- Redbank Copper (RCP) updates its eponymous copper project’s mineral resource estimate
- Redbank Copper Project in the Northern Territory has a JORC 2012 inferred resource of 8.4 million tonnes at 1.1 per cent copper for 88,600 tonnes
- The updated estimate replaces the JORC 2004 mineral resource following a review of over 55,300 metres of drilling
- Redbank Copper is now conducting exploration work to define a new resource base outside the existing resource
- Company shares are down 15 per cent to trade at 6.8 cents at 1:07 pm AEST
Redbank Copper (RCP) has reported a JORC 2012 mineral resource estimate for its eponymous copper project in the Northern Territory.
The Redbank Copper Project has an inferred resource of 8.4 million tonnes at 1.1 per cent copper for 88,600 tonnes of contained copper at a 0.3 per cent cut-off grade.
While this is technically not the first mineral resource estimate for the project, it’s the first to be classified as JORC 2012-compliant as the previous one was a JORC 2004 mineral resource.
Released by Redbank in 2011, the previous estimate stood at 6.2 million tonnes at 1.53 per cent copper for 96,500 tonnes of copper at a 0.5 per cent cut-off grade.
The updated mineral resource was completed by Entech who reviewed 55,359 metres of drilling from 787 holes.
Executive Director Michael Hannington said: “We are pleased to be reporting this important compliance milestone for the Redbank Project. The updated MRE represents the completion of a significant body of work to validate huge amounts of historical data and align this with JORC 2012 compliance.”
Redbank Copper is conducting exploration work, including surveys and drilling, to define a new resource base outside the existing resource.
“Our technical team is reporting positive early indications from our recently commenced exploration program, and we look forward to providing near-term updates on progress,” Mr Hannington concluded.
Company shares were down 15 per cent to trade at 6.8 cents at 1:07 pm AEST.