Annoucment is out :
REDSTONE RESOURCES LTD ABN 42090169154
20 December 2006
Manager Announcements
Company Announcements Office
Australian Stock Exchange Limited
Level 4/20 Bridge Street
SYDNEY NSW 2000
EM RESULTS ENHANCE REDSTONE HALLEYS Ni-Cu-PGE TARGET IN THE WEST MUSGRAVES
SUMMARY
• A major Ni-Cu-PGE system is defined (Araplats Trend) over 35km strike along the southwestern margin of the Saturn Complex.
• The 1.5km long Halleys target has been identified within the Araplats Trend, with extremely high Cu, Ni and PGE soil lag geochemistry (significantly higher than lag geochemistry over Nebo and Babel Ni-Cu-PGE sulphide deposits, 30 km to the west).
• Total PGE geochemistry indicates the ironstone is gossanous, with similar PGE trends to the gossan over the Voiseys Bay Ni-Cu-PGE deposit.
• A near-surface weak EM conductor is coincident with, and is interpreted to plunge away from the discovery ironstone outcrop. All results to date suggest the presence of significant sulphide mineralization.
• Further detailed work will commence along the Araplats trend to follow-up several other high order anomalies over the 35km strike.
• Other significant exploration results include:
o Definition of a large copper anomaly (10 x 4 km) with several bullseye targets, the best of which is Titan (1.4km long to 800m wide); and
o Location of an 80m x 80m outcrop containing 5 to 10% disseminated ex-sulphide and open in three directions under sand cover. The Cu-Pb anomalous sulphide system (Aladdin) is hosted in basement metamorphic rocks adjacent to a major regional structure.
• Drilling programmes for all targets, including Halleys is scheduled for March
I am after a few Opinions here;
Lets revisit these results above, and I'll say IF! IF drilling currently underway proves these results (rock chip etc) to depth say 100 metre, which I believe to be expected given the Musgrove area.
And IF these results prove and define another Voiseys Bay Ni-Cu-PGE deposit or Nebo and Babel Ni-Cu-PGE which given the surface area of the samples they just have to prove it goes down.
So IF they find this deposit what does a companies share price do when it finds a billion $ deposit? Please some1 tell I am not the only one that can see the potential here. What does happen?
Opinions please
Uranium.
The current price is very strong, given they have only had samples so far. These were announced to the market back in December - it was as good an announcement you could get. Now we await the drill results to see if they support the samples.
The RMI announcement was released as this is a JV which RDS has a 75% stake. It basically confirms that drilling is now underway.
Those that hold this stock hold it tightly (me included) as we believe this has a lot of potential. (You should read their fundamentals and the directors experience by visiting the website).
I think this stock has slipped by as it hasn't had a heap of press, but I reckon that will change in the coming days/weeks! Good luck if you choose to jump on the redstone train!
I could agree more Nuwave, I myself have been prevue to a bit of background information. The RDS tenamants including where Halley's and Redrock are located and acquired in the 90's. During this period BHP/WMC have secured nieghbouring tenaments, of which have they have identifed as very prospective, infact one of RDS tenaments neighbours BHP's Nebo-Babel Deposit (2nd largest deposit of its kind in the world). Prior to mid-2006 a number of major's have attempted to aqquire the RDS land holding in the Musgrove engaging in a variety of means unsuccessfully.
During the float & prior a large Chinese MN and other AUS basede mining houses where in discussion with RDS (as referred to in Kalgoorlie Times and Australian newspaper). moving forward as Newave has said, this area is seen as one of the most underexplored/prospected areas in the world, the testing to date (sample surface, airal) has identifed a large target the size of Nebo-Babel. Although until drilling is done (which is underway) it will not be known whether the sulfides carry the base metal.
I like may other people on this post believe if its on the surface it most likely continues to depth. IF IF IF IF IF IF IF it does RDS could prove up a world class deposit.
Just to clarify I do have RDS shares and RDS shares only becuase I believe in the stock and management. These a big IF atm and this will remain until we see drilling results. However to me its an risk, worth the risk because the return could be exceptional.
Further more drilling commenced at 6am this morning.
Anyway if you are interest check out all the announcements and research the geo's and look at it objectivly. I'd be interested for any1's opinion. Well till next week (maybe some results come friday)
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