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Redcastle Resources (ASX:RC1) has extended its reach in Western Australia’s Leonora-Laverton Goldfields again with the acquisition of a new 199-hectare prospecting licence in a private, $35,000 deal with a local prospector.
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The newly acquired licence lies right in the heart of the explorer’s recently bought TBone Belt tenement package, which Redcastle picked up last month.
The licence is “capital light,” according to Redcastle’s management team, and will go a long way to “enhancing continuity across a key structural corridor” right in the middle of the existing core TBone package.
The tenement lies in Archaean greenstone lithologies similar to those that have been spotted across several deposits in the Eastern Goldfields. At least two northwest-striking dolerite units run through the ground; this, Redcastle expects, would be quite favourable for the formation of orogenic gold mineralisation.
“This acquisition adds a strategic ‘bolt-on’ licence in the heart of the company’s recently acquired TBone Belt package,” the company lauded this morning.
Redcastle continued: “This integration allows the application of a systemic exploration approach, focusing on the most prospective corridors and lithological contacts that extend through P39/5838 into the wider TBone area.” (Basically, with this latest licencing pick-up, Redcastle can actually work on the whole area rather than have to work around the 99-hectare plot they’d surrounded.)
“The company is moving quickly to integrate P39/5838 into its broader exploration strategy,” Redcastle added as it updated on future plans.
Those, HotCopper understands, range from an expanded tenement package – with this new plot’s mapping and sampling added in – as well as soil geochemical surveys, which are “under considerable” for the time being.
In parallel, Redcastle will also be reprocessing several open-file magnetic and radiometric datasets to refine its understanding of dolerite and shear zone continuity at depth; these will then be used for recon drilling.
RC1 has been selling at 0.9cps through Tuesday morning trade.
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