Redbank Copper limited

NEW COPPER DISCOVERY

 

 

Highlights

·         New breccia pipe with surface grades to 29.7% copper

·         XRF results include highly anomalous tellurium values

·         Geology suggests a possible larger mineralised system, and high likelihood of further discoveries

 

High grade copper developer, Redbank Copper Limited (ASX: RCP) has made a new copper discovery at its Copperado prospect in the Northern Territory, which it is exploring as part of a 50/50 Joint Venture with global commodity supplier Glencore International.

 

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 (see tenement map below).

 

Redbank Managing Director Bruce Morrin said the discovery was an exciting development, and reaffirms the Company’s view that 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,” Mr Morrin said.

 

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.