Redbank Copper Limited (ASX: RCP) ('Redbank' or 'the Company') is pleased to advise that a detailed review of helicopter-borne electromagnetic survey ('VTEM') data has revealed a 1km x 1km late-time conductor which has been prioritised for immediate drill testing.
This target forms part of a suite of very large and coherent conductors identified by the ongoing VTEM Survey located approx. 5km north-east of the existing copper mineralisation at the Redbank Project. The conductors are discrete anomalies that are interpreted to occur within the Wollogorang sediment dominant Formation at approx. 220m below surface.
A drilling program has been approved and will be expedited to test this large-scale conductor which may represent a conductive reductant host to copper mineralisation. A series of dipole IP (DDIP) lines and ground gravity surveying is currently being completed over the main VTEM conductor prior to the commencement of drilling to assist in more precisely locating the first drill holes to target within this 1km x 1km anomaly.
As previously reported, UTS Geophysics has been contracted to undertake the VTEM Survey covering the Redbank breccia hosted copper deposits and a larger surrounding area of approximately 30km x 20km. The VTEM survey program continues in conjunction with other key work streams including RC drilling, IP surveys, ground gravity and an extensive regional soil sampling program
Redbank Executive Director Michael Hannington commented: 'Work continues across the Redbank Project and we are pleased to report the identification of a suite of very large late-time conductors approximately 5km north east of the existing copper deposits at Redbank. Our technical team has completed a detailed review of the data generated from the VTEM survey to date and these anomalies stand out in a resistive background, making them priorities for drill testing in the near-term. Redbank's current exploration model is seeking a reductant-related conductor capable of hosting stratiform copper mineralisation. These are precisely the type of conductors within the Wollogorang Formation that we were hoping to locate with the VTEM survey.
Drilling Program Update
Reverse Circulation ('RC') drilling continues east of the Bluff Copper Deposit. Drilling is targeting copper prospectivity in the Wollogorang Formation which is present in this area at approximately 100m depth. The stratigraphic diamond drill hole (21STRAT01) located between the Azurite and Punchbowl deposits is currently being drilled to an expected depth of 800m. This drillhole is being co-funded by the Northern Territory Government's Geophysics and Drilling Collaborations (GDC) program
Redbank is undertaking first pass reconnaissance exploration west towards the McArthur Mine over its large tenement holding in the McArthur Basin. Further announcements will be provided on this work in coming weeks.
Redbank Project Summary
The Redbank Project is located in the south east McArthur Basin approximately 30km west of the Northern Territory/Queensland border. In July 2020, Redbank expanded the size of the Project area and secured a district scale tenement holding by pegging open ground following work by Geoscience Australia that highlighted the prospectivity of the area for large base metal deposits between the world-class Tier 1 zinc deposits at the McArthur and Century Mines. Redbank is searching for large copper deposits to add to the existing copper inventory. Redbank holds the tenements with a 100% interest.
This announcement contains certain forward-looking statements. Forward looking statements include but are not limited to statements concerning Redbank Copper Limited's ('Redbank's') planned exploration program and other statements that are not historical facts including forecasts, production levels and rates, costs, prices, future performance or potential growth of Redbank, industry growth or other trend projections. When used in this announcement, the words such as 'could', 'plan', 'estimate', 'expect', 'intend', 'may', 'potential', 'should', and similar expressions are forward-looking statements. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Redbank. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. Nothing in this announcement should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.
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