Grange Resources Ltd

Published : April 29th, 2016

Red River Commences Drilling at Truncheon

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Keywords :   Aig | Copper | Diamond | Target | Zinc |

Red River Commences Drilling at Truncheon

2720025f-c6d5-4ecf-be98-bf2f694490ff.pdf

ASX Release 29 April 2016

Red River Commences Drilling at Truncheon

Highlights:

  • Drilling has commenced at Red River's high priority Truncheon target

  • Truncheon is located 3km NE of the historic high-grade copper mine at Highway Reward

  • Initial two holes planned to test coincidental gravity / induced polarisation / geochemical target

  • Drilling part of ongoing high impact exploration program at Red River's Thalanga Zinc Project

  • Drilling part-funded under Round 9 of the Queensland Government's Future Resources Program

- Collaborative Drilling Initiative (CDI)

Red River Resources Limited (ASX: RVR) ("Red River" or the "Company") is pleased to advise it has commenced an initial two-hole Diamond drilling program at the high-priority Truncheon target, as part of the Company's ongoing high impact exploration strategy at the Thalanga Zinc Project ("Project") in Queensland. The Truncheon target is located on EPM 10582, approximately 3km NE of the historic Highway Reward copper mine (refer to Figure 1).

In 2015, Red River undertook reprocessing of historical geophysical data (gravity and induced polarisation chargeability) within the Truncheon project area that indicated that the Truncheon prospect anomaly (combined gravity, induced polarisation chargeability and geochemistry) is of similar size and scale to the historical anomaly at the Highway Reward deposit (refer to Figure 2).

Highway Reward was an exceptional deposit, which was mined from 1998 to 2005 with total production of 3.8Mt

@ 6.2% Cu & 1g/t Au(1) from open-pit and underground mining operations. The ore produced from Highway Reward was trucked to and processed through the Thalanga Mill (approx. 110km by sealed road), now owned by Red River. The Highway Reward mining leases, which are held by a third party, also host the Handcuff deposit which has a historical non-JORC compliant resource of 1Mt @ 0.4% Cu, 0.2% Pb and 7.4% Zn(2).

Red River received a $75,000 grant under Round 9 of the Queensland Government's Future Resources Program - Collaborative Drilling Initiative. This will help fund drilling of the two holes at Truncheon to a depth of 500m. The planned drilling at Truncheon will fulfil the grant requirements.

Red River's Managing Director Mel Palancian commented: "We are pleased to have commenced drilling at Truncheon, which marks the culmination of more than 12 months of work, from the initial reprocessing of the historical geophysical data which identified the target, through the drill design and obtaining the necessary landholder permissions and Cultural Heritage Clearance. We look forward to assessing results from the program as they come to hand. "

1 Grange Resources Limited (ASX:GRR) public disclosure

2 Hutton L. and Withnall I. (2007) Depositional systems, crustal structure and mineralisation in the Thalanga Province, North Queensland, pp 79-86 Mineral Exploration in the Tasmanides, AIG Bulletin 46

Figure 1 Location of Truncheon prospect, central Queensland.

Figure 2 Oblique View, looking NNW - 3D Gravity Inversion and historic dipole-dipole IP chargeability pseudo sections, Highway Reward and Truncheon anomalies

Figure 3 Truncheon Prospect Plan View

Figure 4 Diamond drill rig at Truncheon (TR01)

Drill hole information for TR01 and TR02 is provided below in Table 1.

Table 1 Drill hole information summary, Thalanga Zinc Project (Truncheon)

Hole ID

Depth

Dip

Azi (MGA)

East (MGA)

North (MGA)

RL (MGA)

Lease ID

Hole Status

TR01

500m

-66o

327.5o

419305

7749683

376

EPM 18713

Commenced

TR02

500m

-68o

55.8o

418853

7749820

367

EPM 10582

Planned

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Grange Resources Ltd

PRODUCER
CODE : GRR.AX
ISIN : AU000000GRR8
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Grange Res. is a gold and iron development stage company based in Australia.

Grange Res. holds various exploration projects in Australia.

Its main asset in production is SAVAGE RIVER in Australia and its main exploration properties are SOUTHDOWN, REWARD DEEPS and WEMBLEY in Australia.

Grange Res. is listed in Australia and in Germany. Its market capitalisation is AU$ 1.4 billions as of today (US$ 1.0 billions, € 896.3 millions).

Its stock quote reached its lowest recent point on October 19, 2001 at AU$ 0.04, and its highest recent level on August 17, 2007 at AU$ 1.41.

Grange Res. has 1 157 339 904 shares outstanding.

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