Mafic‐Ultramafic Nickel Source Rock Potential Confirmed On Redstone’s West Musgrave Project

Redstone Resources Limited (ASX: RDS) (Redstone or the Company) is pleased to announce that recently returned geochemical assays from drilling have confirmed for the first time the presence of mafic‐ ultramafic intrusions, which are potential host and/or source rocks for Ni‐Cu‐PGE ± Co mineralisation, on the Company’s 100% owned West Musgrave Project (the Project) in Western Australia.

HIGHLIGHTS

• Returned assay results from 2022 reverse circulation (RC) drilling have for the first time confirmed the presence of mafic‐ultramafic nickel source target rocks on Redstone’s West Musgrave Project.
  
• The discovery of mafic‐ultramafic intrusions on the West Musgrave Project is highly significant as these rocks are a potential host and/or source rocks for nickel (Ni), copper (Cu), cobalt (Co) or platinum group element (PGE) mineralisation such as that of the now BHP owned world class Nebo Babel Ni‐Cu‐Co‐PGE Deposit situated only 40km to the west of the Project (see Figure 3), and IGO Ltd’s Nova‐Bollinger Deposit in the Fraser Range.
• The geochemistry suggests that the base of the intrusion could be classified as Gabbro‐Norite subject to confirmation by mineralogical analysis. Gabbro Norite is the host rock of BHP’s world class Nebo Babel Ni‐Cu‐Co‐PGE Deposit to the west as well as many other significant Ni deposits around the world.
• Analysis of the returned assays reveals that the mafic‐ultramafic intrusion was intersected from beneath the approximate 5m (downhole) of cover to some 83m downhole in RC drill holes TLC183 and TLC196 (see Figure 2) at the West Cigar magnetic anomaly, some 7.5km NE of Redstone’s Tollu Copper Deposit. It is probable that the intrusion is, or at least was originally, thicker than this 83m (downhole) thickness.
• The mafic‐ultramafic intrusion consists of a high magnesian (Hi‐Mg) Gabbro at the top of the intersection which gradually transitions towards the high Mg, Cr, Ni Gabbro‐Norite like composition at its base.
• Ni concentrations in the Gabbro‐Noritic base unit increase to over 0.1% from 70m downhole reaching a maximum of 0.136% Ni in TLC183. (1m @ 0.136% from 70m downhole).
• Further research and analysis will be undertaken to confirm the Gabbro‐Norite classification and whether any of the Ni is in a sulphide phase.
• This is the first time a potential Ni‐Cu‐Co‐PGE host or source rocks have been intersected on Redstone’s West Musgrave Project, which significantly upgrades the Project for Ni‐Cu‐Co‐PGE prospectivity, especially considering the western boundary of the Project area is only 40km east of the now BHP owned world class Nebo Babel Ni‐Cu‐Co‐PGE deposit (see Figure 3).
• Further assay results are pending from the most recent RC drill campaign.
• Further exploration for nickel complements the Company’s portfolio for minerals (Cu and Ni) that are required in batteries for global decarbonisation.

Analysis of geochemistry returned from the most recent RC drilling program completed in late 2022, showed that RC drill holes TLC183 and TLC196 have intersected a Hi‐Mg mafic‐ultramafic intrusion with elevated Ni and Cr at the West Cigar Magnetic Target, some 7.5km NE of the Company’s 100% owned Tollu Cu Deposit (Refer to Figure 1). The intrusion was intersected from just beneath the surface cover at approximately 5m downhole (in both TLC183 and TLC196) to approximately 83m downhole (in TLC196) (Refer to Figure 2). It is probable that the intrusion is, or at least was originally, thicker than the 83m (downhole) thickness indicated by the intersections in the two drill holes.

The mafic‐ultramafic intrusion consists of a Hi‐Mg Gabbro at the top of the intersection and transitions into a more Gabbro‐Norite composition at its base where Magnesium Oxide (MgO) concentration ranges between approximately 12‐18% MgO, Cr concentration ranges between approximately 0.09‐0.16% and Ni concentration ranges between 0.06‐0.136% from around 55m downhole (in TLC183).

Figure 1: Location of TLC183 and TLC196 relative to the West Cigar Magnetic Target and the Tollu Cu Deposit.

Redstone have been targeting mafic‐ultramafic intrusions with Norite affinity outside the area of their Tollu Cu vein deposit (Tollu), being the specific purpose of much of the 2021‐22 RC drilling campaigns. The reason for targeting such rock type is that they are potential hosts and/or source rocks for Ni‐Cu‐PGE ± Co mineralisation. BHP’s world class Ni‐Cu‐Co‐PGE Nebo Babel deposit is associated with Gabbro‐Norite intrusions, and which is located in the same geological province only 40km from the western boundary of Redstone’s West Musgrave Project (Refer to Figure 3).

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