EL 10335 Redbank Annual Exploration Report Ending 14 August 2012

Abstract

During the reporting period, the managers, Redbank Copper, initiated a limited RC drilling programme across Masterton prospect within the lease, but was forced to curtail drilling due to adverse weather. No significant results from the drilling programme were reported. As part of the 2011-2012 regional exploration programme to understand the mineralization within the Gulf (EL 10335) and Redbank (ERL 94) tenements, an airborne magnetic and radiometric survey was partly completed over EL 10335 during the reporting period. The 2011 Dianne Mine Southern Extension Soil Sampling program was proposed to take 618 soil samples from 309 sample sites over a 50m spacing grid. In addition, it was proposed to collect any rock chips of interest and undertake some basic geological mapping while the area is traversed. The program was commenced in October 2011, however, due to inclement weather only 200 samples from 100 sample points have been collected to date. 100 samples were submitted for assay with 100 duplicate samples stored at the camp. The assays so far appear to show potential, with some results revealing similar concentrations to the 2007 sampling. In addition, some assays do show a rough NE trend, perhaps relating to the underlying structure/fault. At this stage, however, it is too early to make any conclusions until all of the sampling has been completed.