PERTH (miningweekly.com) – Junior Red River Resources on Tuesday announced the resignation of its MD and CEO Mel Palancian, and has announced a strategic review of its Hillgrove gold mine, in New South Wales.
Red River told shareholders that Palancian would remain in his current role to ensure an orderly transition, with the board starting the search for a replacement.
“There have been many challenges over the last few years, not least operating across three states during Covid restrictions. Palancian’s experience and leadership have been pivotal to providing the company with a platform for growth over the coming decades” said Red River chairperson Brett Fletcher.
“After over seven years with Red River I am proud of the progress that the team has made, with the development and commencement of production at Thalanga and the subsequent acquisition and development of Hillgrove,” said Palancian.
“This has resulted in Red River becoming a multi-asset operator focussed on lean and clever resource development. I want to take this opportunity to thank the board, management and employees of Red River, as well as Red River shareholders, for their support over the years.”
Meanwhile, the company on Tuesday also told shareholders that given the exceptional exploration results at the Hillgrove operation during a recent drilling campaign, and the current market volatility and inflationary cost environment, the company would undertake a strategic review of the Hillgrove project before restarting mining at the site.
The ASX-listed company earlier this month reported visible gold in some of its drill holes at Hillgrove, and assay results of 4.5 m at 29.5 g/t gold and 0.3% antimony, including 0.45 m at 257 g/t gold.