North Queensland miner Red River Resources has completed its acquisition of New South Wales gold and antimony asset Hillgrove Mines.

The deal with Bracken Resources saw it pay $4 million in shares for the project, which was placed on care and maintenance in 2016 due to low prevailing antimony prices.

Red River said the site included significant infrastructure with a historical cost of $180 million and a significant high-grade mineral resource.

This includes existing processing plant, surface infrastructure, underground development, resource definition drilling and underground mining fleet.

Red River managing director Mel Palancian said the company was 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.

Its foundation asset is the Thalanga base metal operation in North Queensland, where Red River commenced copper, lead and zinc concentrate production in September 2017.