https://www.miningweekly.com

Redstone raises cash for West Musgrave copper exploration

1st March 2021

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

Precious metals developer Redstone Resources has successfully raised A$2.2-million through an oversubscribed private placement, at an issue price of 1.2c apiece.

The directors of the ASX-listed company have also reserved the right to place a further A$325 000 at the issue price, subject to shareholder approval, to bring the total raising to A$2.6-million.

Redstone says the placement received strong support from several new sophisticated and professional investors introduced by the lead manager to the offer, 180 Market.

The company will use proceeds for exploration on the West Musgrave project, in Western Australia.

Redstone is in the process of planning of a reverse circulation drilling programme and will start once government approvals and heritage clearances have been granted.

The company believes the project is prospective for copper mineralisation across the tenure, beyond the existing Tollu copper vein deposit, warranting further evaluation and follow-up in this planned drilling programme.

The company last year identified drilling targets during a project-scale mapping and rock chip sampling programme.

“Further evaluation of the broader highly prospective West Musgrave project has the potential to add to its current Tollu copper resource of 3.8-million tonnes grading at 1% copper, containing 38 000 t of copper, both at Tollu and areas outside of Tollu,” Redstone reports.

This while the global copper price and sentiment remains strong. Copper hit a nine-year high of $8 437/t in mid-February.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION