RVR - Red River Resources

[Trav.]

Nice announcement out today (also some very nice pictures attached in it)

Although the SP spiked a bit today I noticed that on the 17/11 the SP reached a high of $0.31, so I am thinking that there might besome more movement here when people get back from holidays.

 

[finicky]

Wouldn't be surprised if RVR is maturing a continuation 'pattern here', maybe a cup or a mini H&S. Actually the price has already spiked above 30c on the announcement today. >5 million shares traded which is good volume for RVR

The grab at bottom shows the grade of hits they have (the purple ones are >50 gram/metres Au Eq) and they assess it it all as open . The greyed out area is the jorc 2004 resource but they will be drilling for 3-4 months to promote that to jorc 2012 standard. Proven high grade gold mine with antinomy credits and they got the past drilling results, shaft and drives, process plant, all infrastructure and surrounding prospective tenements for peanuts, quite incredible if they can pull it off.

Todays headiine:

Drill hits and grade. Grey area the 2004 Jorc resource to be brought up to 2012 standard. Dark blue areas are mined out historical stopes.

 

[finicky]

Here's another one breaking recent support with conviction, might be a decent buy coming up here. Couldn't see anything wrong with the just released Qtrly report from my customary superficial read. I will now go back and scour it for clues (not). Silver fans might like to check out that they've also got a silver prospect that I didn't know about; they make a comparison to Bowdens which hardly blew my mind, but nonetheless, silver, from a producing and profitable miner - unlike SVL?

Held

Daily

 

[bux2000]

Not sure what to think about this announcement looks interesting

http://clients3.weblink.com.au/pdf/RVR/02383519.pdf

Any clues

Thanks

bux

 

[finicky]

Not really. Your link didn't work but from what I skimmed it is just a reassuringly high grade hit from where they expect to get their next ore source at Hillgrove - the Curry lode. Currently they are just mining an old waste ore dump at Hillgrove. This hit was 100 metres lower than their earlier best intersection and is open depth wise. Share price will more likely than not settle down imo, where it is worth considering if you like their prospects. The recent court loss over unpaid royalties has dampened enthusiasm, even today you can buy this only 2c higher than my buy, which would have been about a year ago from memory.

 

[Sean K]

Some good grades but poor widths. Maybe it's that type of ore body?

I owned this about 15 years ago but it was doing something completely different to this.

Pretty small scale operation, what's the exciting upside?

 

[bux2000]

Wasn't up with the play .....Simply wall Street gives it a serious valuation and got a little excited, will put it back in the draw with my other goldies .....one day !!!
Thanks for your time much appreciated.

bux

 

[bux2000]

I have entered RVR in the August stock picking comp.

As I have said previously RVR seems to have a lot going for it.
My simplistic view of Charts appears to show a reversal of fortune's for RVR........ fingers crossed.

bux

 

[finicky]

So the CCP is playing its malevolent games over Magnesium supply and everyone's rushing to that side of the boat but what if they turn the screws on other criticals like Antimony? China is the biggest exporter. Red River has a big Sb resource as a credit to its gold mining operation at Hillgrove.
RVR also has Indium as an undeveloped resource at Herberton N.Q, along with Silver.

Chart's not bad either. Not a recco from me, can be a slow stock and have reversals, just putting the idea out there.
Held

ANTIMONY

Weekly

 

[finicky]

Price plunge today due to final unfavourable judgement in a court of appeal. Will cost the company $20m which it can fund out of cash and an undrawn debt facility. Followers pretty much knew it was a lost cause anyway and it was arguably accounted for in the share price. The drop today accounts for the bulk of the settlement anyway in lost market capitalisation if it can be bought at 0.035 down (i.e 0.18/share) - 518m shares on issue. I put in a bid @ 0.18.
Profitable cash flowing mine and plant in N.Q - Zinc-Lead-Copper. Undeveloped project in Herberton N.Q: Silver-Indium. Small gold mine in Hillgrove NSW: also has 'world class' resource and prospects for Antinomy, a critical metal for which the west relies on commie China.

 

[Sean K]

What was this all about?

Price plunge today due to final unfavourable judgement in a court of appeal. Will cost the company $20m which it can fund out of cash and an undrawn debt facility. Followers pretty much knew it was a lost cause anyway and it was arguably accounted for in the share price.

This deposit seems to have some excellent grades of stuff but not much of it.

EV of $80m and they made $42m last year?? That seems a little cheap, even if they have to pay $20m for something.

 

[The Cruising Investor]

This is my Copper play for the share tipping comp. Expect copper to moon with the electrification of everything.

 

[frugal.rock]

Not sure if I like this one or not?
Some recent announcements looking ok at first glance.

 

[Captain_Chaza]

Not sure if I like this one or not?
Some recent announcements looking ok at first glance.

View attachment 144331

I think it is worth your time to take a 2nd glance

 

[rcw1]

Good afternoon
Published this afternoon (02/11/22):

The operator of a base metals mine near Charters Towers, employing 130 people, has been placed in administration amid ongoing production difficulties caused by a collapse in the mine.
Michael Ryan, David McGrath and Kathryn Warwick of FTI Consulting were appointed to Cromarty Resources Pty Ltd, owner and operator of the Thalanga zinc, copper and lead mine 200km southwest of Townsville, on October 28.

The trading of shares in its parent company, ASX-listed Red River Resources, was suspended this week although the appointment of administrators is only to Cromarty, not Red River and does not extend to another of its entities Hillgrove Mines Pty Ltd in NSW.

In its September quarter report released on Monday, Red River Executive Director Patrick O’Connor said the company faced “very real challenges” at the Thalanga operation during the quarter.

“The placing of Cromarty Resources Pty Ltd into voluntary administration is tremendously disappointing for all stakeholders but is in the best interests of the company’s shareholders as it takes steps to preserve shareholder value,” Mr O’Connor said.

The Thalanga Zinc Project, owned by Red River Resources, located west of Charters Towers.

He said they were in discussions with “various” stakeholders regarding options to preserve shareholder value and would provide further updates in due course.

Red River reported on August 4 that a “fall of ground” event had occurred at Thalanga’s Far West mine and that an operator had received a precautionary medical examination but subsequently had been discharged with no serious injuries.
Underground mining operations were suspended for about two weeks.

According to Red River, the appointment of administrators followed operational issues at the mine and concerns that ongoing reduced production and increasing costs meant Cromarty may become insolvent.


Red River says the administrators determined to place Thalanga on care and maintenance.

While Red River suspended underground operations at Thalanga from August 2 until August 19 August, progressive re-establishment of mining areas had occurred using revised ground support and updated geotechnical procedures for stoping.

The company says the additional ground support and technical work significantly impacted the forecast mining schedule for 2022-23, reducing ore availability and decreasing the mining rate.

Mill production for the September quarter was down 54 per cent.

Red River says it is the largest secured creditor of Cromarty Resources and has provided a guarantee to commodity trader Trafigura Pte Ltd on a working capital facility agreement between Cromarty and Trafigura.

Red River reported an unaudited consolidated loss for the quarter of $9.5m. Since August the company’s share price has halved to about 7c. Representatives of the company and administrators could not be contacted for comment.


Edit: correct date
Kind regards
rcw1

 

[finicky]

I forgot to revisit this thread for the unpleasant task of admitting how wrong I was to believe in this company. I don't expect to recover anything from administration. Another example of how easy it is for the managements in the marginal and speculative area of the ASX to understate risk and talk up prospects.

Held