I have attached the West Australian article for you and others to read.
Really interested by the MD's comment that "Everything is starting to stack up....... It looks like the anomalies are lying above sulfides, the question is how deep, how much and what grade..."
Go the Stone!
Cheers, Tony
Junior steps up drilling program at Musgrave JOHN PHACEAS 703 words 12 February 2007 The West Australian METRO 36 English (c) 2007, West Australian Newspapers Limited
While mining giant BHP Billiton starts reviewing the development potential of its Nebo-Babel nickel deposits in WA's remote West Musgrave region, low-key explorer Redstone Resources is also laying the groundwork for one of the biggest drilling campaigns conducted in the area in years.
Though Redstone listed only last year, the company was one of the first to identify the prospectivity of the Musgrave Ranges. According to managing director Anthony Ailakis, he "began looking" in the mid-1990s - long before most - and started pegging the area in the late 1990s.
It has since assembled what it claims is the biggest landholding in the region with about 4300sqkm of ground, including its flagship Blackstone Range and Red Rock projects either side of the Nebo-Babel project.
Since listing, Redstone has been able to complete a staggering amount of geochemical sampling using new X-ray fluorescence technology (XRF), taking more than 4000 samples over more than 900sqkm of ground. XRF enables on-the-spot analysis to identify metal values for key commodities such as nickel and copper.
Most of the company's attention has been focused on Blackstone Range, about 60km east of Nebo-Babel, where it is earning 75 per cent from Resource Mining Corp.
Already it has identified a number of major nickel-copper anomalies at the Halley's and Titan prospects.
On just the second day of sampling at Halleys in August, Redstone turned up a highly anomalous zone which returned peak values of 1.4 per cent copper and 0.8 per cent nickel together with elevated platinum group element levels.
It has since defined a 2.5km-long anomalous zone, with peak values of up to 1.9 per cent copper and 1.1 per cent nickel, while analysis of the full suite of platinum group elements shows an al~most identical profile to the discovery gossan at the massive Voisey's Bay deposit in Canada.
Strong nickel-PGE anomalism has also been identified for another 2km along strike.
Those results have been backed up by rock-chip sampling and ground electromagnetics, and Mr Ailakis said the company was confident that they indicated the presence of sulfide nickel-copper mineralisation at depth.
Farther to the south-east of Halleys, Redstone has also identified two large, high-order copper anomalies within a broadly anomalous zone measuring 10km long by 4km wide, including a main anomaly measuring 1.2km by 600m which returned values of up to one per cent copper.
Mr Ailakis said the company was now finalising plans to ramp up work and drill the main Halley's target.
Though the details are not yet finalised, he said the program would kick off in April and was likely to be one of the biggest ever conducted in the West Musgrave region, incorporating more than 10,000 metres of RC and RAB drilling.
While still early days, Mr Ailakis said the initial signs were encouraging and that Redstone was already ahead of plan.
"Everything is starting to stack up - geologically, geochemically and geophysically," he said. "It looks like the anomalies are lying above sulfides, the question is how deep, how much and what grade."
Importantly, the initial discoveries have been made exactly in the areas pinpointed by chairman David Groves, a leading academic and former director of the Centre for Global Metallogeny, as having the potential for Voisey's-style mineralisation due to its proximity to a major aeromagnetic anomaly.
Redstone has already been a strong performer since listing, with its 25 shares now trading around 85.
So investors will be watching closely for confirmation of Halley's potential when the drills start turning next quarter.
RDS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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