Redstone Resources - Maiden Copper Resource at Tollu Project
Redstone Resources (ASX:RDS) has released a maiden JORC-2012 resource of 3.8Mt at 1.0% copper (38,000t contained copper) at the Tollu Project in Western Australia. Included within the resource is 7,000t of copper oxide, which will be the focus of studies towards an expedited low cost initial development.
- Initial JORC 2012 resource of 3.8 million tonnes at 1% Cu, containing 38,000 tonnes of copper at the Tollu Project.
- Tollu is one of 6 projects on the Tollu tenement. Significant exploration upside as drilling to date has been confined to less than 2% of tenement area.
- Includes 7,000 tonnes of copper oxide, which provides scope for the evaluation of a low cost expedited development path as part of the broader development of higher grade sulphide prospects.
- In parallel, the Conceptual Exploration Target for the Tollu Project has been reviewed resulting in a significant increase in its size to 31 to 47 million tonnes of mineralisation at a conceptual grade range of 0.8 to 1.3% Cu, containing 259,000 to 626,000 tonnes of copper. The potential quantity and grade of this target is conceptual in nature. It is important to note that there has been insufficient exploration to estimate a Mineral Resource for the Target and it is uncertain if further exploration will result in the estimation of a Mineral Resource for the Target.
- The Forio Prospect has seen a significant upgrade and highlights the potential for the Project, with recent drilling identifying a mineralised strike over 250m and which remains open in all directions, despite the Forio Prospectdisplaying limited surface expression.
- The Forio Prospect target tonnes now exceed the previously estimated target tonnage by circa 10 times supported by early stage limited drilling.
- Forio is yet to be effectively drilled below 50m however has already achieved its previously estimated median target tonnage.
- Seven additional new Forio analogues and three previously identified “Forio look‐alike” prospects, combined with the increased Conceptual Exploration Target, provide a solid foundation to significantly expand the Mineral Resource, including oxide copper material, with further drilling.