- Redbank Copper (RCP) confirms copper mineralisation outside the existing breccia pipes at the Redbank Copper Project in the McArthur Basin of the Northern Territory
- Results have been received from the reverse circulation (RC) drilling program completed last quarter of 30 holes for 3,051 metres testing 12 of 33 induced polarization (IP) chargeability anomalies
- The best result was 7 metres at 0.37 per cent copper from 108 to 115 metres, and 1 metre at 1.6 per cent copper from 185 metres in the Lower Wollogorang Formation
- A drilling program is scheduled mid-year to test copper prospectivity at depths from 200 to 300 metres
- Shares in Redback dropped 31.6 per cent to 3.9 cents
Redbank Copper (RCP) has confirmed copper mineralisation outside the existing breccia pipes at the Redbank Copper Project in the McArthur Basin of the Northern Territory.
Results have been received from the reverse circulation (RC) drilling program completed last quarter to assess and test structural copper targets on shallow induced polarization (IP) targets between breccia pipes east of the Bluff Copper Deposit.
Thirty RC holes were drilled for 3,051 metres, testing 12 of 33 IP chargeability anomalies.
The best result was 7 metres at 0.37 per cent copper from 108 to 115 metres, and 1 metre at 1.6 per cent copper from 185 metres in the Lower Wollogorang Formation.
The results show copper mineralisation is encountered at a horizontal contact outside the known breccia pipe mineralisation, and the potential for further copper mineralisation to be hosted within the east-west structural corridor that links the existing breccia pipe copper deposits.
As the RC rig was limited in its ability to penetrate below about 100 metres, Redbank said deeper drilling is required to effectively test the Lower Wollogorang Formation.
A drilling program is scheduled mid-year to test copper prospectivity at depths from 200 to 300 metres within the conductive portions of the Wollogorang Formation, highlighted by last year’s Versatile Time Domain Electromagnetic (VTEM) survey.
Redbank Managing Director Hugh Thomas said planning is well advanced for the 2022 field season.
“Several targets including the large-scale VTEM target, having been prioritised for drill testing,” said Mr Thomas.
“We are also expecting the results from the large-scale regional soil sampling program and look forward to reporting these to the market shortly.”
Shares in Redback dropped 31.6 per cent to 3.9 cents at 10:40 am AEDT.