Outstanding High Grade Copper Mineralisation At Chatsworth Prospect, Tollu Copper Project

Redstone Resources Limited (ASX: RDS) (Redstone or the Company) is pleased to announce that geochemical assays have confirmed the previously reported hh‐pXRF analyses (refer to ASX announcement of 23 November 2021) and show that the reverse circulation (RC) drilling completed at the end of 2021 has successfully proved that thick high‐grade lenses of copper mineralisation intersected in historical drilling at the Chatsworth Prospect (Chatsworth), Tollu, have significant volume vertically and extend to shallower depths. Chatsworth is part of the Tollu Copper Vein deposit on the Company’s 100% owned West Musgrave Project (the Project) in Western Australia.

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HIGHLIGHTS

• Four (4) reverse circulation (RC) drill holes, TLC188, TLC189, TLC190 and TLC192, for a total of 756m were drilled at the end of 2021 at the Chatsworth Prospect (Chatsworth) at the Tollu Copper Vein deposit (Tollu) to test for continuity of volume between and beyond historical drilling.
  
• Geochemical assays have confirmed previously reported hand‐held portable XRF analyses that showed these drill holes intersected thick high grade copper mineralisation between and beyond the limits of the relative historical drilling; the significant intersections include:
  • 10m at 2.51% Cu from 174m downhole (TLC188) including:
    
    • 3m at 4.71% Cu from 175m downhole;
  • 26m at 1.46% Cu from 61m downhole (TLC189) including:
    
    • 1m at 5.1% Cu from 84m downhole;
  • 16m at 2.88% Cu from 74m downhole (TLC190) including:
    
    • 9m at 4.6% Cu from 76m downhole, which includes
    • 2m at 7.62% Cu from 76m downhole;
  • 22m at 1.26% Cu from 104m downhole (TLC190) including:
    
    • 3m at 3.67% Cu from 122m downhole; and
  • 25m at 1.10% Cu from 53m downhole (TLC192) including:
    
    • 7m at 2.64% Cu from 60m downhole.
• Drillholes TLC188 and TLC189 have extended the vertical continuity of the copper mineralisation in some of the historical drillholes to double that previous with at least some 100m of vertical extent and open at depth and towards the surface.
• The shallow extension of mineralisation by TLC192 extends the high grade mineralisation in this location to some 120m vertically and is open towards the surface.
• The success of the limited RC drilling at Chatsworth suggests that there may be opportunities in the Tollu resource¹ yet to be realised.
  
• Assay results from the Company’s most recent drilling campaign completed in September 2022 remain pending.
• The Tollu Cu Vein deposit is 40km east of the Nebo‐Babel Ni‐Cu‐PGE deposit (Figure 1). The West Musgrave Project, which includes the Tollu Cu Vein deposit, has the ideal geological and structural setting for large magmatic Ni‐Cu sulphide deposits.

The West Musgrave Project, which includes the Tollu Cu Vein deposit, is located 40 kilometres east of the world‐class Nebo‐ Babel nickel‐copper‐PGE sulphide deposit now owned by OZ Minerals and has the ideal geological and structural setting for large magmatic Ni‐Cu sulphide deposits.

TOLLU COPPER VEIN DEPOSIT ‐ CHATSWORTH PROSPECT

At the end of 2021 four reverse circulation (RC) drill holes, TLC188, TLC189, TLC190 and TLC192, for a total of 756m were drilled at the Chatsworth Prospect, Tollu. The aim of the drilling was to test for continuity of mineralisation vertically through the hosting sub‐vertical vein system, and in doing so, test if the thick high grade copper mineralisation previously intersected in early drilling held volume between and beyond the historical drill holes, particularly at shallower depths than previously intersected.

Preliminary results of the drilling using hh‐pXRF analyses were announced in the ASX announcement of 23 November 2021. Geochemical assays have successfully confirmed these preliminary results, with generally higher Cu grades than the hh‐pXRF analyses but with slightly varying thicknesses.

As shown in Figure 2, drill holes TLC188 and TLC189, targeted approximately 15‐20m vertically above a high grade copper intersection in historical drill hole TLC033, drilled in 2010 and 25‐30m vertically below another high grade intersection in historical drill hole TLC034, also drilled in 2010 (refer ASX Announcement 21 February 2011 for further information on the historical drilling referenced). The historical drill holes suggest the mineralisation extends vertically between them but the vertical distance between the intersections is some 35m, a considerable distance for vein hosted mineralisation. The geochemical assays from TLC188 and TLC189 have confirmed that the thick high grade copper mineralisation continues vertically, being maintained in the deeper intersection with 10m at 2.51% Cu from 174m downhole, including 3m at 4.71% Cu from 175m downhole (in TLC188) and swelling in the shallower intersection with 26m at 1.46% copper from only 61m downhole, inclusive of 1m at 5.1% Cu from 67m downhole (in TLC189).

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