Further Significant Copper Intersected at Tollu Project

Published: 2021-11-09 17:21:35 ET RDS.AX

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ASX ANNOUNCEMENT 10 November 2021

FURTHER SIGNIFICANT COPPER INTERSECTED AT FORIO PROSPECT

TOLLU COPPER PROJECT, WEST MUSGRAVE

HIGHLIGHTS

Redstone Resources Limited ABN 42 090 169 154

www.redstone.com.au

60 Havelock Street, West Perth WA 6005 Tel: 08 9328 2552

Email: [email protected]

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*It is important to understand that copper grades derived from the analysis of drill chips by handheld portable XRF (hh‐pXRF) should be used as a guide only and is not a substitute for geochemical analysis of drill chip samples at a certified laboratory. Redstone will provide an update of more accurate copper grades for drilling intervals represented in this ASX announcement when the laboratory based geochemical analysis results are returned. Appendix 1 contains information on the results of testing the hh‐pXRF against certified reference material and Appendix 2 has all relevant drill hole details.

Redstone Resources Limited (ASX Code: RDS) ('Redstone' or the 'Company') is pleased to announce that preliminary analysis by handheld pXRF (hh‐pXRF) show that further significant copper mineralisation has been intersected at the Forio Prospect (Forio), Tollu in the recent reverse circulation (RC) drilling on the Company's 100% owned West Musgrave Project (the Project).

TOLLU COPPER VEIN DEPOSIT ‐ FORIO PROSPECT

Three reverse circulation (RC) drill holes, TLC180, TLC181 and TLC182, for a total of 373m were drilled at the Forio Prospect at the Tollu Copper Vein deposit (Tollu) to test for short scale extension and to gain a better spatial understanding of the vein hosted copper mineralisation so far intersected in previous drilling. In particular, the shallow high grade copper mineralisation intersected previously in the central part of the Forio Prospect was tested for extension to the north and near surface oxide copper mineralisation was tested on a separate vein to the west of that intersected in 2019 (refer to ASX announcement of 25 June 2020 for details of the latter).

Observations from RC drill hole TLC181 revealed that the shallow high grade copper mineralisation previously intersected in the centre of the Forio copper vein system extends for at least 12m to the north. According to hh‐pXRF analysis TLC181 intersected further significant copper intersections of (refer Figure 1):

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Figure 1 - Cross‐section of RC drill hole TLC181 recently drilled at the Forio Prospect, Tollu, looking north. Note that copper grades are hh‐pXRF only and should only be considered a guide to actual grade. See text for further details.

The previous historical intersection to the south intersected 16m at 2.8% copper from 27m downhole and 11m at 1.9% copper from 58m downhole in drill hole TLC153 (refer to ASX announcement of 31 October 2017) (refer Figure 2).

RC drill hole TLC182 was drilled to test for further oxide copper mineralisation close to the surface at Forio and on a different vein set to where oxide copper was intersected close to the surface in 2019 in RC drill hole TLC173, which intersected 11m at 1.4% copper downhole (ASX announcement 25 June 2020). Handheld pXRF analysis suggests TLC182 successfully intersected 7m at 0.41% copper from only 6m downhole some 26m to the west of TLC173.

One of the most northern intersections of copper mineralisation along the Forio vein system, 6m at 1.1% copper from 58m downhole in RC drill hole TLC148 (refer to ASX announcement of 31 October 2017), was tested for vertical extension (15m vertical) by TLC180. Whilst a 10m thick (downhole) quartz vein was intersected at the expected depth mineralisation had thinned to 2m at 0.23% copper from 74m downhole.

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Figure 2 - Cross‐section of RC drill hole TLC181 recently drilled to test for extension of the high grade mineralisation intersected in TLC153 in 2017. Cross‐section is drawn along strike of the Forio vein system and looking towards the east. Note that copper grades stated for TLC181 are hh‐pXRF only and should only be considered a guide to actual grade. See text for further details.

The recent RC drilling highlights that high grade copper mineralisation at Forio may be contained within lenses or 'chutes' that plunge to depth at an angle towards a southerly direction, within the thick and seemingly deep quartz veins associated with the Forio Prospect. TLC182 has highlighted that there may be significant oxide copper mineralisation within metres of the surface at Forio.

Further evaluation of the Tollu Cu Project, which includes the Forio Prospect, surrounding Target Areas and the broader West Musgrave Project, has the potential to add to the Company's Tollu copper resource of 3.8 million tonnes at 1% Cu, containing 38,000 tonnes of copper (ASX announcement of 15 June 2016).

This Announcement has been approved for release by the Board of Redstone Resources Limited.

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For further information please contact:

Richard Homsany

Miranda Conti

Chairman

Company Secretary

Redstone Resources Limited

+61 8 9328 2552

[email protected]

REDSTONE RESOURCES

Redstone Resources Limited (ASX: RDS) is a base and precious metals developer exploring the 100% owned prospective West Musgrave Project, which includes the Tollu Copper deposit, in Western Australia. The West Musgrave Project is located between Cassini Resources' Nebo Babel prospect and Metals‐X Wingellina Ni‐Co project. Redstone is also actively evaluating the HanTails Gold Project at Kalgoorlie, Western Australia for potential development in future.

Competent Persons Statement

The information in this document that relates to Redstone exploration results was authorised by Dr Greg Shirtliff, who is employed as a Consultant to the company through Zephyr Professional Pty Ltd. Dr Shirtliff is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience of relevance to the tasks with which he was employed to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Shirtliff consents to the inclusion in the report of matters based on information in the form and context in which it appears.

The information in this report that relates to Mineral Resource for Tollu, West Musgrave Project was authorised by Mr Darryl Mapleson, a Principal Geologist and full time employee of BM Geological Services, who were engaged as consultant geologists to Redstone Resources Limited. Mr Mapleson is a Fellow of the Australian Institute of Mining and Metallurgy. Mr Mapleson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to act as a competent person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Mapleson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

ASX Listing Rule Information

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 in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the competent persons findings have not been materially modified from the original announcement referred to in the release.

Forward‐Looking Statements

This document may include forward‐looking statements. Forward‐looking statements include, but are not limited to statements concerning Redstone Resources Limited's (Redstone) planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should", and similar expressions are forward‐looking statements. Although Redstone believes that its expectations reflected in these forward‐looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward‐looking statements.

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Disclaimer

Redstone Resources Limited published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 22:18:27 UTC.