The imminent gold assays are just a bonus, but RVR still is and...

The imminent gold assays are just a bonus, but RVR still is and has always been pegged to its base metals operation, and that's unlikely to change until Hillgrove is operational.

Positive drill results may draw further interest to RVR, but the first round will be from Eleanora where the goal is just to convert the known Mineral Resource from JORC 2004 Code to 2012, which should be another ~400koz contained gold @ ~5.0g/t Au. This would bring RVR's JORC 2012 Mineral Resource to >1Moz Au, which is a significant milestone, but is already known and should be priced in.

The next set of results from Curry's Block could put a short-term rocket under the share price. Curry Block's is an old, high-grade mine that isn't currently factored into RVR's plan from Hillgrove, but is very close to the gold mill. Sample assays returned 44.3g/t Au from the existing mine pit and up to 48.3g/t from the historic waste dumps. At the very least it could be a low tonne, high-grade feed source, which would be very significant given the Hillgrove mill's production capacity.

The big news event for me is the September quarter production update, usually released mid-October. If there is any improvement on June, then it should be a strong financial result for this quarter. RVR had a ~A$5m head-start to September considering the unsold gold & concentrates held at the end of the June.

As of 28/08/20, the average spot prices for the September quarter are:

• Zinc A$3,204 (+7.3% compared to June quarter)
• Lead A$2,632 (+3.3%)
• Copper A$9,036 (+11%)
• Gold A$2,674 (+6.7%)
• Silver A$32.88 (+32%)

The current spot prices are (despite the rising AUD):

• Zinc A$3,470 (+16% compared to June quarter)
• Lead A$2,700 (+6.0%)
• Copper A$9,173 (+13%)
• Gold A$2,698 (+3.5%)
• Silver A$39.28 (+58%)

Considering the top 3 revenue-producing metals for RVR last quarter, they are very well positioned for a strong September result:

• Zinc 37% of June revenue
• Copper 33%
• Silver ~13%
• Lead 11%
• Gold ~6%

And looking at the daily adjusted spot metal prices vs the share price since the start of 2019, RVR's share price is currently lagging behind its base metal fundamentals, and completely ignoring the potential of its gold/antimony and silver/indium assets.