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
  Summit Minerals Limited

Summit to Acquire Transformational Brazilian Niobium, Rare Earth & Lithium Portfolio

Summit Minerals Limited (ASX: SUM) (“Summit” or the “Company”) is excited to announce that it has signed binding agreements (“Agreements”) to acquire tenement packages highly prospective for rare earth elements (REE), niobium, and lithium. Term sheets were signed with vendors RTB Geologia & Mineracao Ltda (RTB), Sandro Arruda Silva Ltda. (SAS), and Mineracao Paranal Ltda (MPL) to acquire legal ownership and title over certain Exploration Permits and Applications for Exploration covering an area of 29,267 hectares in Minas Gerais and Paraiba States, Brazil (Figure 1; Table 2).

Keep reading...Show less
West Cobar Metals Limited

Positive Findings from Newmont Ti Benchmarking Study

West Cobar Metals Limited (ASX:WC1) (“West Cobar”, “the Company”) is pleased to provide an update on activities at its Salazar critical minerals project in Western Australia.

Keep reading...Show less
Augustus Minerals

High Grade Copper Rock Chips to 18% on New Targets at Ti-Tree

Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise the results of recent reconnaissance mapping and sampling at the Ti-Tree Project, located 200kms east of Carnarvon in Western Australia. The mapping, supported by 26 rock chip samples, identified two areas containing mineralised veins and historic workings (Figure 1). Neither of these prospects are recorded on GSWA maps.

Keep reading...Show less
A view of Earth from space.

Earth Day: Top 5 Miners Forging Sustainable Paths Amid Growing ESG Scrutiny

As global scrutiny intensifies on corporate environmental, social and governance (ESG) practices, the mining sector is facing increasing pressure to demonstrate that its operations are sustainable.

The resource sector is undergoing a transformation as stakeholders increasingly demand a unified standard for ethical practices. Just last year, four prominent mining associations — the International Council on Mining and Metals, the World Gold Council, the Copper Mark and the Mining Association of Canada — came together to develop a unified mining code.

This collective, which represents 86 companies that operate 700 mines across 60 countries, aims to establish a single minimum global standard encompassing environmental impact, human rights and due diligence, responding to escalating investor demands and reshaping ethical norms within the industry.

Keep reading...Show less
Odessa Minerals (ASX:ODE)

Exceptional Uranium Results at Lyndon - 6,612ppm U3O8

Odessa Minerals Limited (ASX:ODE) (“Odessa” or the “Company”) is pleased to provide an update on its Lyndon Project (“Project”), located approximately 200km northeast of Carnarvon in Western Australia.

Keep reading...Show less
  Diatreme Resources Limited

Mineral Resource Upgrade Paves Way for Northern Silica Project PFS

Emerging silica sands developer, Diatreme Resources Limited (ASX:DRX) announced today a significant upgrade to the estimated Si2 Mineral Resource at the Company’s Northern Silica Project (NSP) in Far North Queensland, highlighting the critical mineral project’s potential amid an accelerating solar energy boom.

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

×