Ann: Quarterly Cashflow Report, page-2

ACTIVITIES REPORT FOR THE
QUARTER ENDED 31 MARCH 2021
Redbank Copper Limited (‘the Company’ or ‘Redbank’) (ASX: RCP) provides
the following review of activities for the quarter ended 31 March 2021.
HIGHLIGHTS
 $7.43M oversubscribed capital raising completed on 3 March
 Redbank fully funded for exploration at the Redbank Project for the
upcoming field season
 Soil survey and ground geophysical survey crews preparing to mobilise
to commence field work at Redbank Project on 1 June
 Redbank drillhole/assay database provided to Entech Pty Ltd on 30
March to commence independent JORC2012 compliant mineral
resource estimate
 Exploration target generation progressing with airborne EM survey
planned over central Redbank Project area
 Regional exploration targets in the search for a stratabound copper
deposit in the eastern McArthur Basin generated over Redbank Project
application tenements utilising insights from oil and gas explorers
 Remaining tenement applications progressing to grant
 Redbank continues to engage with the Northern Territory Government
regarding the rehabilitation of the legacy copper mining operation at
the Sandy Flat Mine Site
 Appointment of Tony Kiernan as Non-Executive Chairman
Figure 1. Redbank Project Area: regional targets– 12,913km2
Management Commentary
Commenting on progress made during the March quarter, Redbank’s Non-Executive Chairman Tony
Kiernan said, “having just joined the Board of Redbank, it’s impressive to see the amount of technical
work completed to update the mineral resource estimate with a new JORC2012 mineral resource
expected in the coming months. Redbank has prepared a well funded exploration campaign at the
Redbank Project this coming dry season. The Company is operating in a mining friendly jurisdiction
and has the key ingredients of funding, experienced explorers and a highly prospective copper
mineralised terrain just as the copper industry is looking for the next generation of discoveries.
The Australian Government via the Exploring for the Future Program has done a tremendous job in
stimulating exploration activity in the Northern Territory and I look forward to leading the Board in
promoting Redbank’s exploration and development strategy over the coming years”.
PROJECT PORTFOLIO AND EXPLORATION ACTIVITIES
REDBANK PROJECT, NORTHERN TERRITORY
The Redbank Project is located in the far northeast of the Northern Territory with the eastern
boundary of the tenement package along the Northern Territory / Queensland State border.
Known copper mineralisation is hosted within vertically oriented breccia pipes, that are open at depth
often ending in copper mineralisation in historic drilling. The source of the copper which was
transported into the pre-existing breccia pipes has long been speculated by geologists. The
remoteness of the region, sporadic limited drilling and tenement holdings by small, poorly funded
explorers has inhibited exploration using modern techniques.
Over the last 18 months, since new management took control in August 2019, the Company has
sought to secure a significant district scale ground position. Redbank management see the potential
to both expand the existing copper mineral resource at the Redbank Project (6.23Mt @1.53% Cu
JORC 2004 - see Annual Mineral Resource Statement and announcements released to ASX on 27
October 2011 and Prospectus released on 13 February 2013, that the information has not materially
changed since it was last reported) and to make a new copper discovery. This strategy has been
enhanced by the work of Geoscience Australia as part of the $100m funding of the Exploring for the
Future program and the second stage $125M funding (see https://www.ga.gov.au/eftf ).
Insights from the work completed by Geoscience Australia and previous work by oil and gas explorers
has provided the Company’s exploration team with important insights into the reasons why copper is
present at such high grades within the Redbank Deposit breccia pipes.
EXPLORATION ACTIVITIES
During the quarter, the exploration team concluded a 12 month re-construction of the Redbank
drillhole/assay database. This database now comprises 840 drill holes with all data validated. The
result of this work means that holes drilling in the 1970s with resultant assays can be used as part of
the JORC 2012 mineral resource estimate currently underway. Much of this drilling was managed by
Newmont Ltd, with both the drilling, assays and geological logging undertaken to a high standard.
In addition, both petrophysical studies on historic drillcore and petrographic descriptions of thin
sections has revealed that the copper mineralised breccia pipes are very low in sulphur and therefore
chalcopyrite (CuFeS2) is the only metal sulphide with little to no pyrite (FeS2) present. This has
important implications for future exploration. Firstly, this finding means that the induced polarisation
(IP) geophysical technique has the ability to directly detect disseminated chalcopyrite without the
survey producing false positives. Consequently, Redbank has purchased its own ground induced
polarisation geophysical survey equipment. Chargeability anomalies recorded with this survey
equipment will therefore have a high probability of directly detecting copper.
Second, the IP equipment will have the ability to both detect existing disseminated chalcopyrite
already drilled within the seven breccia pipe deposits and in additional, search for additional
disseminated chalcopyrite as yet undrilled. This provides a good technique to direct resource
expansion drilling later this year.
As the IP ground geophysical surveys progress, the area surveyed will expand beyond the existing
breccia pipes into areas close to the breccia pipes but un-explored. The expansion of the existing
mineral resource estimate of 6.23Mt @ 1.53% Cu is a key priority and it is expected that the IP survey
technique will provide a clear and simple method to direct drilling to expand the copper resource.
As previously reported, 12 exploration license applications were submitted in July 2020 with 2
exploration license applications acquired during the quarter covering an area from the Redbank
Project on the Northern Territory / Queensland border in the east to the McArthur Mine in the West.
The area covering the applications is considered highly prospective for base metals deposits and
has been identified by Geoscience Australia as an area with potential for the discovery of large
copper and zinc deposits. The Redbank Project area is now at a scale where an entire prospective
district has been secured.