ASX / MEDIA
RELEASE
8 SEPTEMBER 2009
THREE NEW COPPER PIPES DISCOVERED
Highlights:
? Exploration success with three new
high grade copper pipes discovered at Redbank
? Significant high grade
intersections, open at depth, including 11m @ 7.0% Cu
? Increases confidence for expansion
of resources, supporting recently released Mine Plan
Redbank Copper Limited (ASX: RCP)
announced today significant results from the Reverse Circulation drilling
program currently underway on its Redbank Copper Project, in the South McArthur
basin region of the Northern Territory.
Initial drilling of three advanced
targets at the 100% owned ERL94 tenement have all returned significant copper
values, with intersections up to 7% copper, confirming the high grade potential
and the Company?s resource expansion strategy.
All three new pipes ? Roman Nose, Camp
Valley and San Manuel - are
open at depth and are expected to contribute to the resource base at Redbank
after further drilling.
New
2009 RC Drilling Highlights, Redbank Copper Project
Hole No.
|
Length
|
Grade
Cu
|
From
|
Roman Nose
|
RNRC09-002
|
62m
|
1.55%
|
82m
|
RNRC09-005
|
50m
(Including
11m)
|
3.03%
7.03%
|
193m
210m
|
Camp Valley
|
CVRC09-001
|
22m
(Including
8m)
|
2.05%
3.05%
|
100m
100m
|
San Manuel
|
SMRC09-001
|
36m
(Including
3m
and
including 4m)
|
0.75%
1.21%
1.15%
|
surface
surface
13m
|
Redbank Managing Director Bruce
Morrin said the results had identified new copper zones in the Redbank area,
and continued the Company?s progress towards recommencement of operations at
the project.
?The new results from Roman Nose,
Camp Valley and San Manuel are particularly significant as there is currently
no resources associated with these targets, so they are new copper zones, with
initial high grade intersects which we will be following up with further
drilling,? Mr Morrin said.
?The development of resources at
these deposits will support the recently released Mine Study for Redbank.?
The Mine Study (announced 2nd
September 2009), confirmed strong economic viability for a copper cathode and concentrate
project at Redbank, and includes a base case model for an open pit copper mine
with a life of ten years, including production from both oxide and sulphide
ores. First production is targeted for 2010.
?We are pretty excited by these
latest results, and vindicates our strategic exploration approach. Our drilling
program is continuing as per schedule, and will soon be moving back for follow
up drilling to target down dip extensions at these newly discovered copper
zones,? Mr Morrin said.
Redbank has now drilled 6000 meters of RC drilling in the
current campaign, and will now drill more holes at the Roman Nose, Camp
Valley and San Manuel
prospects, following the current water bore drilling near Sandy Flat.
At the Roman Nose deposit, a result
of 50m @ 3.0% from 193m, including 11m @ 7.0% Cu was received from
RNRC09-005. This impressive high grade result confirmed the modelled breccia
pipe after the initial discovery drilling in hole RNRC09-002, and the company
expects to generate further significant intersections from follow up drilling.
At the Camp Valley prospect 200m
west of Roman Nose, an initial discovery hole encountered significant copper
both up-dip and at the bottom of the hole. Best result received was
22m @ 2.05% Cu from 100m, including 8m @ 3.05% Cu from CVRC09-001. The zone
is only partially tested and remains open at depth representing a
significant target for generating additional sulphide resources.
Two holes were drilled into the San
Manuel prospect, which a produced a result of 4m @ 1.15% Cu from 13m within an
overall low grade zone of 36m @ 0.75% Cu from surface for hole
SMRC09-001. Further drilling is expected to confirm the presence of an
oxide resource from surface again for additional sulphide resources.
More detailed drilling results are
included in Table 2 together with a summary of previously released 2009
drilling results in Table 3. A summary of exploration activities is also
included.
Please
follow the link below to view the full media release and summary of exploration
activities:
http://www..purplecom.com.au/_content/documents/1335.pdf
For further information, please contact:
Bruce Morrin
Managing
Director
Tel: +61 (0)8 6389
6400
Mob: +61 (0)488 770
553
Warrick
Hazeldine / Ryan McKinlay
Purple
Communications
Tel: +61
(0)8 6314 6300
Mob: +61
(0)417 944 616 / +61 (0)408 347 282
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