NTM 0.00% 0.5¢ nt minerals limited

Updated Summary of RCP

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    Hi guys,

    So I got an interesting email tonight from a guy who hold many of the shares I do, and he asked "What's your current thinking on Redbank? I see that Anthony Kiernan bought 750,000 in early May at an average of 10.2c for a total of $76,600. Karmalocust says he is a T20 holder. I'm just starting to go through your summary from 27 April and do my own research"

    So I thought there is no better time than the present to update my pervious summary and evaluate if RCP is still a good investment at current prices (under 10 cents)...

    Disclosure: I am still holding (average 9.1) and never sold the spikes... Planning to pick up more in coming days

    For those new to RCP, or are considering investing, here is a brief overview of the company:

    Redbank Copper Limited is an Australian based ASX-listed resource company (ASX:RCP) focused on the discovery and development of world-class mineral projects. Currently the company is concentrating its efforts on the Redbank Project located in the Northern Territory, and the Millers Creek Project which is located in South Australia. The company expects to undertake work at Millers Creek during the wet season in the Northern Territory, as a complement to its Redbank Project.

    • Redbank Project area covers 12,913km² (Granted and Application Tenements)
    • Hosts a JORC 2004 Resource of 6.23Mt @1.53% Cu
    • Significantly underexplored – review of extensive, high-quality technical data currently underway to define priority targets
    • Field mapping in 2019 identified over 300 locations outside of the known copper deposits for follow up assessment

    https://hotcopper.com.au/data/attachments/3239/3239067-5bb68f56adc31d1df4e4850e941c19d3.jpg

    Keyword: EMERGING: - It takes time!! - Patience required

    REDBANK PROJECT

    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. The Redbank Project covers a total area of ~12,400km² with 8,791 km² granted and approximately 4,122 km² under application. Copper mineralisation over the project area is hosted within vertically oriented breccia pipes, with historic drilling unable to determine the depth extent of these breccia pipes and often ending in copper mineralisation.

    The Redbank Project contains an existing JORC 2004 Resource of 6.23Mt @ 1.53% Cu hosted within 7 breccia pipes. This resource estimate does not include 40,000 tonnes of ore (at 2% Cu) stockpiled at surface within the Sandy Flat mining area (see ASX announcement of 2020 Annual Report on 3 September 2020, that the information has not materially changed since it was last reported).

    Small-scale historic mining occurred at the Redbank, Azurite and Prince prospects between 1916 and 1961. Open cut mining and processing of copper ore was undertaken briefly between 1994 and 1995 at the Sandy Flat mine. High grade (>5% Cu) copper oxide ore from the mine was stockpiled and later treated via vat leaching in the 2000’s, producing a ‘cement’ copper product containing 80-90% copper metal.

    In July 2020, Redbank secured a district wide tenement holding in the east McArthur Basin by pegging open ground following work by Geoscience Australia that highlighted the prospectivity of the area for large base metal deposits between the world-class Tier1 zinc deposits at the McArthur and Century Mines. These tenement applications are progressively being granted. Redbank is searching for large copper deposits to add to the
    existing copper inventory
    at the Redbank Project. Redbank holds the tenements with a 100% interest.

    This region hosts
    significant economic copper mineralisation and is highly prospective for copper, cobalt, phosphate, manganese and uranium.

    Currently,

    Redbank Tenements (Granted) Northern Territory – 10,016 km² (Which include the newly granted tenements covering 5,405km² - EL32464, EL32465, EL32466, EL32467, EL32469, EL32470 and EL32471)

    Redbank Tenements (Applications) Northern Territory – 4,068 km²

    Once all granted : 14,084 km²

    Ok, a bit confused now, because as of my last summary, we had the following:

    Redbank Tenements (Granted) Northern Territory – 8,791 km²
    Redbank Tenements (Applications) Northern Territory – 4,122 km² : = 12,913 km²

    What has changed?

    https://hotcopper.com.au/data/attachments/3239/3239163-4ed93634c644d4e8944e9b5f237116d8.jpg

    Have we been granted more applications that haven't been announced yet, or am I missing something? I would appreciate some input from those here more knowledgeable than myself

    Anywhooo... Let's just say that we have more than 10,000 Km2 of highly prospective land in the NT!!

    The tenement package includes numerous advanced copper targets and has an indicated JORC resource of 2.76 million tonnes at 1.6 % copper for 43,100 tonnes of copper metal and a total inferred and indicated resource of 6.24 million tonnes at a grade of 1.5 % copper for 95,900 tonnes of contained copper metal.

    And here is a map of our current tenement at Redbank and those still under application (self-explanatory) - those highlighted in yellow are the 7 new tenements (As of Ann 01 April, 2021)

    https://hotcopper.com.au/data/attachments/3239/3239185-0934023f9b1ae551a77f70ee299cf3e7.jpg

    The seven newly granted tenements cover a total area of 5,405km² and include EL32464, EL32465, EL32466, EL32467, EL32469, EL32470 and EL32471 which have been granted for an initial term of six years and bring our granted tenement coverage to 8,791km² in the McArthur Basin....

    That is a whopping 8791 km2 of highly prospective land, extending 300 km in distance from the McArthur mine all the way to the QLD border!!

    https://hotcopper.com.au/data/attachments/3239/3239194-bc97ee9135571ae67634e26c432f0b4e.jpg

    Let's just assume a rounded number of 14,000 Km2 tenemant package (Including Millers), this means that we have a land package larger the the following countries (To name a few)

    https://hotcopper.com.au/data/attachments/3239/3239225-3b93f4f43983724bd6c42a86a24ebd19.jpg

    So we have 21 x more land than Singapore in a highly prospective region includes numerous advanced copper targets and a total inferred and indicated resource of 6.24 million tonnes at a grade of 1.5 % copper for 95,900 tonnes of contained copper metal??

    Ok, lets proceed biggrin.pngeek.pngbiggrin.png

    So what has the company been doing with all of this copper rich land? Sitting on their hands? I think not!!

    * Evaluation of 2020 field work and updating of existing Redbank Project copper resource to JORC Resource 2012 classification continuing... (EXPECTED THIS MONTH)!!
    * Extensive 2021 exploration program planned to test copper targets in pursuit of an economic copper resource...
    * In April, Newly granted tenements cover 5,405km² - This is the FIRST TIME a district scale tenement package has been secured by one company between world class deposits of McArthur River and Century Zinc Mines - Redbank’s position is now the largest tenement holder in the eastern McArthur Basin!

    This is Prime Exploration Real-Estate

    https://hotcopper.com.au/data/attachments/3239/3239254-46a042f88d59762d19ffdedaad12213e.jpg
    And within this prime real-estate, Numerous surface copper anomalies within tenements that have never been drilled!!

    Target areas circled in yellow...

    https://hotcopper.com.au/data/attachments/3239/3239266-e999579945783bda9d18a5c1c355354f.jpg


    Ok, so what is the latest on all of our exploration activities?

    https://hotcopper.com.au/data/attachments/3239/3239284-f05d2317f7ec7c584ef22a4572d88a3e.jpg
    This is a lot to look forward to... Not only are they commencing infill soil sampling and IP survey TOMORROW, they are also planning to commence RC and DD drilling in our Maiden Drilling Campaign later this year...

    - A combination of RC and diamond drilling is proposed to test targets to increase the existing resources of the known breccia pipe deposits. A number of targets are already defined from previous explorers where IP anomalies from pre-1975 ground geophysical surveys have not been followed up.

    https://hotcopper.com.au/data/attachments/3239/3239294-499007c5a4f2db2fb95d7b1bd0e31751.jpg
    Ground geophysical induced polarisation surveys will test in-between the breccia pipes. Previous drilling only into the breccia pipes.

    https://hotcopper.com.au/data/attachments/3239/3239297-de38b5c7b020303a997da10708eee589.jpg


    - Targets defined by this program’s soil sampling and IP surveys will be prioritised for drilling late in the field season in October/November this year.

    https://hotcopper.com.au/data/attachments/3239/3239302-f094fd3e0d90bbf530b64ca25be0417c.jpg

    - Also,a new helicopter borne VTEM Max survey has been contracted to utilise the high peak dipole moment of 700,000NIA, flying 100m spaced North-South lines from the Redbank area east to China Girl and comprising a total of ~3,500 line kilometres. This survey will take approximately 14 days to fly at an average of 250 line kilometres per day. The survey will be critical to re-evaluating the breccia pipe targets and also the soil geochemical anomalies east of the known Redbank breccia pipes.

    https://hotcopper.com.au/data/attachments/3239/3239303-885d32002d998c8a5a0daf344daa0bf6.jpg

    - Redbank expects to submit its first stage drilling plans for regulatory review and approval in July.
    - Up to 10,000m of drilling is planned for the 2021 field season.

    So in layman's terms, we are currently looking for the right place to stick the drill bits in to get the best results

    What did Mike have to say about this exploration update?

    https://hotcopper.com.au/data/attachments/3239/3239310-ab76cea43cf2a16603084186860c32d0.jpg

    Sounds pretty exciting to me

    What about our upcoming JORC 2012 compliant database for resource update?

    Well, re-sampling of historic drill core and a regional soil sampling program completed at the Company’s Redbank Copper Project in the McArthur Basin, was necessary to enabled an independent mineral resource estimate to commence with confidence in the database supplied to Entech Pty Ltd, who are updating the existing resource to JORC 2012 classification. An updated resource estimate is now expected this quarter (THIS MONTH).

    Following completion of the 2020 field work program, Redbank has now significantly increased confidence in historic copper assay results which date back 50 years. The re-sampling program has confirmed a good correlation between historic and recent assays.

    Redbank has completed re-assaying 4,692 historical drill core and pulp samples from approximately 25,000m of diamond drill core stored at the Redbank Exploration Camp. This work was critical to validate historic assays, some going back over 50 years to 1970 when Newmont Ltd first discovered multiple copper mineralised breccia pipes within a small area of the Redbank Project.

    Importantly, Redbank’s technical team has been able to validate several high-grade copper intersections from historic drill programs completed within the Redbank Project area. Several of these copper intersections have been recorded at targets that will form part of Redbank’s exploration plans this year.

    https://hotcopper.com.au/data/attachments/3239/3239311-c5271ac14e7131bd0e4fd0ca9ed9d9e9.jpg

    The updated JORC 2012 resource estimate is expected very soon, and I have a "suspicion" it is going to be better than expected

    What did Mike have to say about this?

    "“Our team has put in a huge effort to not only validate 50-year-old data to include in our database for estimating a JORC 2012
    mineral resource, but also to integrate all this data to provide a clear plan on what exploration methods are most effective in our future copper exploration programs. The fact that mineralisation appears to be predominantly chalcopyrite with little pyrite is significant and allows our team to
    design follow-up exploration programs with a high-level of conviction.

    He goes on to say, "Although a considerable amount of work has been completed at the project in a short period of time, what is clear is that
    this is just the starting point for Redbank in our pursuit of large-scale copper systems in the McArthur Basin. The scale of our ground position is significant and through the detailed review of huge amounts of internal and industry historic data, overlaid with modern techniques and tools, our team has now established a much clearer geological understanding of the Redbank Project and the significant opportunity at hand.”

    So is this Mike saying that we have a significant opportunity and that this is just the starting point???

    No wonder why Management are investing at these prices....

    So lets take a look at Management and thier skin in the game:

    As per Presentation 06 May, 2021:

    https://hotcopper.com.au/data/attachments/3239/3239320-c7bf6db560e98a820a251441d0bd3443.jpg

    This Capital structure slightly varies from my previous summary due to its oversubscribed CR to raise A$7.43 million (before costs) via the issue of 102,530,148 new ordinary shares at an offer price of $0.0725 per share (‘Placement’).

    With slight dilution though, RCP now have almost $8.5 Mil to expand our exploration activities on our tenements 21 x larger than Singapore

    Our Top 20 own almost HALF of the company!!! This is huge... Although, if you are reading this Mike, I would kindly suggest that you update the Top 20 list on a monthly basis (via your website) as this for me, is a very valuable investor resource... It also demonstrates the company's commitment and loyalty in providing shareholders with the most up-to-date information. Other companies such as CNB, FFX do this on a monthly basis (please see their websites)... (OT, I am more inclined to invest in companies which provide this)

    Unfortunately, I can not delve into the Top 20 analysis as I do not posses the most current data since the recent dilution. I can only go off the above Figures provided by the company in its recent presentation...

    PLEASE MIKE, WE NEED THIS tongue.png

    Anywhoo, we can see anyway that management have significant skin in the game (8.82%) comprising of the following:

    https://hotcopper.com.au/data/attachments/3239/3239348-966fd02a9848c8cf53dc982e7b5ee147.jpg

    This would make Daryl the largest director shareholder with 5.33% of the company... Keith with 1.72% of the company and the others yet worth calculating...

    But it is nice to see an on-market trade by Anthony of $76,600 at 10.2 cents... I am sure he will make his holdings increase in value biggrin.png

    https://hotcopper.com.au/data/attachments/3239/3239358-ddc81cb90256177cb6647110265f659f.jpg


    Please note I have not take into consideration Performance Rights, Options etc... I really need the latest Top 20 before I delve into this

    It is also nice to see an experienced team at the helm:

    https://hotcopper.com.au/data/attachments/3239/3239361-84ca9b0eec25680ab84c3dc54962c1f5.jpg

    * I will delve into each and everyone one of these guys over the coming days / weeks to get a better understanding of thier backgrounds and experiences, SP movements of stocks in companies they held managerial positions in etc... I can only do so much in one night tongue.png

    * Upcoming JORC 2012 Estimates (any time now) - Currently JORC 2004 Resource of 6.23Mt @1.53% Cu
    * Exploration non-stop
    * Maiden Drilling Campaign to commence in Oct/Nov
    * Director buying On-Market
    * Highly experienced Management team (minus the Top 20 updates) tongue.png
    * Significantly under-explored
    * Land holdings 21 times the size of the country Singapore, in a region which hosts significant economic copper mineralisation and is highly prospective for copper, cobalt, phosphate, manganese and uranium...

    Cari says "YES Please"!!! Especially at current prices (under 50 Mil MC seems abit undervalued to me considering the above points), but again, am looking for the company to be more forthcoming with its investor resources (Top 20 lists) - Big Thing for me and my research (Hint-hint)

    I eagerly await any input any of you may have regarding my very basic summary and please feel free to add any "constructive criticism / input" that you may have...

    Cari




 
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