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Jaxon Mining Inc. (TSXV: JAX) (FSE: 0U31) (OTC Pink: JXMNF) ("Jaxon" or the "Company") is pleased to announce the results of a petrographic study confirming the discovery of high-grade antimony mineralization at the Kispiox Mountain Project. Conducted by John G. Payne, Ph.D., P.Geo., of Surrey, B.C, Canada, the study describes the petrography of sampled stibnite mineralization and confirms the discovery of three high-grade stibnite-bearing epithermal zones in the propylitically altered areas above what the Company's model concludes to be another deeper Cu-Ag-Au, Zn-Mo porphyry mineralized system; geologically analogous to Jaxon's Netalzul Mountain and Red Springs porphyry targets.
The discovery of the three zones of massive to disseminated sulfides high-grade antimony epithermal mineralization at the Kispiox Mountain Project was made in 2021. Assay results of the rock samples collected from the outcrops were released March 10, 2022 (Figures 1-2, Table 1).
https://jaxonmining.com/news/2022/jaxon-samples-up-to-29.69-antimony-at-kispiox-mountain/
Antimony is listed on the critical mineral lists published by the governments of USA, Canada, and European Union. According to the United States Geological Survey (https://www.usgs.gov/), in 2022, China accounted for 54.5% of total antimony production, followed by Russia (18.2%) and Tajikistan with (15.5%).
Figure 1. Three Sb sulfide-quartz mineralization zones (KS zones 1, 2 and 3) at Kispiox Mountain Project.
Table 1. Sample Details from Petrographic Study Report of Kispiox Mountain Project
Highlights of Petrographic Study at the Kispiox Mountain Project
- Three petrographic samples (A0027274, A0027275A and A0027275B) from the KS Zone 2 are of massive to disseminated sulfides.
- Sample A0027274 is zoned, with more abundant patches of finer grained quartz with minor sericite and stibnite and less abundant, coarser grained patches of quartz, stibnite, and calcite, with minor pyrite. Two discontinuous proximal veinlets are of stibnite with envelopes of acicular grains of an unknown mineral (A), probably stibnite, in which grains are oriented perpendicular to the veinlet walls (Figures 3-4).
- Sample A0027275 (A) contains a large band in the centre of altered host rock dominated by very fine grained, in part elongate prismatic quartz, with disseminated patches of sericite and scattered patches of calcite, of pyrite, and of stibnite. A small patch is of calcite with a thin rim of sericite. The vein material is of fine to medium grained quartz and stibnite, with quartz commonly having euhedral terminations against stibnite (Figure 5).
- Sample A00275275 (B) contains scattered patches up to a few mm across of altered host rock (hornfels) consisting of one or more quartz, sericite, and calcite. These are contained in a vein that is dominated by quartz with abundant stibnite along one side of the section (Figure 6).
The petrographic study shows the mineralization at Kispiox Mountain is dominated by quartz-stibnite veins with lesser amounts of carbonate minerals (calcite) and minor amounts of pyrite with very strong siliceous and phyllic alteration.
Mineral Exploration Tax Credits
The Company is pleased to announce that in February 2023 it received its British Columbia Mineral Exploration Tax Credit ("BCMETC") in the amount of CAD$741,890.96, generated from qualified exploration incurred in 2021. The BCMETC is calculated as 20% of qualified mining exploration expenses incurred in BC by eligible corporations, with an enhanced rate of 30% available for qualified mineral exploration undertaken in prescribed Mountain Pine Beetle affected areas. The BCMETC reduced Jaxon's qualified exploration costs by the amount of the credit.
The Critical Mineral Exploration Tax Credit ("CMETC") is a new 30% investment tax credit available to investors. The credit would apply to specified exploration expenditures renounced to investors under eligible flow through share agreements. The CMETC doubles the 15% non-refundable tax credit previously available to investors under the existing Mineral Exploration Tax Credit ("METC"). The CMETC applies to 15 critical minerals, including copper and zinc. The predominance of copper and zinc in the porphyry systems which Jaxon is targeting at the Hazelton Property should qualify the Company to raise funds under the new CMETC requirements. The CMETC will be a valuable tool in assisting the Company in raising funds to support continued exploration and planned confirmation drilling programs at the Kispiox Mountain, Netalzul Mountain and Red Springs projects on the Hazelton Property.
Mr. John King Burns, CEO of Jaxon Mining, commented, "The Company wishes to thank Dr. Payne for his petrographic report. This study is part of Jaxon's systematic approach to exploration in advance of confirmation drilling. The petrologic results, together with the geological mapping, soil geochemistry and magnetic survey results, already in hand, will be used to design a backpack and portable rig drilling program."
"These high-grade antimony results confirm the pervasive nature of mineralization at Kispiox Mountain. Given what we know, we may have discovered what is potentially the largest, high-grade, pure antimony deposit in North America sitting on top our third major porphyry target. A further systematic soil and sulfide rock outcrop channel sampling program followed by backpack and portable rig drilling are planned for the summer of 2023. The elevated values of Cu, Mo, Pb. Zn, and As elements in the strongly oxidized hornfels suggest a potential genetic relation between the epithermal stibnite mineralization and a deep porphyry system at Kispiox Mountain."
Figure 2. Chip samples taken from across six metres at KS zone 2 outcrop at Kispiox Mountain Project.
Figure 3. Thin section of sample A0027274, intergrowth of quartz, stibnite (showing strong anisotropism), calcite, minor sericite, and a patch of pyrite; numerous cavities.
Figure 4. Thin section of sample A0027274, aggregate of quartz with a few patches containing minor to accessory sericite, disseminated patches of stibnite; veinlet of stibnite with envelope containing abundant acicular grains of an unknown mineral (A; probably stibnite) oriented subperpendicularly to the veinlet.
Figure 5. A0027275A, altered host rock/early vein: quartz with disseminated patches of sericite, single grains and a cluster of pyrite, and a patch of calcite-(limonite) that was moderately lost from the section due to plucking; coarser grained zone of quartz at the bottom is the edge of the vein (reformatted).
Figure 6. Intergrowth of stibnite (showing anisotropism) and quartz, with minor calcite.
About Kispiox Mountain Project
Location
The Kispiox Mountain project is located approximately 16 km northwest of New Hazelton, BC, and 70 km northwest of Smithers, BC. It is one of seven projects 100% owned by Jaxon Mining Inc.
Figure 7. Map of the Hazelton Property, near Smithers, British Columbia
Historical Works
Limited historical work has been carried out at the Kispiox project area. Only one Minfile showing ("Date") is recorded on the Kispiox project area.
The Date showing is located on the southeast flank of Kispiox Mountain, 19 kilometers northwest of Hazelton. The area is underlain by sedimentary rocks of Late Jurassic Bowser Lake Group, which intruded by small granodiorite body of the Late Cretaceous Bulkley Intrusions. Noranda Exploration Company Limited carried out exploration activities on the Date showing area due to anomalous molybdenum contents in silt samples and trace chalcopyrite observed in the field. During July 1981 and 1983, Noranda Exploration Company Limited conducted geological and geochemical surveys on the Date showing area. 195 soil samples and 6 rock samples were collected and analyzed in 1981, and 18 rock samples were collected and assayed in 1983. Anomalous Au, Ag, Cu, Mo, Pb, and Zn were found in various rock and soil samples. Due to the rugged nature of the terrain, the exploration work was of a limited extent (P. McCarter, 1981 and Delbert Myers, 1983).
There has been no previous trenching and drilling sampling at the Kispiox area.
Geology
The Kispiox project is underlain by a series of sedimentary strata of the Late Jurassic Bowser Lake Group and Lower Cretaceous Kitsuns Creek Formation of Skeena Group, which have been intruded by numerous Late Cretaceous porphyritic intrusions of Bulkley Plutonic Suite.
Mineralization
The associated quartz-sulfide veins are centered on the area of most abundant intrusive rocks, and the veins are most prevalent along the margins of the intrusions and sheared contact zones (P. McCarter, 1981). A great amount of stibnite was observed in the veins, and trace amount of very fine-grained chalcopyrite and molybdenite were also noticed within and adjacent to the veins. The sulfides are mostly fine-grained and disseminated in the veins. Pyrite is common on the quartz veins, and as fracture coating in the hornfels.
Taking into consideration the widespread rusty pyritic zone, intrusive dikes and plugs, mineralized quartz veins, and anomalous Cu, Mo, Sb values, a porphyry-epithermal Sb-Cu-Mo system is interpreted to exists at the Kispiox project.
Sample Preparation and Analyses
Chip and prospecting samples were collected in the field by experienced, professional prospectors and geological staff who selected hand samples from outcrops, chip samples, boulder, and talus debris samples suitable for slabbing by rock saw. The samples were numbered, described, and located in the field for follow-up. Numbered rock samples tags were placed inside each bag, securely closed for transport to the Company's secure cold storage locked facility in Smithers, B.C. Representative sample slabs were cut from large specimens and halved rock samples so that portions of select samples could be saved for the Company's rock library, descriptive purposes, and petrographic study. MS Analytical of Langley, B.C. received the Rice Bag shipments after secure transport from Smithers. Samples were prepared by crushing, grinding, and pulverizing to a pulp with barren material washing between each sample at the crush and pulverizing stages. Then 20 g of pulp was used for the (IMS-117 code) ultra-trace level ICP/MS AR digestion method, and four acid 0.2 g ore grade ICP - AES method (ICP-240) and for the overlimit gold the FAS-415 method of 30 g fusion Gravimetric method was used to report gold ASSAYS. Overlimit silver is determined by Fire ASSAY 415 method. Laboratory standards and QA-QC is monitored by the Company.
Qualified Person
Yingting (Tony) Guo, P.Geo., President and Chief Geologist of Jaxon Mining Inc., a Qualified Person as defined by National Instrument 43-101, has reviewed and prepared the scientific and technical information and verified the data supporting such scientific and technical information contained in this news release.
About Jaxon Mining Inc.
Jaxon pursues the discoveries of deeper, under cover, commercial scale and high-grade Cu, Au, Ag, polymetallic porphyry epithermal systems. Jaxon has seven large-scale porphyry system targets on its 100% controlled Hazelton property, an interconnected network of concessions spanning ~730 km2 in the Skeena Arch in northwest British Columbia, Canada. The Company's flagship projects Netalzul Mountain and Red Springs are drill ready. The Kispiox Mountain and Blunt Mountain projects both host extensive and high-grade occurrences of antimony, a strategic and critical metal as designated by the governments of Canada and United States.
ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINING INC.
"John King Burns"
John King Burns, Chairman
For more information, please contact:
Investor Relations
Kaye Wynn Consulting
T: 604-558-2630
TF: 1-888-280-8128
E: info@kayewynn.com
Corporate & Investor Relations
T: 604-424-4488
E: info@jaxonmining.com
www.jaxonmining.com
This news release may contain forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties, and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include but is not limited to, the Company's objectives, goals, or plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. No assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
JAX:CC
Juggernaut Further Increases Oversubscribed Financing to $10,329,735 Due to Strong Demand from Institutions and Accredited Investors -- Dr. Quinton Hennigh Technical Advisor
Vancouver, British Columbia TheNewswire - May 15 th, 2025 Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the "Company" or "Juggernaut"), further to its April 14 th and April 23 rd and April 25 th 2025, news releases, the Company is pleased to announce a further increase in its non-brokered financing of up to $10,329,735. Juggernaut welcomes this strategic investment from Crescat Capital Funds LLC ("Crescat") and technical support from Dr Quinton Hennigh. Confirming the quality of the newly discovered 11 km Highway of Gold surrounding the Eldorado porphyry system on the Big One property. The discovery is in an area of glacial and snowpack abatement next door to the gold-rich porphyry systems at Newmont Mining's Galore Creek. The Big One Property is a discovery previously announced Jan 20 th (Click Link) with assays up to 79.01 gt gold (2.54 ozt gold) and 3157.89 gt silver (101.5 ozt silver) from over 200 gold-silver-copper rich polymetallic veins up to 8 m wide and striking for up to 500 m that all remain open at surface. The Big One Project covers 33,693 hectares in a world-class geologic terrane with tremendous additional discovery potential in the heart of the Golden Triangle, British Columbia.
Dr. Quinton Hennigh has taken on the role of special technical advisor to the Company. He is the technical consultant for all Crescat's gold and silver mining investments. Dr. Hennigh is a world-renowned exploration geologist with over 40 years of experience with major gold mining firms, Homestake Mining, Newcrest Mining, Newmont Mining, and Kirkland Lake/Fosterville. In just the last five years, Dr. Hennigh was instrumental in several material discoveries, including Goliath / Surebet, Newfound / Queensway, SCM / Isidorito, Eloro / Iska Iska, Snowline / Valley, Sitka / RC Gold Project, and Tectonic / Flat.
Dr. Hennigh stated , "The Big One gold-silver project has a very similar feel to Goliath's Surebet gold discovery. To date, reconnaissance prospecting and sampling conducted by Juggernaut's exploration team have identified a multitude of multi-meter thick quartz-sulfide veins, many of which have yielded +oz per tonne Au and multi-oz per tonne Ag assays. Early indications suggest there is a genetic association of veins with late-stage magmatism in the area, an association seen at Surebet. This season, Juggernaut has a clear mandate to follow up on these results with detailed mapping and channel sampling, much like Goliath did during the early days of the Surebet discovery. The Company's mission is to get as many targets as possible ready for drill testing either late season or for 2026. I am very eager to see if a new "Surebet" type discovery is in hand.
View Juggernaut videos by Clicking Here .
The charity flow-through funding will close in two tranches, consisting of 9,308,770 units in tranche one for $7,679,735 and 2,000,000 units in tranche two for $1,650,000, equaling 11,308,770 charity flow-through units ("CFT Units"), priced at $0.825 each, for gross proceeds of up to $9,329,735 in total. Each CFT Unit will consist of one charity flow-through common share plus one warrant to purchase one non-flow-through common share at $0.75 for a sixty-month period with a forced accelerated conversion after 10 consecutive trading days at or above $1.50, callable at management's discretion.
Juggernaut is concurrently raising up to 2,000,000 hard dollar units priced at $0.50 each for gross proceeds of up to $1,000,000. Each hard dollar unit will consist of one common share plus one warrant at $0.75 for a sixty-month period, with a forced accelerated conversion after 10 consecutive trading days at or above $1.50, callable at management's discretion, upon completion of the charity flow-through and hard dollar financings for a combined total of $10,329,735. Tranche one is scheduled to close on May 16th, 2025. The proceeds will be used to explore Juggernaut's properties located in Northwestern B.C. and for general working capital.
Finders' fees in accordance with TSXV Policies may be paid. All securities issued in the first tranche closing are subject to a 4-month-plus-one-day hold, expiring September 17, 2025.
"Gold exploration is all about swinging for the fence. Persevering with a diversified portfolio of great management and technical teams with bold targets is the key. The thing about Juggernaut is that it has the same geologic team as the one behind Goliath Resources, with their Surebet gold discovery. We are happy to invest in Juggernaut and this team. It's time for Big One, which may be the best target yet for this company and team. We are eager to support them with capital for another at-bat." - Kevin Smith, CFA, Founder & CEO of Crescat Capital .
Directors and officers of the company may acquire securities under the placement, which participation would be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
Mr. Dan Stuart, Director, President, and CEO of Juggernaut, states:
"We are pleased to strengthen our relationship, both with Crescat Capital as a strategic investor and Dr. Hennigh as a Special Technical Advisor and investor. I look forward to working with our partners who bring a proven track record of both financial and technical strength. This will enable Juggernaut to unlock the full potential of its assets over the long term, building value for all shareholders. This investment and strategic partnership, coupled with the ongoing support and interest from other globally recognized Institutions and senior miners, is a strong endorsement that clearly demonstrates the significant near-term discovery potential of our 100% controlled properties. Post financing, Juggernaut will have an extremely tight capital structure of just 27,663,935 shares, no debt, and a strong cash position of ~ $10,500,000. As such, we are well-positioned to move forward with our plans of drilling The Big One Discovery. With much anticipation, we look forward to executing the inaugural exploration program and reporting results."
The Company may pay finder's fees of the gross proceeds from the financing in cash, and compensation options on units being sold. This non-brokered private placement is subject to TSX Venture Exchange approval. All shares issued pursuant to this offering and any shares issued pursuant to the exercise of warrants will be subject to a four-month hold period from the closing date.
About Crescat Capital LLC
Crescat is a global macro asset management firm headquartered in Denver, Colorado. Crescat's mission is to grow and protect wealth over the long term by deploying tactical investment themes based on proprietary value-driven equity and macro models. Crescat's goal is industry-leading absolute and risk-adjusted returns over complete business cycles with low correlation to common benchmarks. Over the last several years, Crescat has been building activist stakes in a portfolio of precious metals explorers to express one of its primary macro themes. The company's investment process involves a mix of asset classes and strategies to assist with each client's unique needs and objectives, and includes Global Macro, Long/Short, Large Cap, and Precious Metals funds.
About Juggernaut Exploration Ltd.
Juggernaut Exploration Ltd. is an explorer and generator of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. Its projects are in world-class geological settings and geopolitical safe jurisdictions amenable to Tier 1 mining in Canada. Juggernaut is a member and active supporter of CASERM, an organization representing a collaborative venture between the Colorado School of Mines and Virginia Tech. Juggernaut's key strategic cornerstone shareholder is Crescat Capital.
For more information, please contact
Dan Stuart
President, Director, and Chief Executive Officer
604-559-8028
info@juggernautexploration.com
Qualified Person
Rein Turna P. Geo is the independent qualified person as defined by National Instrument 43-101, for Juggernaut Exploration projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.
Grab samples are selected samples and may not represent true underlying mineralization.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD LOOKING STATEMENT
Certain disclosures in this release may constitute forward-looking statements that are subject to numerous risks and uncertainties relating to Juggernaut's operations that may cause future results to differ materially from those expressed or implied by those forward-looking statements, including its ability to complete the contemplated private placement. Readers are cautioned not to place undue reliance on these statements.
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TO PURCHASE ANY SECURITIES DESCRIBED IN IT.
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Redstone Resources
Investor Insight
Redstone Resources is strategically positioned to benefit from rising global demand for battery metals, with 100 percent ownership of its copper-focused West Musgrave project in WA and a lithium acquisition in Canada.
Overview
Australia, a top global producer of key minerals like copper, nickel, lithium, and gold, supports growing demand through its stable, mining-friendly jurisdictions. The underexplored Musgrave Province hosts significant deposits of critical metals including nickel, PGEs, copper, and rare earths.
Redstone Resources (ASX:RDS) is exploring its 100 percent-owned West Musgrave Project in Western Australia, home to the Tollu Copper deposit. The project lies near major discoveries such as BHP’s Nebo-Babel and Succoth deposits, and Nico Resources’ Wingellina project.
With additional tenement applications in the region and a leadership team experienced in geology, exploration, and business development, Redstone is well-positioned to advance its battery and base metals strategy.
The unique Musgrave terrain has attracted major players like BHP, which is advancing construction of its Nebo-Babel nickel-copper-PGE mine after securing final approvals. The deposit hosts 390 Mt at 0.30 percent nickel and 0.33 percent copper, containing 1.2 Mt of nickel and 1.3 Mt of copper (2012 JORC). Alongside Nico Resources’ Wingellina nickel-cobalt deposit, these discoveries highlight the region’s potential as a major base metals hub.
Redstone’s West Musgrave Project lies between these key deposits—just 60 km east of Nebo-Babel and 50 km west-southwest of Wingellina. The project remains underexplored but is highly prospective, with geology suited to magmatic nickel-copper sulphides, VHMS, and large hydrothermal systems.
Location of Redstone's West Musgrave Project and the Tollu Cu Deposit relative to the world class Nebo-Babel Cu-Ni-Co Deposit and other deposits and prospects in the area.
Redstone Resources’ 100 percent-owned Tollu copper deposit, part of its West Musgrave Project, hosts a JORC-compliant resource of 3.8 Mt at 1 percent copper for 38,000 tonnes of contained copper (0.2 percent cut-off). A conceptual exploration target suggests potential for up to 627,000 tonnes of copper.
Expanding beyond Australia, Redstone is building a lithium portfolio in Canada through a 50/50 joint venture with Galan Lithium (ASX:GLN), acquiring 100 percent of the Camaro, Taiga, and Hellcat Projects in Quebec’s James Bay Lithium District. This region hosts key discoveries, including Patriot Metals’ (ASX:PMT,TSXV:PMET) Corvette Project and Winsome Resources’ ASX:WR1) Cancet Project. Notably, Patriot’s CV8 and CV13 pegmatites lie just 1.4 km from Taiga and 1.5 km from Camaro, respectively.
Redstone will manage the 5,187-hectare JV, backed by a seasoned team with deep expertise in exploration, operations, and corporate strategy.
Company Highlights
- Redstone Resources is an Australia-based mineral exploration company exploring highly prospective properties for copper and other base metals in the West Musgrave region of Western Australia.
- The West Musgrave region is home to major discoveries, including the world-class Nebo-Babel nickel-copper-PGE sulphide deposit and the Wingellina nickel-cobalt deposit, attracting significant interest from major miners.
- Redstone’s 100 percent-owned West Musgrave Project lies just 60 km west of BHP’s Nebo-Babel, highlighting the strong prospectivity of its tenure. The project hosts the Tollu Copper vein deposit, evidence of a large hydrothermal system, and is situated in a geological and structural setting highly favourable for magmatic nickel-copper sulphide, VHMS, and intrusive-related hydrothermal deposits
- Redstone Resources also has a 50/50 joint venture agreement with Galan Lithium, acquiring a 00 percent of a highly prospective suite of lithium projects in James Bay, Quebec.
- The Redstone and Galan Lithium joint venture project acquisitions complement the company’s West Musgrave and its strategy to increase exposure to the growing global battery metals and explore for critical minerals in high demand.
- A strong management team leads the company with decades of experience in the resources sector.
Key Projects
The West Musgrave Project
The West Musgrave Project spans 213 sq. km. of highly prospective yet underexplored terrain. Redstone believe their West Musgrave Project, and the entire West Musgrave Region, has the appropriate setting required to host major Ni-Cu-PGE deposits, such as the Voiseys Bay deposit in Canada. The geological setting of the West Musgrave is comparable to the Nain-Churchill province boundary in Canada, which in Labrador, hosts the world-class Voisey’s Bay deposit.
Voisey’s Bay is considered a ‘giant’ Ni-Cu deposit; in one section alone it contained 31.7Mt of ore grading 2.83 percent nickel and 1.68 percent copper. Voisey’s Bay is also relatively unique in that it is one of a very few Ni-Cu-Co deposits that are hosted in mafic, not ultramafic rocks. Another is Nebo Babel, which is situated only 60km west of Redstone’s Tollu Cu Deposit.
Drilling 7.5 km northeast of the Tollu Copper Vein deposit has confirmed the presence of similar rocks to those that host Nebo Babel, and with low-grade Cu mineralisation, further enhancing the prospectivity of Redstone’s project.
Given the favourable geology, Redstone believe it is possible that the high grade vein hosted Cu of Tollu could potentially be a remobilisation from a much larger accumulation of sulphides nearby and hence remains a priority target area for world class deposits.
The Tollu Copper Vein Project
Tollu, part of the broader West Musgrave Project, features a large swarm of copper-rich hydrothermal veins across a 5 km² area, with surface mineralisation linked to a dilation system between two major shears. The deposit hosts a JORC 2012 resource of 3.8 Mt at 1 percent copper and 0.01 percent cobalt, containing 38,000 tonnes of copper and 535 tonnes of cobalt, with strong potential for expansion through further drilling.
Local Geology Map – Redstone’s West Musgrave Project
The Tollu Cu deposit represents a high-grade Cu accumulation from the surface to a depth of approximately 400m as evidenced by deep drilling intersections that consistently deliver strong results, particularly at the Chatsworth and Forio prospects. These results include:
Chatsworth Prospect
- TLC189: 25m at 1.46 percent copper from 61m, incl. 1m at 5.1 percent copper
- TLC192: 25m at 1.1 percent copper from 53m, incl. 7m at 2.64 percent copper
- TC80: 10m at 3.4 percent copper from 427m, incl. 5m at 5.3 percent copper
- TLC033: 5m at 2.21 percent copper from 100m
- TLC034: 15m at 1.39 percent copper from 136m, incl. 3m at 3.67 percent copper
Forio Prospect
At Forio, drilling confirmed further high-grade zones, including the highest copper grade recorded to date at Tollu—1m at 18.5 percent copper from 18m in TLC203. Additional results include:
- 8m at 4.1 percent copper from 13m, incl. 1m at 18.5 percent copper (TLC203)
- 4m at 1.2 percent copper from 45m (TLC203)
- 6m at 1.47 percent copper from 80m (TLC201)
- 34m at 1.07 percent copper from 15m, incl. 2m at 3.2 percent copper (TLC181)
Redstone and Galan 50/50 Joint Venture
James Bay Lithium Projects - Taiga, Camaro and Hellcat
Redstone Resources and Galan Lithium formed a 50/50 JV to acquire the James Bay Lithium Projects in Quebec, comprising the highly prospective Taiga, Camaro, and Hellcat Projects. Covering 3,850 hectares, the projects lie adjacent to Patriot Battery Metals’ Corvette lithium discovery—just 1.4 km from Taiga (CV8 pegmatite) and 1.5 km from Camaro (CV13 pegmatite).
Project Highlights:
- Located in the La Grande Subprovince, with geology favourable for spodumene-bearing pegmatites.
- Hellcat sits on the Vieux Comptoir Granitic suite, believed to be the source of regional lithium mineralisation.
- Initial work by Axiom Exploration identified 28 prospective pegmatite dykes.
Previous initial exploration on the James Bay Lithium Projects completed by Axiom Exploration identified 28 prospective pegmatite dykes.
Board and Management
Richard Homsany - Non-executive Chairman
Richard Homsany is executive vice-president of Mega Uranium, a Toronto Stock Exchange listed company and executive chairman of Toro Energy Limited, an ASX-listed uranium company. He is also the non-executive chairman of Galan Lithium and the Health Insurance Fund of Australia Limited. Homsany was a corporate and commercial advisory partner with one of Australia’s leading law firms. He is currently the principal of Cardinals Lawyers and Consultants and has been admitted as a solicitor for over 20 years. He has extensive experience in corporate law, including advising public resources and energy companies on corporate governance, finance, capital raisings, takeovers, mergers, acquisitions, joint ventures and divestments.
Edward van Heemst - Non-executive Director
Edward van Heemst is a prominent Perth businessman with over 40 years of experience in managing a diverse range of activities with large private companies. He is the managing director of Vanguard Press and was previously the long-time chairman of Perth Racing (1997 to 2016). He was also appointed as non-executive chairman of NTM Gold, an ASX-listed company from July 2019 to March 2021. Van Heemst holds a bachelor of commerce degree from the University of Melbourne, an MBA from the University of Western Australia and is a member of the Institute of Chartered Accountants Australia.
Brett Hodgins - Technical Director
Brett Hodgins has over 20 years of professional experience in the resources sector primarily focused on exploration and mining operations. He began his career as a geologist with Robe River Mining and Rio Tinto Iron Ore. During that time he was involved with the commissioning and development of the West Angelas and Hope Downs operations. Hodgins' recent roles include general manager project development for Iron Ore Holdings and he is president/CEO of Central Iron Ore, a TSXV-listed company gold and iron ore explorer. He brings a wide range of experience in exploration, feasibility studies, operations, and has a broad knowledge of the resource sector.
Dr. Greg Shirtliff – Geological Consultant
Dr. Greg Shirtliff has over 20 years of experience in industry-related geology and geochemistry, including a PhD in mine-related geology from the Australian National University. Since his studies, Shirtliff has spent over 17 years in various roles in the mining and exploration industry ranging from environmental, mine geology, resource development, exploration and management roles, exploration and technical projects, inclusive of engineering and metallurgical. His roles have included several years at ERA-Rio Tinto’s Ranger Uranium Mine, as the senior geoscientist for Cameco Australasia and more recently as the lead geologist and technical manager for Toro Energy. Shirtliff’s exploration success at Toro Energy includes discovering multiple zones of massive nickel sulphide mineralization along the Dusty Komatiite, arguably the first massive nickel sulphide mineralization discovered in the Yandal Greenstone Belt in Western Australia.
