Redstone Resources (ASX: RDS) has pulled up a thick 95m intersection with copper sulphide mineralisation at the EM5 target about 7.2km from its major Tollu copper deposit within its wholly-owned Musgrave project in Western Australia.
The company confirmed the 95m intersection had hit copper continuously from 66m, with grades ranging up to 0.06% copper.
Redstone chairman Richard Homsany noted the intersected was relatively close to surface and represented a “significant milestone” for the company’s wider Musgrave project.
“In additional to the Tollu vein system, EM5 confirms the project continues to be validated as hosting a highly prospective copper system.”
“With only limited drilling, Redstone was able to enhance copper prospectivity in a new target area and create significant value to the project.”
Mr Homsany added that EM5 represented an “entirely different” target to Tollu and has highlighted the potential prospectivity of other geophysical anomalies identified across Musgrave.
“The elevated levels of gold above background at EM5, albeit in trace amounts, are also highly encouraging and require further investigation,” he said.
Redstone is now evaluating its next steps at EM5.
Tollu copper vein
The intersection at EM5 was identified north-east of the project’s primary target the Tollu copper vein.
Drilling at Tollu returned multiple high-grade intervals with assays revealed late last month.
Highlight results were 26m at 1.03% copper from 277m, including 2m at 2.9% copper from 281m; 13m at 3.04% copper from 56m, including 8m at 4.4% copper; and 11m at 1.4% copper form 4m, including 4m at 2.7% copper.
These results confirmed the continuity of mineralisation at the Forio prospect where previous drilling unearthed 1m at 11.9% copper from 31m.
Redstone is also evaluating its next exploration activities for Tollu.
This morning’s news sent Redstone’s share price rocketing with the company trading at $0.023 by midday – up more than 187%.
However, it peaked at $0.06, which was 650% higher than Friday’s close of $0.008.