• Noel Ong

Red Dirt Metals Limited (ASX:RDT) - Mt Ida - A Lithium and Gold Mine.

Rooster Talk Episode 61 is with Matthew Boyes, Managing Director of Red Dirt Metals Limited (ASX: RDT).


The Mt Ida project is fast becoming a double bonus for Red Dirt Metals as exploration is unveiling the gold credits.


When we were first introduced to the Mt. Ida project (Red Dirt Metals Limited (ASX:RDT) - A Lithium Gem within a Gold Mine.) in April 2022, we were just trying to understand the lithium potential. As the market was having a lithium boom, it would be foolish not to discuss what the flavour of the last two years has been.

As we were talking through that Coffee with Samso with Matt Boyes, I was really interested in the gold potential. The Mt Ida story is very similar to what occurred at Mt. Holland a few years ago. For those that have not heard the story, Mt Holland was all about the discovery of a lithium bonanza because of a phone call. Mt. Holland was a legitimate gold mining project but was later discovered to be an even greater lithium project.


When you hear Matt talk about the lithium prospectivity in Mt. Ida, you can hear the frustration of not being able to rush into the gold project. The potential is yet to be finalised. In saying that, you can also feel the frustration of not being able to unwrap the potential of the lithium prospectivity.


The fact that there is still a large package of landholding that the company has not explored is definitely high on the list of things to do.


Matt is certain that there will be a resource coming out for the lithium and in time, there will be a gold resource to be released as well. When that will be is the million dollar question.


Check out this video - this is definitely a good story to follow.


Chapters:

00:00 Start.

00:20 Introduction.

01:07 Matthew updates.

02:38 Relationship between Gold and Lithium.

03:56 Mineralisation of Lithium and Gold.

06:41 Announcement key points for investors.

08:18 Understanding the geology from the announcement.

10:35 Future plans for the project.

11:59 Lithium market discussion.

15:24 Updates on covering the entire tenement package.

16:57 Potential focus on Gold.

19:49 Exploration potential.

21:32 Matthew summarises the news flow.

22:54 Conclusions.


PODCAST



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 and 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.


Highlights:

  • 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.

 

Disclaimer


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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