East Perth-based Redstone Resources Ltd has secures an access agreement over significant Iron-Oxide- Copper-Gold (IOCG) prospective exploration area at the Baggaley Hills, in the West Musgrave Region, in Western Australia.
East Perth-based Redstone Resources Ltd has secured an access agreement over a significant Iron-Oxide-
Copper-Gold prospective exploration area at the Baggaley Hills, in the West Musgrave Region, in Western Australia.
The agreement has been negotiated between the company and the traditional owners and the Ngaanyatjarra Council.
The full annoucement is pasted below:
Redstone Resources Ltd has announced that an exploration access agreement has been made with traditional owners (the Local Indigenous Council) over seven exploration licences in the Baggaley Hills area, totaling 1660 km2.
The ground was targeted by Normandy and Newmont in the early 2000s for IOCG (iron-oxide copper-gold) style deposits but was surrendered when an exploration access agreement could not be reached with traditional owners.
A detailed aeromagnetic survey flown by Redstone Resources in 2007 highlighted numerous targets in the area and in areas outside of Redstone's previous tenement package.
Several new tenements were acquired in 2007 based on targets defined during the survey and all tenements have now been granted. Redstone Resources have now secured the right to explore the enormous ground package for
Olympic Dam style IOCG and Voisey's Bay style (nickel-copperplatinum group) Ni-Cu-PGE deposits along the southern end of a major intrusive corridor.
The Baggaley Hills Project exploration licences include two major coincident gravity and magnetic anomalies and several bullseye, circular magnetic features defining Olympic Dam-style IOCG-type targets (including The Twins), and numerous pipe and dyke like Giles Complex intrusions (including the Antlion Intrusion) prospective for Ni-Cu-PGE deposits.
Geophysical modeling by Newmont validated a magnetic source not simply explained by the host rocks of the area, and enhanced the likelihood of IOCG deposits along the corridor.
The anomalies are located adjacent to the craton margin near deep-seated crustal-scale structures, and the geological setting is conducive to IOGC style mineralisation.
Redstone Managing Director Anthony Ailakis said that "the agreement is one of the largest negotiated in the West Musgrave region and is a reflection of the quality and strength of the relationship which has been established between the company, the traditional owners and the Ngaanyatjarra Council.
This land has never been open for exploration due to access restrictions.
As a result of these restrictions, the West Musgrave region is one of the least-explored Proterozoic terranes in Australia, representing a unique and unparalleled opportunity for greenfields exploration and the potential discovery of world-class deposits.
The Proterozoic age was a peak time for development of IOCG and Ni-Cu-PGE deposits worldwide and Proterozoic terranes in Australia and the world are typically well endowed with minerals".
Exploration over the key targets defined will commence as soon as possible, with detailed surface geochemical sampling, ground geophysics and drilling of targets enhanced by on-ground work.
