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Redport Limited A.C.N. 061 559 840
ASX: RPT
78 Jolimont St. Victoria 3002, Australia
Tel: +61 3 9650 0922 Fax: +61 3 9654 0788
Page 1 of 1 Docno: ASX Herakleion 2004 Gravity survey.doc
Redport Limited ASX Announcement
22 July 2004
The Board of Directors of Redport Limited (“Redport”) (ASX:RPT) announce the
following development:
HERAKLEION – 2004 GRAVITY SURVEY
On 7 July, 2003 Redport stated that it and three other parties executed an agreement
with Reedy Lagoon Corporation Limited ("Reedy") for the creation of a joint venture in
respect of Reedy's Exploration License 2622 located in the Gawler Craton region of
South Australia.
Results from the recently completed gravity survey (7 km x 10 km at 200 m x 200 m)
provide detailed targeting for a second stage drilling programme at the Herakleion
Copper-Gold prospect in South Australia.
Four focus areas are defined within a structurally complex body of rocks with high
density. Interpretation of the additional gravity data, using density parameters
established by the 2003 drilling, indicate rocks of densities of approximately 3.2 g/cm3
underlie the four focus areas at depths of 425 m to 500 m below surface.
Drill hole HD-02 (drilled in 2003) is correctly sited at one of the focus areas. Gravity
data available at the time of the drilling had been interpreted by RLC to indicate rocks
of 4 g/cm3 at a depth of 150 m – 250 m below surface. The hole (HD-02) was
terminated at 399.25 m depth whilst still in Upper Proterozoic cover sequences.
Densities of 3.2 g/cm3 are consistent with the bulk densities of the iron rich breccias
which host the Iron Oxide Copper Gold (“IOCG”) mineralization at both: Olympic Dam
Mine (250 km to the SE) and Prominent Hill Prospect (150 km SW). Herakleion is
further supported by the presence of copper mineralization at surface – such
mineralization being absent at surface at both Olympic Dam and Prominent Hill.
The Board of Redport is considering Second Stage drilling – this may include
deepening HD-02 and is subject to approval and funding by the ECBMJV parties, and
drill availability.
For further information contact:
Web Sites Managing Director Contact
Rick Spielrein Telephone +61 (3) 9650 0922
www.redport.com [email protected] Facsimile +61 (3) 9654 0788