Redbank Copper (ASX: RCP) is focused on the exploration and development of high grade copper sulphide targets at its Northern Territory copper project.
The Redbank Copper Project is located in the Northern Territory McArthur River Basin, some 30 kilometres from the Queensland border and 70 kilometres south of the Gulf of Carpentaria.
Redbank Copper makes new discovery at Copperado Prospect
High grade copper developer Redbank Copper (ASX: RCP) has made a new discovery at its Copperado Prospect in the Northern Territory
Shares in the company, which is exploring the area as part of a 50/50 Joint Venture with global commodity supplier Glencore International, increased 15.4% to $1.50 following the announcement.
The new breccia structure was discovered during field reconnaisance of the south-west corner of EL24654, with early sampling returning results up to 29.7% copper in rockchips.
The Copperado prospect forms part of Redbank’s 3,700km2 landholding in the NT’s McArthur Basin region. It is located approximately 16km northeast of the Redbank mine site and infrastructure.
Redbank managing director Bruce Morrin said the discovery was an exciting development and reaffirmed the company’s view the region holds strong exploration upside.
“This is significant in terms of the area’s prospectivity, and we believe there is a high likelihood of discovering further breccia pipes through ongoing field reconnaissance,” Mr Morrin said.
“The metallogeny of the prospect could be indicative of a larger system, and we will be undertaking follow-up exploration as part of our 2010 drilling program.
“Our focus remains on ongoing exploration to boost the Redbank resource base, while also progressing the planning and development activities for a copper producing operation in line with our mine plan."
The new outcrop was identified during a soil sampling program supported by portable Niton XRF, when rockchip samples returned intial values to 8.6% Cu.
Further sampling returned samples to a maximum of 29.7% Cu and 7.5% Cobalt, along with highly anomalous levels of Tellurium.
Laboratory testing of the samples will be conducted, and will also test for the presence of gold given the associated suite of metals in the area.
The area, currently named GC2, is some 770m WNW of the previously identified GC1 prospect, which had lower copper values associated with its surface outcrop, and lesser levels of cobalt.
Drill testing of the GC1 deposit late this year returned moderate cobalt anomalies.
Soil sampling in the vicinity of GC2 also returned high levels of tellurium, with a maximum value of 967ppm in nearby soils.
Field exploration activities at Redbank are currently in hiatus for the onset of the wet season.
Interpretation of aeromagnetic and gravity data in conjunction with this new geochemical data is ongoing and the company plans to drill test this and other regional prospects in the 2010 season.
