- Redbank Copper (RCP) has been granted seven tenements within the McArthur Basin in the Northern Territory
- The tenements cover a total area of 5405 square kilometres within Redbank's namesake project and bring the total area of granted licences to 8791 square kilometres
- Excitingly, these tenements consolidate the company's position as the largest tenement holder in the eastern McArthur Basin
- Redbank will now initiate an exploration program and plans to deliver a JORC 2012 compliant mineral resource next quarter
- Redbank is down 4.76 per cent and shares are trading at 10 cents
Redbank Copper (RCP) has been granted seven tenements which will be added to its namesake project within the McArthur Basin in the Northern Territory.
The recently-added exploration licences have been granted for an initial three-year term.
They cover a combined area of 5405 square kilometres — bringing the company's Redbank Project tenement package to 8791 square kilometres. There are still 4122 square kilometres under application.
In October last year, Geoscience Australia identified a highly prospective trend for major base metal deposits that travel through the McArthur Basin and the Redbank Project. The company says this conclusion was a "catalyst" in the recent tenement applications.
"These tenements consolidate Redbank's position as the largest tenement holder in the eastern McArthur Basin, a region in between the world-class McArthur and Century mines," the company said.
The McArthur Basin is a prospective region that hosts significant copper mineralisation as well as cobalt, manganese, phosphate and uranium.
Redbank will now conduct an exploration program to target large-scale, sediment-hosted copper deposits ahead of a potential copper resource.
The company also plans to update the existing Redbank Mineral Resource Estimate to be JORC 2012 complaint. This is expected to be delivered in the June quarter.
Redbank is down 4.76 per cent and shares are trading at 10 cents at 3:04 pm AEDT.