Red River Resources Limited (ASX: RVR), a company from metals and mining industries which is into the business of mineral exploration declares its report operating performance from its Thalanga Operations during the December quarter.
In the December quarter, Red River Resources Limited reports a record in its quarterly production where the ore developed during the mining was of 96kt at its West 25 site. During the period, the company produced 7,695 tonnes of zinc concentrate,725 tonnes of copper concentrate and 3,007 tonnes of lead concentrate. There was also an improvement seen regarding the copper concentrate recoveries in the December quarter.
The announcement from the company also covers the quarter wise update starting from Q2 of FY2018 till Q2 of FY2019 where detail information is available regarding the ore mined, and ore processed, zinc concentrate produced, lead concentrate produced, copper concentrate produced. The data shows that there is a continuous improvement in each category as the operation progressed during each quarter.
In Q2 at Thalanga, there were around 96 kilotonnes of ore mined with the copper grade of 0.4%, lead grade of 2.4%, zinc grade of 5.4%, gold grade of 0.2 g/t, silver grade of 39g/t and zinc equivalent grade of 9.9g/t. The YTD results show that 187 kilotonnes ore got mined which produced a copper grade of 0.3%, lead grade of 2.3%, zinc grade of 5.2%, gold grade of 0.2 g/t, silver grade of 35g/t and zinc equivalent grade of 9.4g/t.
There were around 95 kilotonnes of ore processed with the copper grade of 0.4%, lead grade of 2.6%, zinc grade of 5.2%, gold grade of 0.2 g/t, silver grade of 46g/t and zinc equivalent grade of 10.1g/t. The YTD results show that 193 kilotonnes ore got mined which produced the copper grade of 0.4%, lead grade of 2.4%, zinc grade of 4.7%, gold grade of 0.2 g/t, silver grade of 38g/t and zinc equivalent grade of 9.1g/t.
In Q2 FY2019, there was a total zinc concentrate production of 7,695 tonnes where 87.8% zinc got recovered which has a grade of 56.8%. The YTD production of zinc concentrate was 14,495 tonnes, where there was a total zinc recovery of 88.5% of 56% grade.
In Q2 FY2019, there was a total lead concentrate production of 3,007 tonnes which led to the discovery of lead with a grade of 65.7%, copper with a grade of 2.9%, gold with a grade of 2.6g/t and silver of 786 g/t.
In Q2 FY2019, there was a total copper concentrate production of 725 tonnes which led to the discovery of copper with a grade of 28.6%, gold with a grade of 7.6g/t and silver of 1,311 g/t.
The promising results from the Thalanga project have made the investors confident about a positive performance of the stock in the near future. As a result of which by the end of the trading on 14 January 2019, the share price of RVR zoomed up by 9.677%. The closing price of the share was A$0.170 which is 0.015 points above is previous trading day’s closing price with the stock holding a market capitalization of $75.94 million with a PE ratio of 258.33x.
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