- Mel Palancian tenders his resignation as Managing Director and CEO from Red River Resources (RVR), citing personal reasons
- He will remain in his current role to ensure an orderly transition of responsibilities to the next managing director
- Additionally, Red River announced results from its resource drilling program at Liontown which is part of its Thalanga operations in northern Queensland
- The company says drilling will build confidence and allow the upgrade of the project’s inferred mineral resources to the indicated category
- Shares in Red River are trading steady at 13 cents at 12:22 pm AEST
Red River Resources’ (RVR) CEO and Managing Director, Mel Palancian, has tendered his resignation from the company.
Mr Palancian had cited personal reasons for his resignation but will remain in his current role to ensure an orderly transition of responsibilities to his successor which the Board will commence a search for.
He has been at the company for almost eight years, with his first appointment as Chief Operating Officer in September 2014 until he was appointed Managing Director the following year.
The company said Mr Palancian has invaluably contributed to its growth and development by helping transform Red River from a developer and explorer into a multi-asset and multi-commodity producer.
In his own words, Mr Palancian said he is proud of the progress the company has made with the development and commencement of production at the Thalanga operations and the subsequent acquisition and development of Hillgrove.
Additionally, Red River Resources has released more results from its resource drilling program at Liontown as part of its Thalanga operations in northern Queensland.
Liontown contains a sulphide mineral resource of 4.1 million tonnes at 0.6 per cent copper, 1.9 per cent lead, 5.9 per cent zinc, 1.1 grams per tonne (g/t) gold and 29 g/t silver for 12.7 per cent zinc equivalent.
The results include 4.95 metres at 19.5 per cent zinc equivalent including 4.99 per cent copper from 288.75 metres at LTDD22052 and 4.6 metres at 14.6 per cent zinc equivalent from 204.75 metres at LTDD22059.
The company said this drilling will build confidence and allow the upgrade of the project’s inferred mineral resources to the indicated classification.
Shares in Red River were trading steady at 13 cents at 12:22 pm AEST.