Redstone Resources (ASX:RDS) has acquired 100% interest in a portfolio of greenfields projects in Western Australia.
The acquisition involves 75 million shares at a $0.003 issue price, with a voluntary 12-month escrow. It also includes a 1.5 net smelter return over all the acquired projects.
According to Redstone, the acquisition provides the company with exposure to multiple commodities such as gold, lithium, copper, and Mt Isa-style copper-gold and base metal systems.
The acquired projects include Mt Cauden, Twin Hills, Rudall East, and Cockatoo Rocks, alongside other prospects.
Redstone Chairman Richard Homsany says the acquisition offers a “compelling opportunity” to accelerate exploration across prospective mineral districts in a “capital-efficient manner”.
“Importantly, the acquisition involves no cash consideration, enabling Redstone to rapidly commence drilling and other priority exploration activities at the highly prospective Mt Cauden and Twin Hills project areas, while the technical team undertakes a comprehensive assessment of the broader portfolio,” Homsany says.
Redstone’s exploration programs will initially prioritise the Mt Cauden and Twin Hills gold projects, where program of work approvals have already been approved.
The company plans to conduct initial reverse circulation drilling to test identified walk-up drill targets, and will provide further information in due course.
The Mt Cauden project comprises over 40km2 in the Youanmi greenstone belt, 11km southeast of the Marvel Loch gold plant and north of the Mt Holland lithium mine.
Meanwhile, the Twin Hills Project covers 60km2 of Norseman-Wiluna greenstone geology in the Leonora-Menzies mining centre. Limited historical drilling identified gold intersections including 17m @ 1.23g/t gold from 28m, which remain open at depth.
Redstone Resources is a base, precious metals, and lithium company, with assets in Western Australia and Canada.
Write to Paula Fabe at Mining.com.au
Images: Redstone Resources
