RED RIVER RESOURCES LIMITED - ASX: RVR

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Description

Red River Resources is a diversified mineral explorer currently (late 2009) focusing on gold and also exploring for copper, nickel, tin, magnetite iron ore, tantalum and lithium. Active projects are as follows:

Miaree, Western Australia (Iron Mounting Mining JV)

In early 2009 a metal detector gold rush resulted in the discovery of about 1,000 ounces of gold in an area east of E47/1309. Evaluation of the geology of this area suggested that portion of E47/1309 contains good gold prospectivity. As a consequence the Red River/Iron Mountain JV has carried out a number of stream sediment and soil geochemical surveys over the ground deemed to be favourable resulting in the discovery of numerous locations carrying anomalous gold content. Peak values range up to 0.6 g/t gold in soils.

In July 2010 soil sampling by the JV discovered the Bergsma Prospect, a 2 km long arsenic-gold anomaly occurring in a splay fault zone oblique to the Sholl Shear Zone, a major crustal suture. The arsenic-gold anomaly also is adjacent to a granite-greenstone contact and its geometry and aerial extent suggest that it may be a mineralized halo over a porphyry intrusive. Further evaluation of this exciting prospect is currently ( September 2010) being undertaken preparatory to a drilling program planned for after an Aboriginal Heritage Survey.

Iron Mountain has earned 25% in the project by the expenditure of $1.25 million and is now currently earning a further 24% by the expenditure of a further $1.5 million.

Blythe River Project, Tasmania (Iron Mountain Mining JV)

This project area near the port of Burnie in northern Tasmania contains iron ore prospects, both hematite and magnetite, and copper mineralisation and is also prospective for gold, zinc and tungsten. The focus for late 2007-2008 will be on its iron ore potential. Red River holds 50% of this project and is in Joint Venture with Iron Mountain Mining Limited.

Wongan Hills, Western Australia (Operator Dominion Mining, Iron Mountain Mining JV partner)

This area, together with the Miaree area near Karratha, is part of the proposed Joint Venture with Iron Mountain Mining Limited which, subject to preparation of an independent experts report and approval by shareholders, can spend $4.75 million to earn 70% in the two project areas. The Wongan Hills contains banded iron formation and is prospective for the discovery of direct shipping grade hematite ore (DSO).

East Kirup, Western Australia (Operator Dunvegan Resources)

East Kirup is on structural geological trend with Greenbushes, the world’s largest known repository of tantalite ore as well as tin and lithium. Exploration work in the south western part of E70/2435 by Red River has delineated a 4 kilometre long zone, the “East Kirup Shear”, of elevated tantalite, tin and niobium values. Further exploration work has an excellent chance of leading to a discovery of Greenbushes-style mineralisation.

Mine For

gold, copper, nickel, tin, magnetite iron ore, tantalum, lithium

Location of operation(s)

Western Australia, Tasmania

Address

Level 7, 231 Adelaide Tce
PERTH, WA, AUSTRALIA

Phone

(08) 6263 4477

Email

Website

http://www.redriverresources.com.au

Last Updated

14/1/2011