✦ Matthew Boyes, Managing Director of Red Dirt Metals Limited (ASX: RDT) shares the story of Mt Ida.
Hitting pay dirt takes on new meaning with their Mt Ida acquisition in September 2021.
Video 1back in May 2021, when Noel Ong, CEO of Samso had his first conversation with Matthew Boyes, the company was known under a different name then - TNT Mines Limited.
Mr Boyes shared with Noel the direction the company was on at that point. That first conversation revolved around the company's attempts to drill and increase the value of an old historical gold mine, and Mr Boyes explained the ins and outs of mineral exploration.
As exploration essentially requires time, the value adding process is slow but worth following. So it is always interesting to have thought leaders return for a new conversation and see where the company is at now.
Today, Noel and Mr Boyes catch up on the developments of the company under its new name. A whole rebranding process has taken place and the company is now busy developing a Lithium project.
Red Dirt Metals Limited acquired the Mt Ida project in September 2021 (Mt Ida Acquisition, Capital Raise and Presentation) and completed the transaction on 24th September 2021 (Completion of Mt Ida Acquisition).
The Mt Ida story is one we want insights to, simply because the movement in share price and market capitalisation have been remarkable. During this recent period, it has a value of AUD212M, which, according to Mr Boyes, is somewhat undervalued.
Does this all ring a bell? Perhaps the Mt Holland story comes to mind, but as is often said in this industry, only time will tell.
Will the Mt Ida lithium story bring happy fortunes for shareholders of Red Dirt Metal?
Tune in to insights with Matthew Boyes here:
Chapters:
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
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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.
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 five 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 5km 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 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.
Contact Red Dirt Metals Limited
a/ Suite 4, 6 Centro Avenue, Subiaco WA 6008
t/ +61 8 6109 0104
e/ info@reddirtmetals.com.au
Disclaimer
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About the Author
Noel Ong, CEO of Samso tells compelling stories by engaging business leaders to reveal insights beneficial to the investment community.
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