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REDSTONE RESOURCES LIMITED — Capital/Financing Update 2014
Mar 4, 2014
65676_rns_2014-03-04_72ff6ae1-f6a1-4dfd-94e4-f0a95c1bb90b.pdf
Capital/Financing Update
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5 March 2014
Company A nnouncements Office Australian S tock Excha n ge Limited 20 Bridge S t reet SYDNEY N S W 2000
Electronic L odgement
TOLLU PROJECT UPDATE
Redstone R esources Limited ( ASX: RDS ) ( “Redstone” or “the Company” ) is ple a sed to pre s ent a project update an d details of its planne d future activities for the Compan y ’s 100% o w ned Tollu Project ( “the Project” ).
The Tollu P r oject is loc a ted in the s o utheast portion of the West Musgrave region o f Western A ustralia. T h is Project hosts a giant s w arm of hy d rothermal c opper rich v eins in a m i neralised s y stem cover i ng an area a t least 5km[2] . Copper mi n eralisation is exposed a t the surfac e and forms p art of a dil a tion system between t w o major shea r s.
The Comp a ny has ren a med its exi s ting prosp e cts and ha s also identi f ied a furth e r 6 prospe c ts within t h e Tollu Proje c t. There ar e now 16 pr o spects in t o tal within t h e Tollu Project. The C o mpany has a lso identifi e d the potent i al for a nu m ber of ot h er projects on the Tollu tenemen t (E69/2450 ) in additio n to the Tollu Project, which will be r e ported on as they are d e fined.
Outlined b e low is a s u mmary of a ctivities w h ich the Co m pany is fo c used on u n dertaking a nd deliveri n g outcomes u pon in the short term:
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Sta g ed explora t ion approa c h.
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Ap p ointment o f key techni c al consulta n ts.
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Tol l u Project.
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Includes 16 prospe c ts with the i nitial focus o n: Chatswort h Prospect (f o rmerly kno w n as Centr a l Zone Sub z one 1). Eastern Re e f Prospect ( f ormerly kn o wn as East e rn Zone). Main Reef P rospect (fo r merly kno w n as Western Zone). Dawyck Pr o spect (formerly known a s Central Z o ne Subzone 4).
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Comm e ncement of key work p r ograms. Field mapp i ng and sam p ling to commence immediately.
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Assay prog r am.
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3 b atches of s a mples iden t ified to be sent for as s ay to incre a se geologi c al co n tinuity.
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Geophysic a l and geolo g ical review o f data. Le v erage off e x isting data by further a nalysis and interpretation of existi n g ge o physical an d geological data.
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Redstone Resources Limited A BN 42 090 169 154 6 0 Havelock Str e et, West Pert h WA 6005 Tel: 08 9328 2552 Fax: 08 9328 2 6 60
www.redstone.com.au
Email: [email protected] u
ASX: RDS
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Redstone’s Staged Exploration Approach
The key outcome from the Company’s strateg i c and oper a tional revi e w is that R e dstone will devote all its energies in t o ensuring t hat it remains a coppe r focused exploration company with a medium t erm target o f becoming a copper pro d ucer in the West Musg r ave region o f Western A ustralia. R e dstone will be focused o n a staged e x ploration approach. F i gure 1 bel o w describe s the new approach th a t the Com p any will now employ. T h is new exp l oration pat h is designe d to maximise sharehol d er value b y identifying key activiti e s and delive r ables for e a ch explora t ion stage. Activities a re planned to be pro g ressed by c ompleting a ll deliverable s for that exploration st a ge and est a blishing a positive busi n ess case. T h is process w ill also allow for more p r oductive co m municatio n with shareholders and key stakeh o lders by est a blishing a s e t of comm o n terms and e xpectation s .
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Figure 1 – Redstone Resource Exploration Path
ASX: RDS
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Tollu Project (Redstone 100%)
Redstone’s 100% own e d Tollu Pro j ect is locat e d in the southeast por t ion of the W est Musg r ave region o f Western A u stralia (Figure 2). The p roject is ap p roximately 2 0km south east of the B lackstone C ommunity o n Company’s 100% owne d tenement E69/2450 ( F igure 3).
The Tollu P r oject consi s ts of a larg e swarm of h ydrothermal copper ric h quartz vei n s in a mine r alised system covering a n area at least 5km[2] . M a lachite rich gossans as s ociated wit h quartz vei n s are expo s ed at surfa c e and form p a rt of a dilat a tional syst e m between two major structures within the Tollu Fault Zon e .
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Figure 2 – West Musgrave ‐ Location Map Figure 3 – Tollu Project – Location Map
The Tollu P r oject curre n tly compris e s 16 Prosp e cts (Figure 4 ). The initi a l focus is o n the Chats w orth Prospect (former Ce n tral Zone S u b zone 1), E astern Ree f Prospect (f o rmer Eastern Zone), M a in Reef Pr o spect (form e r Western Z o ne) and the Dawyck Prospects (for m er Central Zone Sub zone 4).
Appointment of key technical consultants
The Company has engaged BM Ge o logical Serv i ces (“BMG S ”) to manage Stage 1 o f the geological evaluati o n and explor a tion activi t ies on the Tollu Proje c t. BMGS a re experie n ced geosci e ntists with an extensi v e technical s u pport net w ork which the board b elieves will enable th e Company to unlock t he econo m ic potential which exists o n Redstone’s highly pro s pective ten u re.
ASX: RDS
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Stage 1 Exploration Program
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Ne a r surface h y drothermal copper targ e ts are the short term p r iority to ac c elerate the T ollu Projec t ’s val u e.
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Le v erage off e xisting dat a by furth e r analysis a nd interpr e tation of e xisting ge o physical a n d ge o logical data .
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Fo c us on expanding the ex p loration tar g et with det a iled furthe r mapping a n d sampling programs.
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Assay program of existing s amples for metallurgic a l composites and exten d ing geolog i cal continui t y acr o ss the Proj e ct.
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Ti m eframe for S tage 1 is approximately 4 months.
Stage 1 Work Programs
The Company has com m enced the k ey activitie s to achieve t he Stage 1 e xploration p rogram deliverables.
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BMGS has com m enced a g e ological rev i ew of Redstone’s technical data wh i ch compris e s of:
oDrilling data.-
3 Diamond Holes.
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86 RC Hole s .
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54 RAB hol e s.
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Surfac e geochemis t ry. Rockchip s a mples. Soil Sampl e s (100m x 2 5 m). D‐Lag Sam p les (400mx 1 00m).
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Co r e Geophysi c s has commenced a firs t pass revie w of Redsto n e’s geophy s ical data which compris e s of:
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Aerom a gnetics.
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Radio m etrics.
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Helima g netics.
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MLEM.
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IP Surv e y.
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Groun d Magnetics.
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BMGS to com m ence field m apping and sampling pr o grams this week.
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Assay program of existing s a mples for m etallurgical composites and extend i ng geologic a l continuity ;
oBatch 1 of samples is focused o n the Chats w orth Prosp e ct. -
Batch 1 has been d elivered t o the labora t ory and th e results ar e expected b y mid‐Mar c h 2014.
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Batch 2 of sample s will focus on the Da w yck Prospe c t, the Prat e r Prospect, the Hampt o n Prospe c t and the B o boli Prospects. Results are expected by the en d of March 2014.
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oBatch 3 of sample s will focus o n the East e rn Reef Pr o spect. Res u lts are exp e cted by mi d ‐ April 2 0 14. -
A summary of the drilling a ctivity for e ach of the 16 prospec t s on the T o llu Project i s summariz e d bel o w.
ASX: RDS
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Figure 4 – Tollu Project ‐ Prospect Location Map
ASX: RDS
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Chatsworth Prospect (formerly known as Central Zone subzone 1)
The Chats w orth Prosp e ct is a single sub vertic a l hydrothe r mal body e x posed at t h e surface. This prospect forms part of the dilation system between t w o north so u th trending shears. Th e Chatswor t h Project h a s received the majority o f the technical and drilling activity t o‐date. Th e Chatswort h Prospect is the focus o f the Batch 1 sample ass a ying program.
| D rilling Progra ms |
D rilling Progra ms |
||
|---|---|---|---|
| Drilling Ty pe |
Diam ond |
Reverse Cir culation |
|
| Numbero f holes drille d |
1 | 31 | |
| Numbero f holes laba ssayed |
1 | 17 | |
| Numbero f holes Nito n assayed |
1 | 31 |
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
|||
|---|---|---|---|---|
| S tatus |
||||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
||
| Redst one Resourc es Explorati on Stage |
Stage 4 |
Stage 2 | Stag e 1 |
Eastern Reef Prospect (formerly known as Eastern Zone)
The Easter n Reef Pros p ect is a sin g le sub verti c al hydroth e rmal body e xposed at t h e surface. This prospect forms part of the eastern shear z o ne. The Eastern Reef Prospect h a s been drilled with li m ited assayi n g occurring. B atch 3 of t h e sample assaying prog r am is focus e d on this prospect.
| D rilling Progra ms |
D rilling Progra ms |
D rilling Progra ms |
|
|---|---|---|---|
| Drilling Ty pe |
Diam ond |
Reverse Cir culation |
|
| Numbero f holes drille d |
2 | 25 | |
| Numbero f holes laba ssayed |
1 | 5 | |
| Numbero f holes Nito n assayed |
2 | 25 |
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
||
|---|---|---|---|
| S tatus |
|||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
|
| Redst one Resourc es Explorati on Stage |
Stage 3 |
Stage 1 | Stag e 1 |
ASX: RDS
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Main Reef Prospect (formerly known as Western Zone)
The Main R eef Prospe c t is a singl e sub vertic a l hydrothermal body e x posed at t h e surface. This prospect forms part o f the west e rn shear zo n e. No drilli n g and limit e d work has o ccurred on this prospe c t.
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
|||
|---|---|---|---|---|
| S tatus |
||||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
||
| Redst one Resourc es Explorati on Stage |
Stage 2 |
Stage 1 | Stag e 1 |
Dawyck Prospect (formerly known as Central Zone subzone 4)
The Dawyc k Prospect i s a single su b vertical hy d rothermal b ody expos e d at the sur f ace. This prospect for m s part of the dilation sys t em betwee n two north south trend i ng shears. T he Dawyck Prospect h a s been drill e d with no ass a ying. Batc h 2 of the sa m ple assayi n g program i s focused o n this prospe c t.
| D rilling Progra ms |
D rilling Progra ms |
|---|---|
| D rilling Type |
Reverse Circulation |
| N umber of ho les drilled |
5 |
| N umber of ho les lab assay ed |
0 |
| N umber of ho les Niton as sayed |
5 |
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
||
|---|---|---|---|
| S tatus |
|||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
|
| Redst one Resourc es Explorati on Stage |
Stage 3 |
Stage 1 | Stag e 1 |
ASX: RDS
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Boboli Prospect (formerly known as Central Zone subzone 2)
The Boboli Prospect is a single sub vertical hy d rothermal b ody expose d at the sur f ace. This prospect for m s part of the dilation sys t em between two north south tren d ing shears. The Boboli Prospect has been drill e d with no ass a ying. Batc h 2 of the sa m ple assayi n g program i s focused o n this prospe c t.
| D rilling Progra ms |
D rilling Progra ms |
|---|---|
| D rilling Type |
Reverse Circulation |
| N umber of ho les drilled |
9 |
| N umber of ho les lab assay ed |
0 |
| N umber of ho les Niton as sayed |
9 |
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
||
|---|---|---|---|
| S tatus |
|||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
|
| Redst one Resourc es Explorati on Stage |
Stage 3 |
Stage 1 | Stag e 1 |
Hampton Prospect (formerly known as Central Zone subzone 3)
The Hampt o n Prospect is a swarm of sub verti c al hydroth e rmal body e xposed at t h e surface. This prospect forms part o f the dilati o n system b e tween two n orth south trending sh e ars. The H a mpton Prospect has be e n drilled with limited ass a ying occurring. Batch 2 of the sample assaying p rogram is f o cused on t h is prospect.
| D rilling Progra ms |
D rilling Progra ms |
|
|---|---|---|
| Drilling Ty pe |
Diam ond |
Reverse Cir culation |
| Numbero f holes drille d |
1 | 25 |
| Numbero f holes laba ssayed |
0 | 4 |
| Numbero f holes Nito n assayed |
1 | 25 |
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
||
|---|---|---|---|
| S tatus |
|||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
|
| Redst one Resourc es Explorati on Stage |
Stage 4 |
Stage 1 | Stag e 1 |
ASX: RDS
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Prater Prospect (newly identified prospect)
The Prater Prospect is a single sub vertical hydrothermal b ody expose d at the sur f ace. This prospect for m s part of the dilation sys t em between two north south tren d ing shears. The Prater Prospect has been drill e d with limite d assaying b e ing comple t ed. Batch 2 of the sam p le assaying program is f o cused on t h is prospect.
| D rilling Progra ms |
|||
| Drillin g Type |
D iamond |
Reverse Circulation |
R AB |
| Numb er of holesd rilled |
1 | 15 | 1 9 |
| Numb er of holesl ab assayed |
1 | 2 | 0 |
| Numb er of holesN iton assaye d |
1 | 15 | 1 9 |
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
||
|---|---|---|---|
| S tatus |
|||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
|
| Redst one Resourc es Explorati on Stage |
Stage 4 |
Stage 1 | Stag e 1 |
Forio Prospect (newly identified prospect)
| D rilling Progra ms |
D rilling Progra ms |
|---|---|
| D rilling Type |
Reverse Circulation |
| N umber of ho les drilled |
4 |
| N umber of ho les lab assay ed |
0 |
| N umber of ho les Niton as sayed |
4 |
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
||
|---|---|---|---|
| S tatus |
|||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
|
| Redst one Resourc es Explorati on Stage |
Stage 3 |
Stage 1 | Stag e 1 |
ASX: RDS
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Killruddery Prospect (newly identified prospect)
| D rilling Progra ms |
D rilling Progra ms |
|---|---|
| D rilling Type |
Reverse Circulation |
| N umber of ho les drilled |
3 |
| N umber of ho les lab assay ed |
0 |
| N umber of ho les Niton as sayed |
3 |
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
|||
|---|---|---|---|---|
| S tatus |
||||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
||
| Redst one Resourc es Explorati on Stage |
Stage 3 |
Stage 1 | Stag e 1 |
Bodnant Prospect (newly identified prospect)
| D rilling Progra ms |
D rilling Progra ms |
|---|---|
| D rilling Type |
Reverse Circulation |
| N umber of ho les drilled |
1 |
| N umber of ho les lab assay ed |
0 |
| N umber of ho les Niton as sayed |
1 |
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
||
|---|---|---|---|
| S tatus |
|||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
|
| Redst one Resourc es Explorati on Stage |
Stage 3 |
Stage 1 | Stag e 1 |
ASX: RDS
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Sanssouci Prospect (newly identified prospect)
| D rilling Progra ms |
D rilling Progra ms |
|---|---|
| D rilling Type |
Reverse Circulation |
| N umber of ho les drilled |
1 |
| N umber of ho les lab assay ed |
0 |
| N umber of ho les Niton as sayed |
1 |
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
|||
|---|---|---|---|---|
| S tatus |
||||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
||
| Redst one Resourc es Explorati on Stage |
Stage 3 |
Stage 1 | Stag e 1 |
Herstecombe Prospect (formerly known as Central Zone subzone 5)
| D rilling Progra ms |
D rilling Progra ms |
|---|---|
| D rilling Type |
Reverse Circulation |
| N umber of ho les drilled |
1 |
| N umber of ho les lab assay ed |
0 |
| N umber of ho les Niton as sayed |
1 |
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
||
|---|---|---|---|
| S tatus |
|||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
|
| Redst one Resourc es Explorati on Stage |
Stage 3 |
Stage 1 | Stag e 1 |
ASX: RDS
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Glendoick Prospect (newly identified prospect)
| D rilling Progra ms |
D rilling Progra ms |
|---|---|
| D rilling Type |
Reverse Circulation |
| N umber of ho les drilled |
1 |
| N umber of ho les lab assay ed |
0 |
| N umber of ho les Niton as sayed |
1 |
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
|||
|---|---|---|---|---|
| S tatus |
||||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
||
| Redst one Resourc es Explorati on Stage |
Stage 3 |
Stage 1 | Stag e 1 |
Chelsea Prospect (formerly known as Central Zone subzone 6)
| D rilling Progra ms |
D rilling Progra ms |
|---|---|
| D rilling Type |
Reverse Circulation |
| N umber of ho les drilled |
1 |
| N umber of ho les lab assay ed |
0 |
| N umber of ho les Niton as sayed |
1 |
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
||
|---|---|---|---|
| S tatus |
|||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
|
| Redst one Resourc es Explorati on Stage |
Stage 3 |
Stage 1 | Stag e 1 |
ASX: RDS
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Tiergarten Prospect (newly identified prospect)
No drilling h as been un d ertaken to d ate on this prospect.
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
|||
|---|---|---|---|---|
| S tatus |
||||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
||
| Redst one Resourc es Explorati on Stage |
Stage 2 |
Stage 1 | Stag e 1 |
Kew Prospect (formerly known as Central Zone subzone 7)
No drilling h as been un d ertaken to d ate on this prospect.
| Red stone Reso urces Explor ation Path |
Red stone Reso urces Explor ation Path |
|||
|---|---|---|---|---|
| S tatus |
||||
| Major Ac tivities |
Deliverable s |
Busine ss Case |
||
| Redst one Resourc es Explorati on Stage |
Stage 2 |
Stage 1 | Stag e 1 |
Competent Persons Statement
The inform a tion in this announcem e nt was aut h orised by M r Darryl Mapleson of B M Geologica l Services w h o is a Fellow o f the Australian Institu t e of Minin g and Metall u rgy. Mr. M apleson is a Principal G e ologist and a full time e m ployee of B M Geologi c al Services. Mr Maple s on has sufficient experience which is relevant t o the style o f mineralisation and typ e of deposit under consideration to a ct as a co m petent per s on as defin e d in the 2012 edition of t h e “Australasian Code f o r reporting of Explorati o n results, M ineral Resources and O r e Reserves”.
AS X : RDS
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ABOUT REDSTONE RESOURCES
Redstone R esources L t d (ASX: RD S ) is a Perth‐based co m pany focu s ed on hig h ly prospect i ve copper exploration properties in the West M usgrave r e gion of Western Austral i a.
Redstone’s 100% owned Tollu Proj e ct is locate d in the sou t heast porti o n of the W e st Musgrav e region of Western A u stralia. The Tollu Proje c t consists o f a large swarm of hydro t hermal cop p er rich quartz veins in a mineralis e d system c o vering an area at least 5 km[2] . Malachite rich g o ssans assoc i ated with quartz veins are expose d at surface and form part of a dil a tational sys t em between two majo r structures within the Tollu Fault Z one.
The Tollu P r oject curre n tly compris e s 16 prosp e cts. The initial focus is o n the Chat s worth (for m er Central Zone Sub zone 1), Eas t ern Reef (f o rmer Eastern Zone), M ain Reef (f o rmer West e rn Zone) a n d Dawyck Prospects ( f ormer Cent r al Zone Su b zone 4).
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For further information please contact:
Richard Ho m sany Mirand a Conti Chairman Compa n y Secretary Redstone Resources Li m ited Redsto n e Resource s Limited +61 (08) 9328 2552 +61 (08) 9328 2552 contact@r e dstone.co m .au contact@redstone. c om.au
Redstone Resources Limited A BN 42 090 169 154 6 0 Havelock Str e et, West Pert h WA 6005 Tel: 08 9328 2552 Fax: 08 9328 2 6 60
www.redstone.com.au Email: [email protected] u