Redstone Resources (ASX:RDS) has discovered lithium and rare earth element outcrops (REE) following the completion of a phase one reconnaissance exploration program at its Attwood Lake Lithium Project.
The company says the program comprised a helicopter-supported geological mapping and sampling program and identified numerous pegmatite lithium and REE outcrops.
Redstone reports a total of 209 rock grab samples were collected from various pegmatitic bodies and have been sent for geochemical analysis.
The company notes the outcrops vary in size from a few metres to up to tens of metres wide by 50m long.
The helicopter-supported geological mapping and sampling program was completed by APEX Geoscience and consisted of a team of 4 geologists.
This announcement comes following the extension of a ‘thick’ and ‘high-grade’ copper lens towards surface at the Chatsworth prospect within the company’s wholly owned West Musgrave Project in Western Australia, as announced in May 2023.
Redstone reported mineralisation had been extended by a further 20m towards the surface, with the belief that the copper lens extends further just below the surface, as there is very little transported cover at the prospect.
As of 11:40am AEST, Redstone Resources’ share price had increased by 14.29%.
Redstone Resources is an ASX-listed, Perth-based exploration company focused on ‘highly prospective’ copper exploration properties in the West Musgrave region of Western Australia.
Redstone’s recently acquired Attwood Lake Project is located in northern Ontario and comprises 17 contiguous claims totalling a land area of 7,416 hectares.
Redstone had $323,000 cash at hand at the end of 31 March 2023, according to its latest quarterly report released on 28 April 2023. This was prior to a $1.28 million share placement in May, which helped support the purchase of Attwood Lake.
Write to Adam Drought at Mining.com.au
Images: Redstone Resources Ltd
