Redbank delivers 20% resource tonnage upgrade, accelerates production strategy

29 July 2007 | 05:47 Code : 14724 Geoscience events
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Emerging copper producer, Redbank Mines is evaluating early development....

  Emerging copper producer, Redbank Mines is evaluating early development options for an initial open cut mining operation producing between 6,000 and 10,000 tonnes per annum of copper at its Redbank Copper Project in the Northern Territory after announcing a 20 percent increase in the project’s JORC compliant resource tonnes, with an increase in contained copper metal to 71,000 tonnes.Redbank said that limited drilling programs totalling 5,000m earlier this year had generated an increase in the resource within four oxide deposits and three sulphide deposits to 5,028,000 tonnes @ 1.4% Cu for 71,000 tonnes of contained copper metal. According to the company said the drilling indicated the potential for further substantial resource increases.Redbank’s Managing Director, Gino Vitale said the resource upgrade underscored the company’s confidence in the potential of Redbank Copper Project to support long-term production. “The substantial increase in the resource inventory from relatively limited drilling programs represents an excellent return on our investment in exploration,” Mr Vitale said.With 2.3 million tonnes, or 45 percent, of the revised resource contained within the top 100m from surface, Redbank plans to accelerate potential early development options targeting production of 6,000 to 10,000 tonnes of copper per annum from an open cut mining operation.“Approximately half of this near-surface material, some 1.1 million tonnes, is located in the near-surface oxide zones at the Bluff, Punchbowl, Redbank and Azurite deposits,” Mr Vitale said. “This near-surface resource inventory would provide sufficient tonnage for an initial five to six year base scenario for an open cut mining operation,” he said.“We will continue to test depth extensions of existing breccia pipes as well as drill selected high-grade anomalies within the project area, targeting a much larger resource base for the project. “In the meantime the present resource supports us pressing ahead with studies to determine the optimal treatment options for our high-grade oxides, with the aim of establishing a significant open-cut operation within a much earlier timeframe than we had originally anticipated,” Mr Vitale said.

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