Overview
RMC has entered into a Farm-in Deed with Redstone Resources Ltd for these projects. Under the terms of the Farm-in Deed, RMC has earned a 25% interest in the tenements by the provision of certain geological and geophysical information to Redstone. Redstone is solely responsible for the funding of exploration costs with a minimum of $1,000,000 to be spent by 25 July 2009. Redstone has now met the expenditure commitments that entitles Redstone to 75% of the Blackstone Range Project. RMC has elected to move from a 25% contributing JV participant to a 10% non-contributing free carried position.
The Blackstone Range Project consist of the Blackstone Range (E69/2108 & E69/2109) (Figure 1).
Figure 1. Project Location
Mineral Deposits and Occurrences
The Musgrave Region is prospective for Ni-Cu-PGE-Co deposits, base metals (sediment and volcanic hosted Cu-Pb-Zn-Ag) and various types of gold mineralization and includes the Wingellina Nickel Laterite deposit and the Babel-Nebo Ni-Cu-PGE-Co deposit:
• Wingellina is a large nickel laterite deposit containing 186Mt @ 0.86%Ni with average widths of 40m, located in the Western Musgraves Block in WA n ear the border with South Australia and the Northern Territory. This deposit was discovered in the late 1950s by Southwestern Mining Co (Inco) and is currently in feasibility studies. The deposit is associated with limonitic ocherous laterite with gem quality chrysoprase and sits atop an ultramafic intrusive of the Giles Complex.
• Claude Hills nickel laterite lies 30km east of Wingellina in South Australia and contains approximately 4.5Mt @ 1.5% Ni. Mt Davies lies to the south of Claude Hills and is relatively enriched in cobalt.
• Babel-Nebo is a major nickel sulphide deposit discovered by WMC in 2000. Drill intersections include 106.5m @ 2.4% Ni, 2.7% Cu and 0.2g/t PGE, and a resource of about 1Mt contained Ni and 1Mt contained Cu+Co has been released. Nebo-Babel was discovered using lag sampling and outcropped as scattered gossan, and is therefore principally a geochemical discovery. However, strong magnetic, EM and gravity anomalies highlight the massive and disseminated mineralisation which is hosted within a shallowly WSW-plunging, pipe of gabbronorite intrusive (1078Ma), offset by a fault. The style of deposit is almost identical to the giant Voisey's Bay Nickel deposit in Canada.
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