The 8.4 million tonnes grading 1.1% copper is from seven breccia pipes, with Redbank having more than 50 breccia pipes on its ground.

Geophysics followed by RC and diamond core drilling is being undertaken over the course of the year to define a new resource base.

Redbank has said the breccia pipes hosting the copper deposits show similarities to the Mt Gordon copper deposit in Queensland.

The company has more than 12,000sq.km of ground near the northern NT-Queensland border, with field mapping undertaken in 2020 over a 200sq.km patch of ground.

Redbank started the current quarter with A$8.4 million cash, having raised $7.4 million in a placement in February that priced new shares at 7.25c each.

Shares in Redbank were down 6% to 7.5c in early trade, capitalising the company at $39 million.