Proactive Investors reported that Australian copper explorer Redbank Copper has continued the good news flow from the Redbank Copper Mine in the Northern Territory.
Initial results from one of the 5 drill holes of its current exploration program at the Punchbowl target within ERL94 at Redbank project produced high grade copper intersections.
Redbank is located in the Northern Territory McArthur River Basin, some 30 kilometers from the Queensland border and 70 kilometers south of the Gulf of Carpentaria.
Of interest, is that Stirling Resources owns 20% of Redbank Copper.
The results from PBRC09-002 included:
1. 31 m 2.5% copper from 182 m including
2. 10 m 4.4% copper from 202 m
This actually improved on best drilling results achieved from Punchbowl in 2006.
Combined, there is a likelihood of a resource upgrade in tonnage and grades with this breccia pipe now extending to at least 180 meter vertical depth and with significantly higher grades.
Due to the current intermittent access to transport from the remote site, the balance of the drilling results is expected within a few weeks.
Mr Craig Hall exploration manager of Redbank said that “the initial results from Punchbowl appear to increase in grade with depth and the company is encouraged that significant deep targets exist below the breccias pipes identified so far. In particular we are beginning to look closer at the genesis of these zones and the possibility of the copper bearing solutions being released from a large magmatic source at depth.”
Mineralized breccias pipes at Bluff and Sandy Flat extend to at least 300 meter vertical depth within the lease.
Redbank is planning an enhanced exploration program for deeper drilling, following a recent capital raizing.
Mr Bruce Morrin MD of Redbank said that Redbank is in the final stages of completing a Scoping Study which will be released shortly.
Mr Morrin said that “the study is predicated on starting open pit mining at the Sandy Flat sulfide deposit in May 2010 and commencing processing with the refurbished onsite concentrator plant in July 2010."
He said hat “Annual production would be targeted at 20,000 tonnes of 27% concentrate in 2010/2011 increasing to 30,000 tonnes in 2012/2013.”.
(Sourced from Proactive Investors)
