Redbank raising sets it up for major exploration work
PERTH (miningweekly.com) – Copper developer Redbank Copper on Tuesday told shareholders that it would undertake an aggressive exploration campaign following a successful A$8.2-million capital raising.
Redbank raised the funds through a share placement, priced at 0.5c a share.
The company used the capital to repay its A$4.3-million debt to Stirling Resources and DCM DECOmetal. Additionally, private investment syndicate InvestMet also converted its A$1.5-million debt to equity, leaving Redbank debt-free.
With the remaining A$3.9-million, Redbank would now work towards growing its flagship namesake copper project, in the Northern Territory, by carrying out resource definition drilling, drill testing known targets, and identifying new targets through aeromagnetics.
The project currently has a defined resource of some 6.24-million tons, grading 1.5% copper, for 96 500 t of contained copper. Redbank was hoping to double this resource through an increase in both tons and grade, which the company said would pave the way for the start of mining.
In addition to the Redbank deposit, there are numerous advanced copper targets, which would be tested as part of the impending drilling programme.
“The Redbank project has a significant copper resource, with outstanding potential for growth on the back of numerous known targets and greenfield exploration in swathes of highly prospective surrounding acreage,” said company executive chairperson Michael Fotios.
“With the restructure complete, the company now has the cash and the access to people with the skills and experience to ensure this outstanding opportunity is fully realised.”
Fotios said that the company intended to secure a rig and start drilling as soon as possible, with the aim of growing the Redbank resource and undertaking early stage economic assessment of the project.
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