A new diamond drilling program will start at the Thalanga Zinc Project, the first exploration there since 1998.
Red River Resources announced the north Queensland campaign will start on 13 May, with the initial drilling expected to take 10 weeks to test newly defined targets at Thalanga East hanging Wall and Wattle Tree, located 65 kilometres west of Charters Towers.
Red River managing director Donald Garner said the targets were identified by IP survey and re-interpretation of historical exploration data.
“As a team, we are all pleased to start drilling, as this marks the culmination of many months of hard work on our exploration strategy at the Thalanga Zinc Project,” he said.
“Red river is in a unique situation amongst our peers, as we own the Thalanga Mill, a 600ktpa capacity polymetallic processing facility capable of producing separate lead, zinc, and copper concentrates.
“This facility is currently on care and maintenance, and we are targeting to restart production at Thalanga by the end of 2015.”
Garner said Red River’s access to the mill would allow them to swiftly monetise any exploration discoveries, including those that would not be economic if they required construction of a milling facility.
The three drill holes planned for Thalanga East Hanging Wall will be between 350-450 metres long and take about two weeks to drill, with assay results available within two weeks of each hole completion, while two holes have been planned for Wattle Tree.
Red River Resources (ASX:RVR) have climbed from 13 cents at the start of May, to 17 cents on 5 May, representing a 30 per cent gain in the last week off the back of their 1 May announcement of completion of the IP survey.