- Red River Resources (RVR) has announced a maiden gold resource for the Bakers Creek Stockpile
- The Stockpile is situated within the Hillgrove Gold Mine in NSW
- Test work indicates that up to 80 per cent of gold contained in the stockpile can be recovered using existing infrastructure
- A restart study is now progressing for the Hillgrove Mine, with gold production expected within six months
- Red River's share price is down a slight 1.32 per cent with shares trading for 7.5 cents apiece
Red River Resources (RVR) has announced a maiden gold resource for the Bakers Creek Stockpile at the Hillgrove Gold Mine.
The new inferred mineral resource sits at 225,000 tonnes at 2.5g/t gold and now that this has been measured, Red River can begin gold production at Hillgrove.
Metallurgical test work carried out by the company indicates that 75-80 per cent of gold contained in the Bakers Creek Stockpile can be recovered using the existing Hillgrove Mill.
"The Bakers Creek Stockpile offers Red River an exceptionally low capital cost restart for the Hillgrove Gold Mine," Managing Director Mel Palancian commented.
"Red River is also working on the full restart of Hillgrove's underground mining operations, which will occur once the Stockpile has been treated," he added.
The Bakers Creek Stockpile was produced during the mining of Bakers Creek Mine which produced 303,900 ounces of gold from 175,980 tonnes of ore at a grade of 49g/t.
The ore was hand sorted underground and then again on the surface.
The stockpile is approximately 105 to 70 metres and is 15-20 metres deep.
The Bakers Creek Stockpile has been subject to extensive sampling since 1982, with a total of 337 samples taken for a total sample weight of 1735 kilograms.
The majority of samples were taken as grab samples from various surface locations throughout the stockpile.
A Hillgrove Gold Mine Restart Study is now progressing with gold production expected in six months.
Red River's share price is down a slight 1.32 per cent with shares trading for 7.5 cents at 12:37 pm AEDT.