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Red Dirt Metals Limited (ASX:RDT) - A Lithium Gem within a Gold Mine.

Coffee with Samso Episode 135 is with Matthew Boyes, Managing Director of Red Dirt Metals Limited (ASX: RDT).

I first spoke to Matthew Boyes, Managing Director of Red Dirt Metals Limited (ASX: RDT) in May 2021 when the company was known then as TNT Mines Limited. That was the first Coffee with Samso for Matthew and we spoke about the direction of the company then.

Check out the Coffee with Samso:

Since the acquisition of the Mt Ida project in September 2021 (Mt Ida Acquisition, Capital Raise and Presentation), the company has rebranded themselves and is now on the greater path of developing a Lithium project. The company completed the transaction on 24th September 2021 (Completion of Mt Ida Acquisition).

In this episode of Coffee with Samso, Matthew gives us an insight into the story of Mt. Ida. The movement in share price and hence, market capitalisation has been remarkable. However, at the moment of writing this, the value of AUD212M according to Matthew, seems to be undervalued.

The project brings back recollection of the Mt Holland story, but time will tell if the Mt. Ida lithium story will bring similar fortunes for shareholders of Red Dirt Metal.


00:00 Start

00:20 Introduction

01:07 The Mt Ida Story

05:28 What kind of grade does hard rock lithium project need in relation to Red Dirt?

08:36 Advantages of drilling for pegmatites.

10:19 How much of the project has been drilled?

12:22 Can you see consistencies in the geology of the pegmatites?

14:01 What should people look for to understand the Red Dirt Story?

15:32 Explaining the significance of LCT pegmatites.

17:22 Are the proportions of LCT positive or negative?

19:02 What could throw a spanner in the works?

20:21 Is there a type deposit happening in the Lithium industry?

22:32 How does Matthew take this Lithium market?

24:06 Is there such a term as a good or bad lithium project?

25:51 How should investors temper their expectations on the Red Dirt Story?

27:21 The lack of information is mutual.

28:21 Mt Ida is a Gold project too.

31:19 How does the gold sit spatially to the lithium?

32:56 Where does the Gold project sit on the list of things to do?

33:43 News flow.

35:16 What are the brokers saying about RDT?

36:04 How big can Mt Ida be? What is your pitch to Investors out there?

37:36 Samso's thoughts.

38:10 Conclusions


This is a good time to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides).

About Matthew Boyes - Managing Director

Mr Boyes is a qualified Geologist and Fellow of the Australasian Institute of Mining and Metallurgy with 25 years industry experience with a strong background in minerals resources, project development, construction and operations management.

Mr Boyes has recently served as COO for AIM listed Patagonia Gold successfully overseeing the development and construction of two standalone Gold-Silver heap leach projects in southern Argentina. Mr Boyes has significant experience in product evaluations and financing with a focus on the junior market sector.

About Red Dirt Metals Limited (ASX: RDT)

Red Dirt is focused on the development and evaluation of underexplored brownfields exploration assets in Western Australia.

Mt Ida Gold Pty Ltd is the holding company of the Mt Ida Gold Project, comprising 19 tenements in the historical Mt Ida gold mining district, located approximately 100km north-west of Menzies in the WA goldfields.

The project tenements cover an area of 155km2 and include the historic Timoni Gold Mine and others, which have produced greater than 300,000 oz gold at 17.2 g/t head grade.


  • Acquired from Ora Banda Mining in September 2021 for $11M cash

  • A current gold resource of 318,000 t @13.8g/t gold for 141koz calculated under the JORC 2004 guidelines

  • Evidence of occurrences of Lithium-bearing pegmatites with Tantalum

  • Exploration activities to commence immediately October 2021

The Mt Ida project has total resources of 318,000 t @13.8g/t of gold for 141koz, Indicated resources total 136,000t @ 18.6 g/t gold for 81koz with 182,000t @ 10.3 g/t gold for 60koz in Inferred category. All resource currently stated at Mt Ida are calculated under the JORC 2004 guidelines with no material change to the existing resources since estimation.

Lithium Review:

Whilst undertaking the technical due diligence of the Mt Ida Project, it was noted that multiple high-grade lithium intervals had been intersected within pegmatite bodies on the western contact of the main Mt Ida granite intrusive, known as the Copperfield Granite.

Initial investigations from available data shows pegmatite outcropping in 5 separate locations proximal to the main granitic intrusive, and along the contact with the western bounding mafic amphibolite units which host the high-grade Mt Ida gold copper lodes.

A preliminary target corridor has been interpreted and extends for up to 5 km in strike from the most southern-identified outcrop parallel to the granite and north into the Company’s adjacent exploration tenement, with potential to extend further in both directions.

Of significance is that no historic exploration has been carried out with the intention of targeting these Lithium bearing pegmatite intrusives. This opens up large areas on both the eastern and western limbs of the granitic intrusive contacts for future exploration and will complement the Company’s aggressive gold/copper exploration program at the Mt Ida Project.



The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.

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