The Waterloo Project is located 40km southwest of Charters Towers in North Queensland. It is accessed by the Flinders Highway and the Gregory Developmental Road. The Waterloo Project is on EPM 10582, which is wholly owned by Red River Resources.

Waterloo is Red River’s highest grade deposit, with a current Mineral Resource of 707kt grading 19.1% zinc equivalent. Waterloo is planned to be the third mine developed by Red River, after West 45 and Far West.

Waterloo Project Location

The project area lies within the Mt Windsor Sub‐province, which forms an east‐west trending belt extending for about 165km from the Leichardt Range, south of Ravenswood in the east, almost to Pentland to the west. Rocks of the sub‐province have been extensively intruded and dismembered along the northern margin by emplacement of the Ordovician to Permian Ravenswood Batholith and Lolworth Igneous Complex. A discontinuous cover of Tertiary alluvium, the Campaspe Formation, obscures much of the terrane.

Waterloo is a blind VHMS deposit that lies under 25 to 60m of Campaspe cover. Mineralisation occurs near the contact of a footwall sequence of pyrite‐sericite‐quartz schist and a hangingwall sequence of coarse rhyolitic volcaniclastics. It was discovered after interest was generated from the discovery of sericite‐pyrite schist outcrop in a creek to the east. Follow‐up RAB drilling outlined an area of anomalous base metals in weathered basement below the cover sequence. Drilling to date appears to have constrained the lodes that comprise the current resource, however the system remains open down plunge to the west and along strike to the east and west which has only been sparsely drilled.

 

Waterloo Project Development

Red River is undertaking an infill and extension drilling program at the Waterloo deposit to test the potential to extend the known Mineral Resource and to generate data to allow the JORC Resource to be updated and a maiden Waterloo Ore Reserve to be calculated. Waterloo remains on track to be the next mine developed by Red River after the current Far West mine development activities are completed.

Highlights from the current drilling program include:

  • WL17A intersected 7.8m @ 36.5% Zn Eq. (3.9% Cu, 3.6% Pb, 17.5% Zn, 1.0 g/t Au & 94 g/t Ag) from 248.20m down hole.
  • WL22 intersected 20.20m @ 18.6% Zn Eq. (1.0% Cu, 2.3% Pb, 11.7% Zn, 0.5 g/t Au & 52 g/t Ag) from 195.40m down hole including an exceptionally high grade interval of 5.50m @ 44.8% Zn Eq. (2.7% Cu, 5.1% Pb, 27.7% Zn, 0.9 g/t Au & 129 g/t Ag) from 210.10m down hole.
  • WL33 intersected 6.80m @ 26.8% Zn Eq. (2.3% Cu, 1.2% Pb, 14.9% Zn, 3.5 g/t Au & 60 g/t Ag) from 241.20m down hole.

 

Waterloo Long Section

 

Waterloo Mineral Resource

Waterloo hosts a JORC Code (2012) compliant Mineral Resource of 707Kt grading 1.9% Cu, 1.6% Pb, 11.0% Zn, 0.9g/t Au and 50g/t Ag. (19.1% Zinc Equivalent). The Mineral Resource estimate was published by Red River on the 24 April 2015 in the ASX release “Waterloo Deposit – Updated Mineral Resource Estimate.

Resource Class

Tonnage (kt)

Cu (%)

Pb (%)

Zn (%)

Au (g/t)

Ag (g/t)

Zn Eq. (%)

Transition

 

 

 

 

 

 

 

Indicated

97

3.2

2.4

14.5

1.6

78

21.7

Inferred

69

0.8

1.1

6.4

0.4

24

7.8

Subtotal

166

2.2

1.9

11.1

1.1

55

15.9

Fresh

 

 

 

 

 

 

 

Indicated

309

2.5

2.0

13.0

1.3

65

25.5

Inferred

232

0.9

0.8

8.3

0.4

28

13.0

Subtotal

541

1.8

1.5

11.0

0.9

49

20.1

 

 

 

 

 

 

 

 

Total

707

1.9

1.6

11.0

0.9

50

19.1

 

 

 

 

 

 

 

 

Oxide

 

 

 

 

 

 

 

Inferred

55

0.2

2.3

0.1

3.7

15

-

Source: Mining One Consultants, 7 Feb 2015

Tonnages and grades are rounded. Discrepancies in totals may exist due to rounding.

It is Red River’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. Zinc equivalent grade was not calculated for the oxide resource