The acquisition of Mt Ida by Red Dirt has brought a project with a high quality, high grade gold resource and mineral field with multiple advanced gold, copper, nickel and lithium targets.
Coffee with Samso Episode 135 is with Matthew Boyes, Managing Director of Red Dirt Metals Ltd (ASX:RDT).
I first spoke to Matthew Boyes, Managing Director of Red Dirt Metals Limited (ASX:RDT) in May 2021 when the company was then known as TNT Mines Limited. It was the first Coffee with Samso for Matthew and we were talking about the direction of the company.
Discover Coffee with Samso: The Eureka Gold Mine Redesign – TNT Mines Limited (ASX:TIN) – Episode 86
Since the acquisition of the Mt Ida project in September 2021 (Acquisition of Mt Ida, capital increase and presentation), the company has rebranded itself and is now on the broader path of developing a Lithium project. The company completed the transaction on September 24, 2021 (Completion of acquisition of Mt Ida).
In this episode of Coffee with Samso, Matthew gives us an insight into the history of Mount Ida. The movement in the share price and therefore in the market capitalization has been remarkable. However, at the time of this writing, the value of AUD212M according to Matthew, appears to be undervalued.
The project is reminiscent of the Mt Holland story, but time will tell if the Mt. Ida lithium story will bring similar fortunes to Red Dirt Metal shareholders.
01:07 The story of Mount Ida
05:28 What kind of quality does the hard rock lithium project need compared to Red Dirt?
08:36 Benefits of drilling for pegmatites.
10:19 How much of the project was drilled?
12:22 Can you see any consistencies in the pegmatite geology?
14:01 What should people look for to understand the history of Red Dirt?
15:32 Explanation of the importance of LCT pegmatites.
17:22 Are LCT proportions positive or negative?
19:02 What could throw a spanner in the works?
20:21 Is there a type of deposit in the lithium industry?
22:32 How does Matthew take this lithium market?
24:06 Is there a term such as good or bad lithium project?
25:51 How should investors temper their expectations on Red Dirt Story?
27:21 The lack of information is mutual.
28:21 Mt Ida is also a Gold project.
31:19 How does gold position itself spatially in relation to lithium?
32:56 Where is the Gold project on the to-do list?
33:43 News feed.
35:16 What are brokers saying about RDT?
36:04 How big can Mount Ida be? What is your pitch to investors?
37:36 Samso’s thoughts.
About Matthew Boyes – Managing Director
Mr. Boyes is a qualified geologist and Fellow of the Australasian Institute of Mining and Metallurgy with 25 years of industry experience with a strong background in mineral resources, project development, construction and operations management.
Mr. Boyes most recently served as COO for AIM-listed Patagonia Gold, overseeing the successful development and construction of two stand-alone gold-silver heap leach projects in southern Argentina. Mr. Boyes has significant experience in product reviews 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 under-explored brownfield exploration assets in Western Australia.
Mt Ida Gold Pty Ltd is the holding company for the Mt Ida Gold Project, comprising 19 properties in the historic Mt Ida mining district, located approximately 100 km northwest of Menzies in the WA Goldfields.
The project claims cover an area of 155 km2 and include the historic gold mine of Timoni and others, which produced over 300,000 oz of gold at a head grade of 17.2 g/t.
- Acquired from Ora Banda Mining in September 2021 for $11M in cash
- A current gold resource of 318,000 t at 13.8 g/t gold for 141 koz calculated according to JORC 2004 guidelines
- Evidence of occurrences of lithium pegmatites with tantalum
- Exploration activities will begin immediately in October 2021
The Mt Ida project has total resources of 318,000 t @ 13.8 g/t gold for 141 koz, indicated resources total 136,000 t @ 18.6 g/t gold for 81 koz with 182,000 t @ 10.3 g/t gold for 60 koz in the inferred category. All currently reported resources at Mt Ida are calculated according to the 2004 JORC guidelines with no material change to existing resources since the estimate.
During technical due diligence of the Mt Ida project, it was noted that several high-grade lithium intervals were intersected in pegmatite bodies at the western contact of the main Mt Ida granitic intrusive, known as the Granite of Copperfield.
Initial investigations from the available data show pegmatite outcrops at 5 distinct locations near the main granitic intrusive and along the contact with the western bounding mafic amphibolite units that host the copper-gold veins at high grade of Mt Ida.
A preliminary target corridor has been interpreted and extends up to 5 km towards the southernmost identified outcrop parallel to the granite and north into the Company’s adjacent exploration concession, with potential for further extension. extra in both directions.
It is important to note that no historical exploration has been done to target these lithium bearing pegmatite intrusions. This opens up large areas on the east and west branches of the granitic intrusive contacts for future exploration and will complement the Company’s aggressive gold/copper exploration program at the Mt Ida project.
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