The Red River Resources Limited (ASX: RVR) share price is 9.09% higher at the time of writing, after the miner announced it has secured 2 high-grade polymetallic silver-indium deposits in Queensland.
What did the company announce?
The company has been granted the Isabel and Orient Project, which hosts the highest-grade known indium deposits in Australia. The projects are located near Herberton in Queensland, approximately 500 kilometres from its Thalanga Operation.
The Isabel Project contains the Isabel polymetallic massive sulphide zinc, lead, copper, and indium deposit. The Orient Project contains the West Orient zinc, lead, silver indium deposit and the East Orient exploration target.
Currently, the indium price per kilogram is US$250.
Quarterly activities and cash flow report
On 28 July 2020, Red River Resources delivered an update for the period ending June 2020.
Its Thalanga Operations delivered record quarterly copper concentrate production of 2,697 dry metric tonnes (DMT). However, its zinc and lead concentrate is down compared to Q4 FY19.
Its mining and processing activities continue at the Thalanga Operation in northern Queensland and restart activities are progressing at its Hillgrove Gold Project in NSW.
Facts about indium
Indium is a shiny, silver-looking metal. It’s quite rare and is normally a trade element in other minerals – commonly zinc and lead. Indium is vital to the world’s economy in the form of indium tin oxide (ITO), which is the best material for LCD touch screens, flat screen TVs and solar panels.
Red River reports that Geoscience Australia has identified indium as a critical resource. Critical minerals are considered vital for the economic well-being of the world’s major and emerging economies. The minerals labelled critical are minerals at risk due to scarcity, political, trade and other potential issues.
About the Red River Resources share price
Red River Resources is 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 northern Queensland and it has recently acquired a high-grade Hillgrove Gold-Antimony Project in New South Wales.
Currently the share price is trading at 12 cents, which is up by 9.09% today’s trade. In the past year, the Red River Resources share price has dropped by 33.33%.
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Motley Fool contributor Matthew Donald has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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