Summary of the Ore Reserves at the Thalanga Zinc Project

 

Classification

Tonnage (kt)

Cu (%)

Pb (%)

Zn (%)

Au (g/t)

Ag (g/t)

Zn Eq. (%)(6)

West 45(1)

Proved

421

0.5%

3.6%

8.3%

0.3

72

15.0

Probable

-

-

-

-

-

-

-

Total

421

0.5%

3.6%

8.3%

0.3

72

15.0

Summary of Mineral Resources at the Thalanga Zinc Project

 

Classification

Tonnage (kt)

Cu (%)

Pb (%)

Zn (%)

Au (g/t)

Ag (g/t)

Zn Eq. (%)(6)

West 45(2)

Measured

-

-

-

-

-

-

-

Indicated

585

0.6

3.6

8.3

0.3

70

15.3

Inferred

6

0.9

0.8

3.7

0.1

15

7.8

Total

591

0.6

3.5

8.3

0.3

69

15.2

Thalanga Far West(3)

Measured

81

1.5

1.3

4.6

0.2

30

11.3

Indicated

691

1.6

1.7

5.5

0.3

44

13.4

Inferred

873

1.9

2.3

6.6

0.2

63

16.5

Total

1,645

1.7

2.0

6.0

0.2

53

14.9

Orient(2)

Measured

-

-

-

-

-

-

-

Indicated

496

0.9

1.8

7.7

0.2

44

13.4

Inferred

44

0.8

1.8

10.9

0.2

46

16.2

Total

540

0.9

1.8

7.9

0.2

44

13.6

Waterloo(4)

Measured

-

-

-

-

-

-

-

Indicated

406

2.7

2.1

13.4

1.4

68

24.6

Inferred

301

0.9

0.9

7.9

0.4

20

8.8

Total

707

1.9

1.6

11.0

0.9

50

19.1

Liontown(5)

Measured

-

-

-

-

-

-

-

Indicated

367

0.5

1.8

4.6

1.3

21

8.3

Inferred

1,671

0.5

1.5

4.6

0.8

26

8.4

Total

2,038

0.5

1.6

4.6

0.8

25

8.4

Total Mineral Resources at the Thalanga Zinc Project (West 45 + Thalanga Far West + Orient + Waterloo + Liontown)

 

Classification

Tonnage (kt)

Cu (%)

Pb (%)

Zn (%)

Au (g/t)

Ag (g/t)

Zn Eq. (%)(6)

Thalanga Project

Measured

81

1.5

1.3

4.6

0.2

29.8

11.3

Indicated

2,545

1.2

2.2

7.7

0.6

50

14.9

Inferred

2,895

1.0

1.7

5.6

0.5

37

11.0

Total

5,521

1.1

1.9

6.6

0.5

43

12.9

(1) Refer to ASX Announcement dated 12 November 2015 “Thalanga Zinc Project Re-Start Study – Revised”
(2) Refer to ASX Announcement dated 11 February 2015 “Thalanga Project – Updated Mineral Resource Estimate”
(3) Refer to ASX Announcement dated 16 May 2016 “Increase in Far West Mineral Resource of 42% to 1.6Mt”
(4) Refer to ASX Announcement dated 24 April 2015 “Waterloo Deposit – Updated Mineral Resource Estimate”
(5) Refer to ASX Announcement dated 24 June 2015 “Liontown Deposit JORC 2012 Resource Estimate”
(6) Zinc equivalent (Zn Eq) has been calculated using the metal selling prices, recoveries and other assumptions contained in Table 1 of the Reserve and Resources statement. It is Red River’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold.
Table subject to rounding errors
Please refer to Competent Persons Statements for appropriate Competent Persons Statement

Table 1 Zinc Equivalent Calculation Factors

      West45, Thalanga Far West, Orient & Liontown

Waterloo

Waterloo

     

Fresh Resource

Fresh Resource

Transition Resource

Metal

Price

Units

Recoveries

ZnEq. Factors

Recoveries

ZnEq. Factors

Recoveries

ZnEq. Factors

Copper

US$/lb

US$3.00

80%

3.3

80%

3.4

58%

2.5

Lead

US$/lb

US$0.90

70%

0.9

70%

0.75

0%

0.0

Zinc

US$/lb

US$1.00

88%

1.0

88%

1.0

76%

0.84

Gold

US$/oz

US$1,200

15%

0.5

50%

0.5

30%

0.4

Silver

US$/oz

US$17.00

65%

0.025

65%

0.025

58%

0.01

Competent Person’s Statement – Resources and Exploration Targets

The information in this report that relates to the estimation and reporting of the Far West, West 45, Orient and Waterloo Resources is based on and fairly represents, information and supporting documentation compiled by Mr Stuart Hutchin who is a Member of The Australasian Institute of Mining and Metallurgy, Member of the Australian Institute of Geoscientists and a full time employee of Mining One Consultants Pty Ltd. Mr Hutchin has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Competent Person’s Statement - Reserves

The information in this report that relates to the estimation and reporting of the West 45 Ore Reserves are based on and fairly represents, information and supporting documentation compiled by Mr Mel Palancian who is a Member of The Australasian Institute of Mining and Metallurgy and a full time employee of Red River Resources. Mr Palancian has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.