Redstone Resources

Redstone To Acquire Lithium Project In Northwestern Ontario, Canada Well Supported $1.25M Capital Raising

Redstone Resources Limited (ASX: RDS) (Redstone or the Company) is pleased to announce that it has entered into an exclusive agreement to acquire a 100% legal and beneficial interest in the Attwood Lake Area Lithium Properties (Attwood or the Project), which are considered highly prospective for Li and/or rare element pegmatites. The Project is located in Northwestern Ontario, Canada where numerous lithium deposits and advanced lithium projects have documented to host significant resources of Li20.


HIGHLIGHTS

  • Redstone enters exclusive Option agreement to acquire a 100% interest in the Attwood Lake Area Lithium Properties (Attwood or the Project) in northwestern Ontario, Canada, which are highly prospective for lithium and rare elements pegmatite hosted mineralisation.
  • The Attwood Properties consist of two claim groups, Witchwood and Greenside, comprising 3,026 hectares (7 claims) and 2,546 hectares (6 claims) respectively, located ~ 170km northwest of Nakina, Ontario with good all‐weather road, current and near‐future logging road access.
  • The Project is located in northwestern Ontario, which boasts several advanced lithium projects. Numerous deposits that host significant lithium oxide (Li2O) have already been delineated in the region (Figure 2), including:
    • Seymour Lake Lithium Deposit and Root Lake‐McCombe Lithium Deposit owned by Green Technology Metals (ASX: GT1)
    • Deposits owned by Rock Tech Lithium and Infinite Ore in the Georgia Lake pegmatite field
    • Separation Rapids Lithium deposit owned by Avalon Advanced Materials Inc.
    • Frontier Lithium with the PAK and Sparks deposits
  • Reconnaissance mapping by the Ontario Geological Survey (OGS) in 2016 recorded several muscovite‐bearing pegmatites along lakeshores and river systems. The claims cover muscovite bearing granites intruded into folded sedimentary gneiss with minor greenstones present. The geology and structural setting are favourable for potential lithium pegmatite discoveries.
  • Significantly, the Attwood Properties straddle or are within 5km north of the Uchi‐English River terrane boundary. To date, an integral relationship has been identified between lithium deposits and these type of major terrane boundary structures (Breaks et al., 2003)1.
  • The structural complexity of the Attwood Lake area with numerous synclines and fault patterns in association with a subprovince terrane boundary provides excellent pathways and fracture systems for parental melts and deposition of pegmatite bodies.
  • Firm commitments received for a well supported placement to rase $1.25M (before costs).
  • Planning underway for Phase 1 exploration program to commence as soon as practicable.
  • The Attwood Project acquisition complements the Company’s existing 100% owned West Musgrave copper‐nickel project, and its strategy to increase exposure to the growing global battery minerals and explore for minerals that are regarded as critical and in high demand.
Commenting on the acquisition Redstone’s Chairman, Richard Homsany, said:

“Acquiring the Attwood Lake Lithium Properties is a significant value accretive acquisition for Redstone. It advances our objective of exploring projects that are highly prospective for the critical minerals needed globally for de‐carbonisation and therefore in high demand. The geological setting of the Attwood Properties and its potential to host lithium discoveries makes this a very attractive Project.

The presence of many advanced lithium projects and lithium deposits in northwestern Ontario provides Redstone with a compelling opportunity. We look forward to commencing exploration on this Project for which we are well poised.

“We are pleased to have engaged GBA Capital on this capital raising and thank them for their professional and efficient services. We are excited for the next 12 months as we build and gain momentum in the battery and critical mineral sector. We also welcome many new investors to our register and thank them for their support of the Company.”

The Attwood Project consists of two claim groups, namely the Witchwood and Greenside Lithium properties comprising 3,026 hectares (7 claims) and 2,546 hectares (6 claims) respectively. The Attwood properties are located approximately 170km northwest of Nakina, Ontario. Access to the Project properties can be made by good all‐weather road as well as current and near‐future logging road access.

Figure 1: Location of the Attwood Lake Lithium Project in Nakina, Ontario in Canada.

REGIONAL GEOLOGY

The Project is hosted within the English River Subprovince in northwestern Ontario. The English River Subprovince is an 800 km long by 35– 190 km wide Neoarchean metasedimentary belt. Two intrusive suites predominate the English River Subprovince. province. The first is a suite of diorite– tonalite–granodiorite that has been dated at ca. 2698 Ma. The second intrusive suite is a peraluminous granite suite that has been dated at ca. 2691 Ma. These intrusions are related to the migmatization of the metasedimentary rocks and range from in situ leucosome to large peraluminous two‐mica or cordierite–biotite granite intrusions (Breaks 1991)2.


Click here for the full ASX Release

This article includes content from Redstone Resources Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Redstone Resources

Redstone Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Redstone Resources

Redstone Resources


Keep reading...Show less
Altiplano Reports Q4 2023 Operational Results at Farellon with Improved Cu Grade and Output

Altiplano Reports Q4 2023 Operational Results at Farellon with Improved Cu Grade and Output

Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report on Q4 2023 operation results from the Farellon Copper-Gold-Iron (Cu-Au-Fe) mine located near La Serena, Chile.

The Company extracted a total of 9,114 tonnes of mineralized Cu-Au material and processed 8,125 tonnes during Q4 2023 at Farellon. This represents a 12% and 13.6% increase respectively from the Q3 production and processing figures. Mine production in Q4 represented the highest quarterly production over the 2024-year period. Copper grade improved in Q4 to 1.87% representing an 8.7% increase from the 1.72% Cu recovered in Q3. Sales of 325,328 pounds of copper in 2023 Q4 generated approximately US$798,919 in revenue (after processing costs), an increase of 25% over the $639,458 revenue figure received in Q3 - an increase related mainly to processing higher Cu grade material.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Warriedar Resources

Drilling Recommences at Ricciardo

Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to announce the commencement of 2024 drilling activities at its Golden Range and Fields Find Projects in the Murchison region of Western Australia. Initial activities are focussed on an extensional Reverse Circulation (RC) drilling program at the sizeable Ricciardo gold deposit.

Keep reading...Show less
andrew chanin, clock pointing to "mitigate risk"

Andrew Chanin: Natural Disaster Stocks — How to Invest Before, During and After

As the cost of natural disasters rises, it's worth investing in companies that help before, during and after.

That's according to Andrew Chanin, CEO of Procure ETFs. He created the Procure Disaster Recovery Strategy ETF (NASDAQ:FIXT), which tracks companies engaged in natural disaster preparedness and recovery.

With holdings ranging from NVIDIA (NASDAQ:NVDA) to Babcock International Group (LSE:BAB,OTC Pink:BCKIF) to Home Depot (NYSE:HD), the fund is up nearly 30 percent since its launch in mid-2022.

Keep reading...Show less
Odessa Minerals

Targets Generated at Gascoyne East Project

Odessa Minerals Limited (ASX:ODE) (“Odessa” or the “Company”) is pleased to announce that it has completed an airborne gradiometer magnetic and radiometric survey over the Company’s +2,100 square kilometre tenement package at its Gascoyne East Project (“Project”) in the Gascoyne region of Western Australia.

Keep reading...Show less
Odessa Minerals

Odessa Minerals Limited (ASX: ODE) – Trading Halt

Description

The securities of Odessa Minerals Limited (‘ODE’) will be placed in trading halt at the request of ODE, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 27 February 2024 or when the announcement is released to the market.

Keep reading...Show less
Redstone Resources

Redstone Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×