate production of 3,861 DMT for the period
• Hillgrove Gold Mine
  • First ore processed through Hillgrove Mill on 28 December 2020
  • Red River is processing ore from Bakers Creek stockpile in Stage 1 Operations
  • Drilling programs undertaken at the Elenora and Curry’s Lode targets
  • Hillgrove Mineral Resource increased to 692,000 ounces contained gold
• Exploration and Development Activities
  • Sampling and mapping at the Orient Silver-Indium Project confirmed the presence of extensive high-grade epithermal silver-lead-zinc mineralisation with associated large scale alteration systems
  • Orient East confirmed as a high priority bulk tonnage silver mineralisation drill target

--- end of excerpt ---   Click on the links above for more

[I hold RVR shares.  I like the zinc, copper, siver and gold exposure.  This is how IGO started out, firstly with Zinc, then with Gold (Tropicana), and now Nickel, Copper & Cobalt, plus Lithium soon also.  Red River (RVR) appear to be following down that same track, at least as far as the zinc-into-gold bit anyway.]

28-Jan-2021:  Red River ramps up production at Hillgrove Gold Mine

[I hold RVR shares.]

12-Jan-2021:  Red River completes transformative December quarter

Quarterly Highlights:

• Red River commenced production at Hillgrove Gold Mine and strong production continues at Thalanga Operations
• Thalanga produced 3,564 tonnes copper concentrate (Q1 FY21: 4,073 tonnes)
• Thalanga produced 7,430 tonnes zinc concentrate (Q1 FY21: 7,026 tonnes)
• Thalanga produced 1,914 tonnes lead concentrate (Q1 FY21: 1,947 tonnes)
• Thalanga Operations ore mined 92kt @ 10.2% Zn Eq. (Q1 FY21: 99kt @ 11.7% Zn Eq.)
• Thalanga Operations ore processed 112kt @ 10.3% Zn Eq. (Q1 FY21: 103kt @ 11.5% Zn Eq.)

--- click on the link above for the full report ---

[I hold RVR shares.  Copper and lead production is a little down QoQ, however zinc production, their primary commodity produced at Thalanga, was up despite lower grades overall.  Zinc grades appear to be holding up reasonably well.  I like their diversification into gold now.]

04-Jan-2021  RVR hits 2m @ 38.2 g/t Au & 2.1% Sb at Hillgrove Gold Mine

Highlights:

• RVR’s follow-up Eleanora drill program at the Hillgrove Gold Mine nearly complete
• Holes ELG146, ELG147 & ELG148 intersected broad intervals of high-grade gold-antimony mineralisation:
  • ELG147 includes the highest grade assay interval drilled to date by Red River at Hillgrove, intersecting 1.00m @ 57.2 g/t Au & 1.6% Sb from 188.00m downhole
  • ELG147 intersected 10.70m @ 8.6 g/t Au & 0.5% Sb from 180.6m down hole including 2.00m @ 38.2 g/t Au & 2.1% Sb from 188.00m downhole;
  • ELG146 intersected 9.15m @ 4.9 g/t Au & 1.1% Sb from 110.45m down hole including 4.00m @ 9.0 g/t Au & 2.4% Sb from 112.0m downhole;
  • ELG148 intersected 15.00m @ 7.7 g/t & 1.4% Sb from 156.0m down hole including 6.10m @ 13.9 g/t Au & 2.5% Sb from 157.00m down hole and including 1.10m @ 30.1g/t Au & 2.0% Sb from 162.0m downhole.
• ELG149 has been sent for assay, with ELG150 in progress and ELG151 remaining to drill
• On completion of ELG151, the drill rig will commence a four-hole program at Garabaldi Lode to support conversion of JORC 2004 Mineral Resource to JORC 2012 - part of a 23-hole (4,225m) drilling program underway at Hillgrove
• The Company has recently commenced production operations at Hillgrove (refer to ASX announcement 30/12/2020)

--- click on the link above for the full announcement ---

[I hold RVR shares]

30-Dec-2020:  Red River Commences Production at Hillgrove Gold Operation

Highlights:

• Processing has commenced at the Hillgrove Gold Operation
• Bakers Creek Stockpile mining and trucking activities commenced, with first ore delivered to Hillgrove ROM Pad on 23 December
• First ore processed through the Hillgrove Mill on 29 December – plant is ramping up to steady state production
• Workforce increased to 50+

Red River Resources Limited (ASX: RVR) is pleased to announce that it has started production at its Hillgrove Gold Operation in New South Wales.

The Hillgrove Gold Operation is about 30km from Armidale in New South Wales. To date, Hillgrove has produced more than 730,000 ounces of gold (in bullion and concentrates), more than 50,000 tonnes of antimony (as metal and in concentrates) plus material amounts of by-product tungsten (in concentrates). The Hillgrove Gold Project has a substantial high-grade JORC 2012 Compliant Mineral Resource of 5.0Mt @ 4.3 g/t Au & 1.5% Sb (6.4 g/t Au Eq.) (692koz gold & 75kt antimony).

The Hillgrove site includes a 250ktpa capacity processing plant, comprising a selective flotation circuit (capable of producing antimony-gold and refractory gold concentrates), an antimony leach/EW/refining & casting plant, a gold cyanide leach circuit & gold room plus a pressure oxidation circuit. The site also has a fully HDPE (highdensity polyethylene) lined modern tailing storage facility, which was constructed in 2006 and has approximately two years of production storage capacity.

All of Hillgrove’s electricity requirements are sourced from a 66kva grid connected power supply from Ergon Energy with 11kva site power reticulation. Water is sourced from storage dams and underground workings. Hillgrove has all the office facilities required for operations, including an administration office, mining operations offices, maintenance offices, workshops (heavy vehicle, light vehicle and boilermaker’s workshops), process plant offices, metallurgical laboratory building, first aid building, stores warehouse and core shed and yard.

The Hillgrove Gold Operation as a residential site, with the majority of the workforce residing in Armidale and the surrounding area.

Red River controls the known Hillgrove Mineral Field, which hosts more than 200 known gold-antimony (AuSb) deposits. The majority of these deposits are steeply dipping vein systems within NW to WNW striking fracture systems, where the vein systems transition to gold dominant at depth with increasing levels of free gold. All known vein systems are open at depth.

--- ends ---

Click on the link above for much more, as this announcement runs to 9 pages which includes 4 pages of photos of the Hillgrove site and processing plant.

I do hold RVR shares and they've done very well through 2020, doubling from around 14.5c one year ago to 29 cents per share on December 3rd.  They are back up at around 28 cps today on the back of this positive news.  The real gains of course were made by having the courage to purchase RVR shares in the March-to-June period this year - they got down to 4.2 cps on 23-Mar-2020 and they were trading below 7 cps for most of that March-June period, so anyone buying during that period (as I did) have seen that investment quadruple in 8 months or less.  They first reached 28 cps in mid-November.  Unlike a speculative explorer or project developer with zero production income, RVR are a successful zinc, copper and lead (Zn, Cu & Pb) producer at Thalanga in northern Queensland, so they were already profitably producing zinc with copper and lead as byproducts while expanding into gold, antimony and tungsten (Au, Sb & W).  One of the reasons why they got so rediculously cheap (almost down to 4 cents per share) in March and mostly stayed around 6 cps until after June is that there was conjecture that they would NOT be able to continue to produce at a profit due to the low commodity price environment (in their case - low prices for Zn, Cu & Pb), however Thalanga is a high grade and low cost zinc mine and Red River Resources (RVR) had a strong balance sheet, so they could easily survive a short period of lower prices for what they produced.  They also used the period to continue to source and purchase undervalued or distressed assets such as Hillgrove.  They have smart management who are very good capital allocators.

They remind me of IGO (Independence Group) who were themselves zinc miners not so long ago, and morphed into a significant nickel producer by acquiring Sirius Resources and the Nova-Bollinger mineralised system.  Nova is now a world-class and low-cost nickel mine that also produces copper and cobalt.  They (IGO) have also recently announced a move into lithium (Li) at a time when lithium is starting to regain some popularity once again as a battery metal that appears to no longer be in an over-supply situation on a forward-looking basis (i.e. the demand is once more expected to exceed available supply in the future which should drive the price back up).  I am not as bullish on lithium as I know that there are some large lithium mines that have been put on C&M (care and maintenance) and will be fired up when the lithium price rises enough once again.  One example is Wodgina, which is 40% owned by Chris Ellison's Mineral Resources (MIN) and 60% owned by US-based battery metals giant Albemarle.  But back to IGO - that announcement of their proposed lithium JV has added between 20% and 25% to their share price recently.  IGO also own 30% of the very profitable world-class Tropicana gold mine that is operated by South African company AngloGold Ashanti (AGG, who own the other 70% of Tropicana).  IGO are reviewing their current structure and are widely expected to announce the sale of their 30% of Tropicana shortly - which will likely give their SP another nudge in a northerly direction (I hold IGO shares).

I am trying to make two points here.  The first is that commodity diversification is generally a good thing.  I prefer that my miners have more than one string to their bow.  My second point is that good management teams can really add value by acquiring the right assets at the right time - at good prices - and potentially moving their company in a completely new direction.  While RVR is still a zinc miner (and I'm reasonably bullish on zinc over the mid to long term), I certainly like their move into gold.  I am definitely a gold bull.  I like what RVR are doing, and how they're doing it, and I expect their SP to continue to grind higher as they continue along doing what they are doing.

24-Nov-2020:  Red River renews Trafigura offtake agreements

Highlights:

• Zinc concentrate offtake agreement renewed for 3 years from January 2021
• Lead concentrate offtake agreement renewed for 3 years from January 2021
• Trafigura provides new US$15 million working capital facility available to Red River and its affiliate Cromarty Resources Pty Ltd. The facility is available to Red River and Cromarty for general working capital, corporate and other specified purposes.

[I hold RVR shares.]

19-Nov-2020:  Red River hits high-grade gold at Currys Lode

Highlights:

• Red River completes initial Curry’s Lode drill program at Hillgrove Gold Project, with all holes (CUY001 to CUY007) intersecting high-grade gold and tungsten mineralisation
• Peak assays up to 19.7 g/t Au, 0.66% WO3 and 5.8% Sb (antimony) received, with results of:
  • CUY001: 0.40m @ 9.2 g/t Au and 0.35% WO3 from 47.60m down hole
  • CUY002: 1.0m @ 6.5 g/t Au, 1.4% Sb and 0.26% WO3 from 44.0m down hole
  • CUY004: 3.15m @ 5.8 g/t Au, 0.1% Sb and 0.12% WO3 from 34.85m down hole including 1.30m @ 0.1% Sb, 0.23% WO3 and 12.2 g/t Au from 35.60m down hole
  • CUY005: 1.90m @ 5.9 g/t Au and 0.35% WO3 from 34.60m down hole including 0.85m @ 10.4 g/t Au and 0.56% WO3 from 35.15m down hole; and
  • CUY006: 1.00m @ 7.3 g/t Au and 0.12% WO3 from 20.0m down hole
• CUY007 intersected multiple wide zones of mineralisation including:
  • 5.00m @ 3.0 g/t Au, 0.6% Sb and 0.08% WO3 from 27.0m down hole including 0.50m @ 19.7 g/t Au, 5.8% Sb and 0.30% WO3 from 27.60m down hole
• All vein systems intersected are open at depth and strike. Planning has commenced on the next phase of Curry’s Lode drilling targeting the extensions of the mineralisation

--- click on the link above for the full announcement with images/graphics, charts, maps and photos ---

[I hold RVR shares.]

11-Nov-2020:  RVR defines extensive high-grade silver-indium system at Orient

Highlights:

• Sampling and mapping at Red River’s Orient Silver Project confirms extensive high-grade epithermal silver-lead-zinc mineralisation with associated large scale alteration systems
• Red River collected 44 samples from Orient West and 37 samples from Orient East
• Sampling at Orient West returned an average grade of 357 g/t Ag, 241 g/t In, 8.2% Pb & 5.8% Zn, with peak assays of 1,730 g/t Ag, 1,289 g/t In, 39.1% Pb & 32.1% Zn
• Sampling at Orient East returned an average grade of 240 g/t Ag, 88 g/t In, 5.9% Pb & 0.9% Zn, with peak assays of 1,365 g/t Ag, 444 g/t In, 25.8% Pb & 18.7% Zn
• High priority silver target confirmed at Orient East – previously tested by two holes, intersecting extensive silver-indium-lead-zinc mineralisation – never followed up
• Red River has commenced drill targeting, with aim to commence drilling after wet season.

--- click on the link above for the full report with pictures ---

[I hold RVR shares.]

06-Nov-2020:  RVR mines exceptional high-grade ore at Far West

Highlights:

• Exceptionally high-grade polymetallic ore intersected on 620 Level in Far West UG mine at Red River’s Thalanga Operation in Northern Queensland
• Cut 26 in the 620 Level Western Ore Drive intersected massive and semi massive sulphide ore
  • Face grade of 4.7m @ 4.9% Cu, 6.2% Pb, 22.0% Zn, 168 g/t Ag & 1.0 g/t Au (48.3% Zn Eq.)
• Cut 36 in the 620 Level Eastern Ore Drive intersected massive and semi massive sulphide ore
  • Face grade of 3.1m @ 3.5% Cu, 6.4% Pb, 12.7% Zn, 99 g/t Ag & 0.6 g/t Au (33.0% Zn Eq.)
• Both Cuts have been recently mined - Cut 26 (20 October 2020) and Cut 36 (30 October 2020)
• Consistent production from Far West is driving metal production, with Red River achieving record quarterly copper concentrate production in Q1FY21 of 4,073 dry metric tonnes

--- click on the link above for the full announcement, including photos and images/diagrams ---

[I hold RVR shares.]

About Red River Resources (ASX: RVR):  RVR is seeking to build a multi-asset operating business focused on base and precious metals with the objective of delivering prosperity through lean and clever resource development. RVR’s foundation asset is the Thalanga Base Metal Operation in Northern Queensland, which was acquired in 2014 and where RVR commenced copper, lead and zinc concentrate production in September 2017. RVR has recently acquired the high-grade Hillgrove Gold Project in New South Wales, which will enable RVR to build a multi-asset operating business focused on base and precious metals. Gold production at Hillgrove is scheduled to restart at the end of CY2020.

27-Oct-2020:  Quarterly Activities and Cash Flow Report - 30 Sep 2020

[I hold RVR shares.  Another good report!  That announcement is from their website:  https://www.redriverresources.com.au/]

22-Oct-2020:  Hillgrove Gold Project Restart Progress

Highlights:

• Site activities at Hillgrove continue to ramp up with the restart on track and budget for first gold production by year end
• Hillgrove Gold Project has low operating risk and capital cost using staged restart approach
• Stage 1: Gold production from Bakers Creek Stockpile
  • Production of gold doré estimated to start in December 2020
  • Focus on reprocessing Bakers Creek Stockpile (225,000 tonnes @ 2.5 g/t Au)
  • Estimated project capital cost of $5.0m
• Stage 2: Full Restart of Underground Mining Operations
  • UG mining operations forecast to commence mid to late 2021 in Metz Mining Centre
  • Metz Mining Centre has a JORC Mineral Resource of 3.0Mt @ 4.5 g/t Au & 1.4% Sb (6.5 g/t Au Eq.) (426koz Au & 41kt Sb contained)
  • Production of gold doré, gold concentrate and antimony-gold concentrate
  • RVR is aiming for Stage 2 operational life of +5 years producing 30,000-50,000oz gold equivalent p.a.
• Substantial upside for extended mine life and/or increased production rate from current JORC 2012 Mineral Resource of 5.0Mt @ 4.3 g/t Au & 1.5% Sb (6.4 g/t Au Eq.) (692koz Au & 75kt Sb contained)
• Potential for Eleanora as a second mining front and other targets at Hillgrove

--- click on the link above for the full announcement, with photos, charts and diagrams, including the Hillgrove Processing Plant Flowsheet ---

[I hold RVR shares.]

09-Oct-2020:  Red River breaks Thalanga copper production record by 51%

Also, recently:  01-Oct-2020:  Red River Debt Free

Red River breaks Thalanga copper production record by 51%

Quarterly Highlights [September quarter, FY21]:

• Thalanga achieves 51% increase on June 2020 Q record copper concentrate production, with 4,073 tonnes produced (Q4 FY20: 2,697 tonnes)
• Thalanga produces 7,026 tonnes zinc concentrate, up 55% q-on-q (Q4 FY20: 4,544 tonnes)
• Thalanga produces 1,947 tonnes lead concentrate, up 72% q-on-q (Q4 FY20: 1,133 tonnes)
• Thalanga Operations ore mined 99kt @ 11.7% Zn Eq. (Q4 FY20: 83kt @ 9.6% Zn Eq.)
• Thalanga Operations ore processed 103kt @ 11.5% Zn Eq. (Q4 FY20: 82kt @ 9.2% Zn Eq.)
• Red River is debt free following repayment of US$6M working capital facility

Red River Resources Limited (ASX: RVR) is pleased to report record quarterly copper production from its Thalanga Operation in Northern Queensland for the quarter ended 30 September 2020 (Q1 FY21), up 51% on the copper production record it set last quarter. With stable mine production and mill throughput during Q1, the Company produced 4,073 tonnes of copper concentrate, up from 2,696 tonnes Q4 FY20, setting a new quarterly production record. Thalanga also produced 7,026 tonnes of high-quality zinc concentrate and 1,947 tonnes of high-quality lead concentrate.

--- click on link at the top for more ---

[I hold RVR shares.  They are my preferred Zinc exposure, and they obviously also produce copper, and lead, and they've been buying up old gold projects lately too and getting them back into production now that the gold price is near record highs.]

01-Oct-2020:  Red River Debt Free

Red River Resources debt free after repayment of working capital facility

• Red River Resources has repaid its US$6 million working capital facility with cash generated from its Thalanga Operations.
• Red River is now debt free.
• Red River remains on track to commence gold production from its Hillgrove Mine by the end of CY2020.

Red River Resources Limited (ASX: RVR) is pleased to announce it has fully repaid the working capital facility (the Facility) held with its lead and zinc off take partner, Trafigura.

US$6 million was drawn down against the Facility in March 2020. As at 30 June 2020, the outstanding balance on the Facility was US$5 million.  [Now $0.]

Red River made the final repayments from cash generated by its Thalanga Operations. Following the repayment of the Facility, Red River is now debt free.

About Red River Resources (ASX: RVR): 

RVR is seeking to build a multi-asset operating business focused on base and precious metals with the objective of delivering prosperity through lean and clever resource development.

RVR’s foundation asset is the Thalanga Base Metal Operation in Northern Queensland, which was acquired in 2014 and where RVR commenced copper, lead and zinc concentrate production in September 2017.

RVR has recently acquired the high-grade Hillgrove Gold Project in New South Wales, which will enable RVR to build a multi-asset operating business focused on base and precious metals. Gold production at Hillgrove is scheduled to restart at the end of CY2020.

[I hold RVR shares.]

29-Sep-2020:  Red River increases Hillgrove gold resource to 692,000oz

[I hold RVR shares.]

25-Sep-2020:  Eleanora Drilling Returns up to 32.3 g/t Au

Highlights:

• Red River’s initial Eleanora drill program at Hillgrove Gold Project completed with assays received from drill holes ELG139, ELG140, ELG141, ELG142, ELG143 & ELG144 with broad intervals of gold-antimony mineralisation intersected:
  • ELG139 intersected 7.0m @ 2.2 g/t Au & 0.3% Sb from 119.0m down hole including 2.4m @ 5.2 g/t Au & 0.9% Sb from 123.6m downhole
  • ELG141 intersected 7.5m @ 4.1 g/t Au & 0.6% Sb from 141.0m down hole including 1.75m @ 15.6 g/t Au & 2.7% Sb from 143.8m downhole
  • ELG141 intersection containing visible gold returned assay of 0.45m @ 32.3 g/t Au & 6.9% Sb from 144.4m down hole
  • ELG142 intersected 8.4m @ 2.9 g/t Au from 31.8m down hole
  • ELG143 intersected 8.0m @ 2.7 g/t from 45.0m down hole including 5.0m @ 3.8 g/t Au from 48.0m down hole; and
  • ELG144 intersected 12.8m @ 1.5 g/t from 60.0m down hole including 3.60m @ 2.8 g/t Au from 65.0m down hole
• Drilling commenced at Curry’s Lode with first results expected within weeks.

Red River Resources Limited (ASX: RVR) is pleased to announce further results from its maiden diamond drilling program targeting the Eleanora Lode at its Hillgrove Gold Project in NSW, Australia.  Drilling has now commenced at the Curry’s Lode target as Red River firms up gold targets at the project ahead of commencing gold production at Hillgrove by end of CY2020.

--- click on link above for the full announcement ---

[I hold RVR shares.]

28-Aug-2020:  Red River hits visible gold in drilling at Hillgrove

[I hold RVR shares]

20-Aug-2020:  RVRs Isabel silver-indium project returns high-grade assays

[I hold RVR, primarily for the zinc and gold, but I won't knock back the silver and indium.  This is another company that have been picking up quality assets while prices have been low.]

17-Aug-2020:  RVR increases Hillgrove gold resource ahead of restart

Highlights:

• Red River completes updated JORC 2012 Compliant Mineral Resource for the Blacklode & Sunlight Lode at Hillgrove Gold Project in NSW
• Blacklode and Sunlight Lode combined Mineral Resource of 2.65Mt @ 4.5 g/t Au & 1.1% Sb (6.0 g/t Au Eq.) (387koz contained Au & 30kt contained Sb)
• Hillgrove Gold Project JORC 2012 Compliant Mineral Resource increases to 4.75Mt @ 4.4 g/t Au & 1.6% Sb (6.6 g/t Au Eq.) (668koz contained Au & 74kt contained Sb)
• Contained gold in the Hillgrove Gold Project JORC 2012 Compliant Mineral Resource increases by 46%, from 459koz Au to 668koz Au
• Red River is on track to restart gold production at Hillgrove by end CY2020, with initial production from Bakers Creek Stockpile, transitioning to restart of UG mining operations mid to late CY2021.

--- click on link above for more ---

[I hold RVR shares]

10-August-2020:  Red River sampling returns high-grade silver at Orient

30-July-2020:  RVR secures high-grade polymetallic silver-indium deposit

28-July-2020:  Quarterly Activities and Cash Flow Report 30 June 2020

[I hold RVR shares]

30-7-2020:  RVR secures high-grade polymetallic silver-indium deposit

Also, on 28-7-2020:  Quarterly Activities and Cash Flow Report 30 June 2020

RVR are recovering nicely.  Chart looks good.  [I hold RVR shares]

28-7-2020:  Quarterly Activities and Cash Flow Report 30 June 2020

Quarter Highlights

• Mining and processing activities continue at Red River’s Thalanga Operation in Northern QLD and restart activities are progressing at its Hillgrove Gold Project in NSW.
• Thalanga Operations record quarterly copper concentrate production of 2,697 DMT (dry metric tonnes)
• A parcel of historic gold tailings from the Liontown Project was treated through the Thalanga Mill to produce 475 DMT of gold concentrate grading 62.3 g/t Au (gold), 197 g/t Ag (silver) and 12.8% Cu (copper)
• Thalanga Operations passed the milestone of milling 1.0Mt of ore since Red River restarted operations at the site in September 2017

Thalanga Operations

• Record quarterly copper concentrate production of 2,697 DMT
• Zinc concentrate production of 4,544 DMT
• Lead concentrate production of 1,133 DMT
• Gold concentrate production of 475 DMT
• Total Far West UG (underground) capital development of 1038.9m

Development Activities

• $3.3 million invested in capital development, primarily at Far West
• $0.2 million invested in exploration activities at Thalanga Operations
• Delivery of gravity gold concentrate circuit for Hillgrove Gold Mine Restart completed

Corporate

• $15.6 million revenue generated from concentrate sales
• C1 cost of US$ 0.30 per pound of payable zinc metal
• C2 cost of US$ 0.64 per pound of payable zinc metal
• C3 cost of US$ 0.86 per pound of payable zinc metal
• Thalanga Operations EBITDA of $3.5 million
• Cash balance of $8.1 million plus financial assets of $12.9 million (cash backed security bonds and deposits) as at 30 June 2020
• Red River repaid US$1 million during the quarter on the working capital facility, with the balance at quarter end reducing to US$5 million.

--- click on the link at the top for the full report ---

[I hold RVR shares]

10-July-2020:  June 2020 Qtrly Production Update Record Copper Production

June 2020 Quarterly Production Update – Record Copper Production

Red River Resources Limited (ASX: RVR) is pleased to report the operating performance from its Thalanga Operation in Northern Queensland for the quarter ended 30 June 2020 (Q4 FY20).

Mine production and mill throughput were stable during the quarter and the Company produced 4,310 tonnes of high-quality zinc concentrate and 1,133 tonnes of high-quality lead concentrate. An increase in copper grade of ore milled (to 1.0% Cu) and a record copper recovery to copper concentrate of 84.7% resulted in a record quarterly production of 2,697 tonnes of high-quality copper concentrate.

Red River also processed a parcel of historical gold-rich tailings from RVR’s Liontown Project during the quarter and produced approximately 600 tonnes of gold concentrate containing 1,300oz of gold on an unreconciled basis.

Quarterly Highlights:

• Thalanga Operations mine produced 83kt @ 9.6% Zn Eq. (Q3 FY20: 91kt @ 9.4% Zn Eq.)
• Thalanga Operations ore processed 82kt @ 9.2% Zn Eq. (Q3 FY20: 84kt @ 8.5% Zn Eq.)
• Zinc concentrate production of 4,544 tonnes (Q3 FY20: 4,310 tonnes)
• Lead concentrate production of 1,133 tonnes (Q3 FY20: 1,117 tonnes)
• Record copper concentrate production of 2,697 tonnes (Q3 FY20: 2,310 tonnes)
• Thalanga Operations also processed 13kt of historical tailings from RVR’s Liontown Project, producing 600 tonnes of gold concentrate containing 1,300oz of gold (on an unreconciled basis)

--- click on the link above for the entire report ---

I hold RVR shares.

Also:  Yesterday (9-July-2020):  RVR set to commence drilling at Hillgrove Gold Project

01-July-2020:   Red River builds gold portfolio at Thalanga

Highlights:

• Red River granted the Toomba Project (EPM 27357) and awaiting grant for the Don Project (EPM 27520) near its Thalanga Operations in Northern Queensland
• Red River is targeting known gold mineralisation within trucking distance of Thalanga
• Both projects have historically produced gold – small-scale production from mesothermal vein systems hosting high-grade gold mineralisation
• Recent drilling (2008/2009) at Toomba intersected high-grade gold mineralisation (2m @ 26.5 g/t Au & 43 g/t Ag from 43m down-hole) – results yet to be followed up
• Red River has commenced exploration activities at Toomba (mapping, sampling) to define drill targets

Red River Managing Director Mel Palancian said: “In parallel with plans to restart gold production at our Hillgrove project in NSW this year, we are working to maximise our exposure to gold at Thalanga, where we can produce gold in addition to our ongoing base metals operations. As part of that strategy, we have targeted areas of known gold mineralisation in the Thalanga region, and both the Toomba and Don projects fit that criteria with historical gold production and exciting prospects for follow-up. Our exploration team has commenced exploration activities at Toomba and is now planning a work program for the remainder of CY2020.”

Red River Resources Limited (ASX: RVR) is pleased to announce it has been granted the Toomba Project (EPM 27357) and applied for the Don Project (EPMA 27520) near its Thalanga Operations in northern Queensland as part of its strategy to maximise exposure to gold. Small-scale historical gold mining activities have occurred in both project areas, which are 20-30km northwest of Thalanga, with high-grade gold mineralisation (hosted in mesothermal quartz veins) at multiple locations in the project areas.

Exploration by previous tenement holders confirmed the presence of high-grade gold mineralisation in multiple identified vein systems at the Toomba Project (Toomba Old Workings, Toomba East, Central and Lady Barrington) and the Don Project (Don and Don SW).

China Yunnan Copper completed nine reverse circulation drill holes at the Toomba Project in 2008/2009, which confirmed the presence of a laterally extensive mesothermal vein system, with PC005 returning an excellent intersection of 2m @ 26.5 g/t Au and 43 g/t Ag from 43m down-hole at the Toomba Old Workings. This result was not followed up and represents a high priority exploration target for Red River.

Toomba Exploration and Mining History

Operations at the Toomba Mine (Toomba Old Workings) commenced in 1889, and several shafts were sunk, one to a depth of 130 feet. The workings were located on a fissure vein in granite, which was traced for about 450m on the surface. The fissure ranged from 30cm to 1.2 metres in thickness, consisting of quartz with pyrite, galena and sphalerite. Gold assays ranged from 15 dwt (pennyweights) to one ounce per ton. Total output is recorded as 335 ounces from the Toomba Mine (QLD Mines Dept 1936).

Toomba Project Area Geology and Mineralisation

Previous rock chip sampling by Mt Stewart Gold/China Yunan Copper between 2005 and 2010 produced highgrade gold (average gold value of 9 g/t Au) values with samples also returning results of up to 128 g/t Ag, 0.7% Cu, 3.4% Pb and 4.8% Zn.

The Central Vein is a zone of veining and veinlets seen in outcrop, float and historic exploration trenches for more than 400m with a further occurrence 800m to the north. Rock and chip sampling returned assay values of up to 9.65g/t Au.

The Toomba East Vein Zone strikes for more than 300m and has been mapped as a trend of small pits and exploration trenches with coincident area of sulphidic quartz veinlets as float on the surface. Samples returned maximum results of up to 6.25 g/t Au, 68 g/t Ag, 1.25% Pb and 0.15% Zn.

The Lady Barrington Vein has been exploited by a deep shaft and strikes for approximately 200m. Rock chip samples returned values to 8.81 g/t Au, 6 g/t Ag, 0.57% Pb and 0.18% Zn.

China Yunnan Copper (CYC) completed nine reverse circulation (RC) holes in 2008/2009 testing vein systems at the Toomba Project. Six RC holes (643m drilled) tested the Toomba Old Workings, two RC holes (215m drilled) tested the southern portion of the Central Vein structure and three RC holes (340m drilled) tested the Toomba East Vein.

Three RC holes (PC005, PC006 and PC007) tested the northern portion of the Toomba Old Workings. PC005 was designed to test the structure beneath the northern workings. PC005 intersected a quartz vein at 43 metres down hole, with a down hole width of approximately 1.3m. The intersection returned an excellent assay result of 2m @ 26.5 g/t Au, 43 g/t Ag, 0.4% Cu, 0.9% Pb and 1.8% Zn.

PC0006 was drilled 50 metres to the south (from PC005) along strike and under more old workings and an outcropping zone of veinlets hosted in sericite altered granite. PC006 intersected a 5m wide zone of quartz veining from 47m to 52m downhole. The maximum gold assay was 1m @ 0.27 g/t Au and the main vein zone assay up to 0.19 g/t Au.

PC007 was drilled a further 116 metres south along strike under old workings. PC007 intersected a solid zone of vein quartz from 37m to 42m downhole. The main vein assayed to only 0.4 g/t Au and the best result came from the hanging wall veining (0.55 g/t Au).

The CYC drilling confirmed the presence of high-grade gold mineralisation at in the northern section of the Toomba Old Workings in a laterally extensive mesothermal vein system. This drilling has not been followed up and the intersection in PC005 is still open down dip and to the north.

Don Project Exploration and Mining History

Historical mining activity in the Don Project area was limited to the Don and Don SW mines. At the former, historical records indicate a shaft was sunk on the Don reef to a depth of 53m and about 0.75m wide. Some stoping was undertaken at the 46m level and back to the 18m level. The ore crushed assayed about 1 oz Au. In 1935, ore from the surface was crushed and assayed at around 15 dwt (pennyweight, where 1 penny weight = 1.56 g/t) Au.

Don Project Area Geology and Mineralisation

Gold mineralisation at the Don deposit is hosted by a 0.4m to 2.0m thick quartz vein that extends over 250m, striking NNW with an average dip of 75° to the WSW. Several small pits expose an en échelon array of smaller quartz veins on the eastern side of the main vein, in an overall N-S zone. Historical samples of mineralised quartz vein material taken from mullock heaps contained between 1 to 3% galena-chalcopyrite-pyrite-bornite and returned assays up to 54.7 g/t Au.

The Don SW workings, about 600m SW of the Don Workings, extend over a N-S trend of approximately 400m. The main mineralised quartz vein observed at surface, extends over 270m, is 0.4-1.0m wide, strikes 345° and dips WSW at 70° to 80°. At the northern end of the reef, a set of shallow pits trace another quartz vein with a strike of 350° over a length of 180 metres. Historical sampling of mineralised quartz taken from mullock heaps contained 3-6% galena-chalcopyrite-pyrite-bornite, returning assays of up to 9.6 g/t Au.

At least five percussion holes were drilled by Rowe Drilling in 1992-3, from the west, but no company records of the drilling are available. It is understood that drilling was undertaken by prospectors on a speculative basis.

Next Steps

Red River has commenced exploration activities at Toomba (mapping, sampling) to be followed up by trenching to better define the extent of the vein systems prior to drilling. Upon grant of the Don tenement (expected shortly), Red River will commence similar activities.

--- click on link at the top of this straw for the full report which includes a number of useful diagrams, charts and photos of the area and the old workings ---

Disclosure:  I hold RVR shares, and while I hold them primarily as a good zinc exposure, I very much like that they are taking advantage of a high gold price to diversify into gold production as well as zinc and other base metals production.

30-June-2020:  RVR Produces Gold Concentrate from Thalanga

RVR produces gold concentrate from Thalanga

Highlights

• Red River has processed the historic gold-rich Liontown Tailings through the Thalanga Mill to produce a saleable gold concentrate
• Approximately 600 tonnes of concentrate containing approximately 1,300ozs gold were produced
• Liontown Tailings were campaign processed through Thalanga during June 2020

Base and precious metals producer Red River Resources Limited (ASX: RVR) is pleased to announce that the gold-rich historical tailings at Red River’s Liontown Project have been processed through the Thalanga Mill to produce a saleable gold concentrate.

Approximately 600 tonnes of concentrate containing approximately 1,300ozs gold have been produced with final reconciled assays are pending.

The Liontown Tailings were reclaimed and transported to Thalanga during April and May and campaign processed through Thalanga during June. Whilst Thalanga was treating the Liontown Tailings, the mill temporarily ceased processing the polymetallic ore from Far West. Underground mining operations continued at Far West.

Once the Liontown Tailings processing was completed, the Thalanga Mill reverted back to producing copper, lead and zinc concentrate from the Far West ore.

Red River Managing Director Mel Palancian said, “Processing the Liontown Tailings to produce a saleable gold concentrate is an excellent result for Red River. The Liontown Tailings would have been moved during development and mining activities at the Liontown Project, and by doing it now, it allowed us to take advantage of the current high gold prices”.

--- click on link above for the full announcement including quite a few photos ---

Disclosure:  I hold RVR shares.

18-June-2020:  I hold Red River Resources (RVR) shares and I like them a lot.  Good management.  Low cost Zinc mining at Thalanga and now diversifying into Gold and Antimony.  There's a lot to like.  They just need to get through this period of low zinc prices where they could be struggling to maintain profitability.  They would be skirting around breakeven I would expect right now.  They are in good shape and I think they WILL survive, and then thrive when the zinc price rises again, which is why I hold them (and I like the new gold exposure too).

23-Apr-2020:  Quarterly Activities and Cash Flow Report - March 2020

• Quarter Highlights 
  • Mining and processing activities continue at Red River’s Thalanga Operation in Northern QLD and restart activities are progressing at its Hillgrove Gold Project in NSW.
  • Liontown Mineral Resource increased to 2.6Mt @ 0.7% Cu, 1.6% Pb, 5.1% Zn, 1.4 g/t Au & 30 g/t Ag (12.4% Zn Eq.). The total Liontown Project Mineral Resource (Liontown & Liontown East) increased materially to 4.1Mt @ 0.6% Cu, 1.9% Pb, 5.9% Zn, 1.1 g/t Au & 29 g/t Ag (12.7% Zn Eq.).
  • Liontown to be the next (third) deposit developed by RVR at Thalanga – Liontown mining studies and design work underway.  
  • Randy McMahon appointed General Manager of Thalanga operations. Mr McMahon has 35 years’ underground operational and management experience in the global mining industry.  
  • Red River targeting restart of gold production at Hillgrove Gold Mine in 2020. Karl Spaleck (Operations Manager) will lead Hillgrove restart.  
  • Maiden JORC Mineral Resource of 225kt @ 2.5 g/t Au for Bakers Creek Stockpile at Hillgrove Gold Mine.
• Thalanga Operations
  • Record quarterly copper concentrate production of 2,310 DMT
  • Zinc concentrate production of 4,310 DMT  
  • Lead concentrate production of 1,117 DMT  
  • West 45 mine ceased production due to Ore Reserve depletion and was placed on care & maintenance.
• Development Activities
  • $3.7 million invested in capital development, primarily at Far West  
  • $0.5 million invested in exploration activities at Thalanga Operations
  • Metallurgical testwork for Hillgrove’s Bakers Creek gold stockpile demonstrated free gold and simple processing route
  • Acquisition of equipment (gravity gold concentrate circuit) for Hillgrove Gold Mine Restart commenced
• Corporate
  • $14.5 million revenue generated from concentrate sales  
  • C1 cost of US$ 0.73 per pound of payable zinc metal  
  • C2 cost of US$ 0.99 per pound of payable zinc metal  
  • C3 cost of US$ 1.21 per pound of payable zinc metal  
  • Thalanga Operations EBITDA of $(2.6) million
  • Cash balance of $12.7 million plus financial assets of $12.9 million (cash backed security bond deposits) as at 31 March 2020. An additional $1.6 million relating to March’s sale of copper concentrate was received subsequent to quarter’s end  
  • Red River drew US$6 million from the Company’s US$10 million working capital facility during the quarter. 

--- Click on link above for more ---

Disclosure:  I hold RVR shares.

Notes:

1. Zn=Zinc, Cu=Copper, Pb=Lead, Au=Gold, Ag=Silver.
2. Zn Eq = Zinc Equivalent.  The net smelter return zinc equivalent (Zn Eq.) calculation adjusts individual grades for all metals included in the metal equivalent calculation applying the following modifying factors: metallurgical recoveries, payability factors (concentrate treatment charges, refining charges, metal payment terms, net smelter return royalties and logistic costs) and metal prices in generating a zinc equivalent value for copper (Cu), lead (Pb), zinc (Zn), gold (Au) and silver (Ag). Red River has selected to report on a zinc equivalent basis, as zinc is the metal that contributes the most to the net smelter return zinc equivalent (Zn Eq.) calculation. It is the view of Red River Resources that all the metals used in the Zn Eq. formula are expected to be recovered and sold. 
3. Red River did not manage to make a profit from their Thalanga operation during the quarter.  They made a $2.6m EBITDA loss.  This was partly due to some grade and recovery issues which are explained further in this report (click on link at the top for the full report) but was mostly due to lower base metal prices, particularly zinc and copper.  RVR are firing up the old Hillgrove Gold Project in NSW this calendar year, which will provide them with more gold, and that should assist them to survive through until base metal prices rise again.  However, you still have to regard RVR as speculative at this point, because if commodity prices continue to decline and stay low for too long, they could struggle to survive.  They aren't in trouble yet, but they need higher zinc prices if they're going to thrive.  I like them for the zinc exposure, but I like them even more because they own the Hillgrove Gold Project.  I'm betting that the high gold price will carry them through until zinc prices rise again.  However, I could be wrong.
4. Cash Costs:  Costing Methodology, ( C1,C2,C3, M1 etc.):
   • C1:  Net Direct Cash Cost (C1) represents the cash cost incurred at each processing stage, from mining through to recoverable metal delivered to market, less net by-product credits (if any). The M1 margin is defined as metal price received minus C1.
   • C2:  Production Cost (C2) is the sum of net direct cash costs (C1) and depreciation, depletion and amortisation. The M2 margin is defined as metal price received minus C2.
   • C3:  Fully Allocated Cost (C3) is the sum of the operating cost (C2), indirect costs and net interest charges. The M3 margin is defined as metal price received minus C3.

09-Apr-2020:  Quarterly Production Update

Red River Resources Limited (RVR) is pleased to report the operating performance from its Thalanga Operation in Northern Queensland for the quarter ended 31 March 2020 (Q3 FY20). Mine production and mill throughput improved significantly in the quarter resulting in increased quarterly production of zinc and lead concentrates and record production of copper concentrate. Mining activities ceased at the West 45 underground mine in March. 
 
Quarterly Highlights:

• Thalanga Operations mine production of 91kt @ 9.4% Zn Eq. (Q2 FY20 60kt @ 9.0% Zn Eq.)
• Thalanga Operations ore processed of 84kt @ 8.5% Zn Eq. (Q2 FY20 66kt @ 8.4% Zn Eq.)
• Zinc concentrate production of 4,310 tonnes (Q2 FY20: 3,781 tonnes)
• Lead concentrate production of 1,117 tonnes (Q2 FY20: 876 tonnes)
• Record copper concentrate production of 2,310 tonnes (Q2 FY20: 1,560 tonnes) 

...click on link above for more...

11-Mar-2020:  Red River increases Liontown contained gold by 125%

28-Feb-2020:  Maiden gold resource for Hillgrove Stockpile

Highlights:

• Maiden Inferred Mineral Resource of 225,000 tonnes @ 2.5 g/t Au for Bakers Creek Stockpile at Hillgrove Gold Mine
• Processing Bakers Creek Stockpile to underpin Hillgrove Gold Mine restart in 2020 
• Potential for Stockpile to feed Hillgrove Mill for initial 12 months - planned transition to full restart of underground mining operations once Stockpile has been treated
• Stockpile provides rapid low capex restart with low cost gold production - no mining cost
• Hillgrove Gold Mine Restart Study is progressing - ~6 months to first gold production 

--- click on link above for further details ---

RVR is currently a high-grade zinc producer at Thalanga and is now also diversifying into gold production.  I hold RVR shares.

19-Feb-2020:  Sampling at Sunlight adds potential Hillgrove Gold

Another day, and another positive announcement from RVR, who, as I said yesterday, are successful zinc producers now expanding into gold production as well.  (I hold RVR).

18-Feb-2020:  Red River advances development of gold-rich New Queens Lens

11-Feb-2020:  January 2020 Production Update

RVR is a profitable zinc miner who are expanding into gold production as well now.  I hold RVR shares.

28-Jan-2020:  Gold Potential Revealed at Thalanga

Highlights:

• Implementation of Thalanga Operations Gold Strategy to maximise Red River’s exposure to gold
• Thalanga Operations are located in Charters Towers region, in close proximity to known world class multi-million ounce gold deposits – Red River has a large tenement holding and operational base in area
• Gold exploration review completed in late 2019 – exploration activities have commenced with sampling of New Homestead historic gold workings located ~3km from Thalanga Operations, returning gold assays up to 59.8 g/t Au
• Exploration will continue at New Homestead (trenching to define drill targets) as the Gold Strategy continues to progress 

24-Jan-2020:  MiningNews.Net:  Red River ramps up Hillgrove Revival

Red River ramps up Hillgrove revival

Little more than a week after Red River Resources’ promised the market a decision on restarting production at the company’s Hillgrove project in New South Wales, managing director Mel Palancian outlined how the base metals miner would expand its output into the gold sector this year.

Based on metallurgical test work from the Bakers Creek waste dump, where the material grades around 2.5 grams per tonne, Red River said recovery through the existing plant could be up to 90%, with gravity expected to be 60-65%.

Flotation could recover an additional 20-25%.

The dump was created during the mining of the Bakers Creek mine that produced 303,900 ounces from 175,980t of ore at 49gpt between 1877 and 1921.

The company has calculated an exploration target of 200,000-300,000 tonnes at 2-3gpt for the dump.

Palancian said Bakers Creek was a "fast restart opportunity" that would allow the company to leverage high gold prices by produce saleable 75-80% gold doré.

Work has commenced on a conceptual flowsheet.

The revival is expected to be low-cost, with a new gravity gold concentrator expected to be installed in the grinding circuit, and changes to the cyanide circuits are being considered as upgrades to the "near new" 250,000t mill.

Red River secured Hillgrove last August for just $4 million in scrip for Hillgrove, a fraction of the $180 million spent on the asset over 15 years by past owners such as vendor Bracken Resources and former operator Straits Resources.

Bakers Creek could lead into exploration of Curry's Block, a 700m-long prospect with an average sampled grade of 17gpt gold, with good grades of antimony and tungsten that has never been drilled.

Hillgrove has resources at 2.8Mt grading 5.1gpt gold and 1.7% antimony for 459,000oz gold and 48,000t antimony.

Red River shares were up 2% to 11.5c, valuing the company at $60 million.

--------------------------------------------------------------------------------------------------------------

Disclosure:  I have a smallish holding in RVR.  I like zinc from here, and I'm happy to see them also moving into gold.

24-Jan-2020:  RVR to restart Hillgrove Gold production in 2020

As I recently noted, RVR are on their way to becoming a small diversified mining company.  They already mine high-grade zinc, and soon gold as well.  They're still a very small company (market cap ~$60m currently) but they have reasonable liquidity for their small size, great management, no net debt, and they're making some very smart moves.  I do hold RVR shares.

17-Jan-2020:  Quarterly Activities and Cash Flow Report 31 December 2019

RVR dropped -20.7% on the day of that report (last Friday, from 14.5c to 11.5c), but have risen +8.7% (or 1 cent) today on the back of this announcement:  20-Jan-2020:  Red River hits 67% zinc equivalent at Liontown.  And they've had other positive announcements recently, including:

20-Dec-2019:  Red River hits high-grade gold and silver at Thalanga

06-Dec-2019:  High Grade Gold at Curry's Block

I have a smallish position in RVR.  It's larger than my NCZ position, but smaller than my position in S32 or SOL (who also both also own Australian zinc mines).  Keep the position sizes appropriate to the risks.  NCZ is the the highest risk (of going to zero).  RVR, while producing less zinc than the others at this point in time, are debt free with a cash balance of $11.9 million plus financial assets of $12.9 million (cash backed security bond deposits) as at 30 December 2019.  They also have a US$10m working capital facility that remains undrawn.  They also have lower costs than NCZ and high zinc grades at Thalanga.  RVR also have some promising gold, silver and antimony projects that they own, which may well result in them becoming a multi-commodity-producer in the future similar to what IGO did.  IGO went from being a zinc miner (predominantly) to now being a significant nickel miner with a 30% interest in the high-grade Tropicana gold mine.  Zinc prices were down 9% over 2019 and treatment (smelting) charges rose a LOT, making zinc barely profitable for a number of smaller players (and still unprofitable for some - like NCZ because of their higher costs), however RVR are doing OK.  Small, but doing well considering the headwinds they have faced.  Even if zinc falls further, they have that cash buffer and the undrawn working capital facility which provides a significant safety net for them.  And they're busy.  They are finding more high-grade zinc (as today's announcement highlights) and they have other projects that they are progressing.  I think RVR presents as a good risk/reward trade-off for me, and I've made a small investment in RVR shares (at 12.5c).  

09-July-2019:  Strong Production Continues at Thalanga

03-Jul-19:  Red River acquires Hillgrove Gold-Antimony Project in NSW (Announcement)

03-Jul-19:  Acquisition of Hillgrove Gold-Antimony Project Presentation

RVR were a 100% zinc producer, and are now going to also be a gold producer.  Time will tell whether this will be a positive or negative move for the company.  IGO (Independence Group) did this a few years back when they bought 30% of the high-grade Tropicana gold mine which is 70% owned by (and operated by) AngloGold Ashanti Australia (AGG).  At that time, IGO also predominantly mined zinc, with some lead, silver, and a few other minor byproducts produced as well.  IGO have since gone on to develop the Nova nickel mine and are now mostly viewed as a nickel miner (as that's the commodity that provides the majority of their revenue), but their continued 30% interest in Tropicana provides them with a useful source of diversified revenue.  

Without examining the actual deal too closely (as yet), I would imagine that this acquisition by RVR will also prove to be a good move.

13-Nov-2019:  Liontown drilling highlights potential to expand Thalanga

12-Nov-2019:  Sampling confirms gold potential at Hillgrove Project

06-Nov-2019:  Chairman's Address to Shareholders 2019 AGM

29th October 2019:  RVR was up 10% today on the back of their Quarterly Activities and Cashflow Report for the September 2019 Quarter.

Disclosure:  I hold RVR shares.  They are my preferred zinc exposure at this point and I like their recent purchase of the Hillgrove Gold Mine in NSW for $4 million in RVR shares.  Very good price!  I have held IGO shares for years, even back when they were zinc miners themselves - and they also owned 30% of the Tropicana Gold Mine in WA.  IGO are out of zinc now - they are a succesful nickel miner these days, but they still own 30% of Tropicana.  Gold and zinc seem unlikely bedfellows, but it can work.