Excellent High-Grade Copper Mineralization At Chatsworth Prospect, Tollu Copper Project

Redstone Resources Limited announced that geochemical assays had confirmed the reports of the hh‐pXRF analyses previously conducted by the company. The assays revealed that the reverse circulation (RC) drilling completed around the end of 2021 was successful in proving that thick high‐grade lenses of copper mineralization intersected in historical drilling at the Chatsworth Prospect (Chatsworth), Tollu. The lenses have significant volume vertically and extend to shallower depths.

Chatsworth is part of the Tollu Copper Vein deposit on the company’s 100% owned West Musgrave Project in Western Australia. The West Musgrave Project is located about 40 kilometres to the east of the world‐class Nebo‐ Babel nickel‐copper‐PGE sulphide deposit which is now owned by OZ Minerals and has the ideal geological and structural setting for large magmatic Ni‐Cu sulphide deposits.

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At the end of 2021, four reverse circulation drill holes – namely TLC188, TLC189, TLC190, and TLC192 – were drilled at the Chatsworth Prospect, Tollu for a total of 756 m. The aim of the exercise was to determine the continuity of mineralization vertically through the hosting sub‐vertical vein system. In doing so, the company was also trying to test whether the thick high grade copper mineralisation previously intersected in early drilling held volume between and beyond the historical drill holes – especially at depths which were shallower than previously intersected.

Preliminary results of the drilling using hh‐pXRF analyses had been declared in the ASX announcement of November 23, 2021. Geochemical assays have now successfully confirmed these preliminary results, with generally higher Cu grades than the hh‐pXRF analyses but with slightly varying thicknesses.

Drill holes TLC188 and TLC189 targeted a region approximately 15‐20 m vertically above a high grade copper intersection in historical drill hole TLC033 (drilled in 2010) and 25‐30 m vertically below another high grade intersection in historical drill hole TLC034 (also drilled in 2010). The historical drill holes suggest that the mineralization extends vertically between them. Is it important to note that the vertical distance between the intersections is approximately 35 m which is a considerable distance for vein hosted mineralization.

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Drill hole TLC192 is positioned about 90m to the south of TLC188 and TLC189. It has successfully extended the high grade copper mineralisation intersected in historical drill holes TLC024, TLC031, and TLC030 vertically towards the surface. Geochemical assays confirmed that the intersection of copper mineralization in TLC192 is 25 m thick grading 1.1% Cu from 53m downhole which includes 7m at 2.64% Cu from 60 m downhole. The shallow extension of mineralization by TLC192 extends the high grade mineralization in this location to some 120 m vertically and is open towards the surface

TLC190 is located about 40 m to the north of TLC192 and 50m to the south of TLC188 and TLC189. It was initially aimed at testing for an extension of mineralisation in the historical drill hole TLC035 because the historical drilling (TLC032) was prematurely terminated before testing the position. Geochemical assays have confirmed two thick high grade copper mineralization intersections in TLC190 – a result which was previously suggested by hh‐pXRF analyses at the time of drilling