Waste rock dump shows gold potential for Red River
The waste dump was created during the mining of the Bakers Creek Mine, which operated from 1877 to 1921, producing more than 300,000 oz at about 49 g/t gold.
The ore was hand sorted underground and again on surface, with the dump containing the surface hand sorting rejects.
Red River says the dump is about 105m by 70m in area and 15-20m deep.
Previous sampling by Straits Resources using an excavator to dig test pits found a weighted average sample grade of 3.49 g/t gold – below its cut-off grade at the time.
Red River has commenced metallurgical sampling with test work to follow shortly.
In a statement to market, Red River said it understood that gold production at Bakers Creek ceased because of the limited technology at the time for mining at ~500m depths and that the mineralisation remained open.
The comapny’s foundation asset is the Thalanga base metal operation in Northern Queensland, which was acquired in 2014.
Red River commenced copper, lead and zinc concentrate production there in September 2017.
Managing director Mel Palancian said acquiring the high-grade Hillgrove gold-antimony project in NSW would enable the company to build a multi-asset operating business focused on base and precious metals.
New Zealand-based Chatham Rock Phosphate has made a $12.3 million deal to acquire the Korella phosphate mine, 150km south-east of Mount Isa.The compan...