redbank shares surge

Redbank shares surge more than 60%

Monday Feb 19 13:32 AEDT

Shares in junior explorer Redbank Mines Ltd have surged more than 60 per cent following promising exploration results at its namesake copper project in the Northern Territory.

Redbank Mines said drilling had discovered a new mineralised pipe at the Punchbowl area and confirmed the geometry of copper mineralisation down to an open pit mining depth of 100 metres in the Bluff area.

Shares in the company gained as much as 8.5 cents or 62 per cent to 22 cents on the back of the news before pulling back to be 19.5 cents, or six cents higher, by 1255 AEDT.

More than 22 million shares have changed hands.