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Market: TSX-V
52-week High/Low: C$0.26 / C$0.12
Sector: Mining
Market Cap: C$21.26M
Rathdowney Resources Ltd

Rathdowney Resources Ltd

Rathdowney is a mineral exploration company focused on finding and developing the next generation of zinc deposits in the ore fields of Poland and Ireland. In Poland, the company's interest is the Upper Silesian Mining District, a region of world-class Mississippi Valley-type zinc-lead deposits in which it has been granted two prospecting concessions, and applied for a third, encompassing an area of 150 square km.

Rathdowney Resources Ltd

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Rathdowney Resources Ltd Snapshot

Rathdowney Resources Ltd.(RTH:TSX.V) is an exploration and development company focused on advancing the Olza zinc-lead-silver project in Poland through permitting and into production. 


The company’s principal asset is project Olza which is located in the Upper Silesian Mining District of southwestern Poland, a world-class region of Mississippi Valley-type deposits with well-developed mining infrastructure.  Easily accessible by road, the Olza project site is a one-hour drive from Krakow, a major city with full services, including an international airport.  The deposits at Olza are also approximately 30 kilometres along strike from the long-life Pomorzany zinc-lead mine and associated mining infrastructure at Boleslaw, which is accessible by rail. 


Rathdowney’s Phase I confirmatory drilling program built on the extensive historical drill database assembled by the Polish State Survey to delimit  21.2 million tonnes of inferred mineral resources, grading 7.42% combined zinc and lead , with excellent potential for expansion.  Work by Rathdowney also indicates that there are significant silver concentrations in the Olza mineralization.  A Phase II program is now underway, comprised of technical studies designed to advance project planning and permitting.


Project Olza


Rathdowney's Project Olza consists of three contiguous concessions - Zawiercie, Rokitno and Chechlo, covering an area of 150 square kilometres in the Upper Silesian Mining District of Poland. 

The Upper Silesian Mining District is an area of world-class Mississippi Valley-type zinc-lead deposits that have been mined continuously since the 12th century, producing some 16 million tonnes of zinc and 4 million tonnes of lead. 

As a result of its history, the region has excellent established mining infrastructure. Rathdowney's Project Olza is located only an hour's drive from the historic city of Krakow, and near to a rail head with access to concentrating and smelting facilities.  





The Polish State survey carried out drilling in the area of Project Olza until 1988. This prior work has provided extensive geological and historical drilling information, indicating the presence of significant mineral deposits on which several historical estimates of the resources were completed under a Soviet-era classification system. 

Rathdowney began a campaign of confirmatory drilling in mid-2011, designed to support resource estimates based on modern standards. This work was successful. An initial estimate, announced in September 2012, confirmed significant mineral resources in a portion of the property called the East Corridor. 

A total of 955 diamond drill holes from historical and recent drilling (to May 2012) were used to establish the resource model that supports the estimate. These include 780 core holes drilled historically by the Polish State as well as 175 core holes drilled by Rathdowney. The results of the estimate at a range of cutoffs are tabulated below:





The Upper Silesian is a world-class district of Mississippi Valley-type (MVT) zinc-lead deposits. Most mines in the district are hosted by a flat-lying to gently dipping dolomite unit of Middle Triassic age called the Ore Bearing Dolomite (OBD). 


The geology of Project Olza comprises folded Paleozoic strata, unconformably overlain by a nearly sub-horizontal Permian-Mesozoic cover. The OBD occurs throughout project-area. NNW trending, steeply-dipping faults and fractures related to the Krakow-Myszkow tectonic zone are thought to represent a fundamental control on the location of the zinc-lead deposits in the Middle Triassic unit. In places, mineralization related to these structures also occurs in the underlying Devonian-age strata.


Stratiform mineralization within the OBD is the predominant style at Zawiercie and Rokitno. Drilling has shown that it occurs at depths generally ranging from 150 to 250 metres within the Rokitno and Zawiercie permit areas. The grade and size of the stratiform horizons is demonstrated by the initial mineral resource estimate. At Chechlo, mineralization is known to occur within three stratiform zinc-lead mineralized zones hosted by the OBD, and also within Devonian carbonates underlying at least one of these zones, localized in one or several subvertical breccia pipes. At the local Pomorzany mine, these breccia zones are of significant size and grade and hence, they represent a compelling exploration target at Project Olza.



Zinc and lead occurs mainly in sphalerite and galena, with associated marcasite and minor calcite, dolomite and, locally, barite. Localized, high-grade zones (10-20% Zn+Pb) are fairly common in the area; the central parts of individual deposits are enriched in zinc over lead, whereas the opposite is observed at their margins. Ores of the Silesian district are also known to have relatively simple mineralogy and are generally regarded as being straightforward to beneficiate, yielding high metal recoveries.




The Olza Project is located in a relatively flat-lying partially forested area, at 300-350 metres elevation.


The property is situated between the major population centres of Krakow and Katowice in southeastern Poland. It takes about one hour to drive to the site from Krakow, a major city with an international airport and government offices.



There is also a network of paved roads providing excellent access throughout the region. A rail line extends near to the project site. The regional also boasts well-developed infrastructure, including smelting facilities, and a skilled workforce with modern mining expertise. The large operating Pomorzany underground zinc-lead mine and zinc refinery complex is located 10 km to the south.




Rathdowney has made a significant investment in Heatherdale Resources Ltd., currently holding a 16% interest in the company. Heatherdale owns the high grade polymetallic volcanic massive sulphide Niblack Project located in southeast Alaska. The Niblack Project is comprised of several deposits that have the potential to produce zinc and copper concentrates with high gold and silver values. Given its geological endowment and proximity to tidewater in a stable jurisdiction with a long tradition of hardrock mining, Niblack has the potential to support a high-grade underground mining operation in the near future.




The Lower Carboniferous carbonate rocks of the Irish Midlands host one of the great ore fields of the world. Rathdowney acquired several properties and conducted early stage exploration, including geophysical and geochemical surveys, and followed up by initial drill testing of priority targets. This work attracted the attention of a major mining company, which has taken an option to earn up to 100% interests in the Irish properties, with Rathdowney retaining NSR royalties on any future production. 

David J. Copeland, Chairman & Director



Mr. Copeland is a professional engineer and mining executive with over 30 years of experience in a variety of capacities in mine exploration, discovery and development throughout the South Pacific, Africa, South America and North America. He has extensive industry experience and is a director of several public companies. Mr. Copeland has been a key contributor to projects, providing expertise and leadership on the Mt. Milligan Copper-Gold Project in BC, the South Kemess mine in BC, the Hollister development project in Nevada, USA, the Burnstone mine in South Africa and the Xietongmen project in Tibet, China. As Director of Project Development at HDI, he directs and co-ordinates advanced technical programs of companies for which HDI provides services.



Robert Konski - President & CEO and Director



Mr. Konski has over 25 years' experience as an executive and a strategic advisor to management of public and private companies and government in Poland. He has overseen energy and infrastructure projects as well as diverse financial services, including restructuring activities. In the five years prior to joining Rathdowney, he was Management Board Advisor to several key firms in Poland including Polska Grupa Energetyczna, Poland's largest public utility, and Kulczyk Holding, one of the largest privately held holdings in Central Europe with assets in economic sectors such as energy, brewing, oil and gas exploration, transport and logistics and real estate. Mr Konski holds a B.A. in International Relations from Tufts University, and an M.P.A. from the JFK School of Government at Harvard University. Based in Poland, he leads the team for Rathdowney's flagship Olza project.

Paul S. Mann, CFO



Mr. Mann is a Chartered Accountant, and also holds a BASc in Mechanical Engineering from the University of British Columbia. He has served as Controller at Dayton Mining Corporation, De Beers Canada Mining Inc., Crew Gold and Eldorado Gold, and has international experience in South Africa, Chile, Mexico and China. Mr. Mann has served as Corporate Controller for many of the Hunter Dickinson affiliated companies since 2001 and is currently Executive Vice President, Finance and Reporting for Hunter Dickinson Inc., where he oversees accounting, taxation, regulatory and public reporting for the group.




Trevor R. Thomas, Secretary



Mr. Thomas is corporate secretary of Hunter Dickinson Inc. and many of its affiliated companies. He has practiced in the areas of corporate commercial, corporate finance, securities and mining law since 1995, both in private practice environment as well as in-house positions and is currently in-house legal counsel for HDSI Prior to joining HDSI, he served as in-house legal counsel with Placer Dome Inc.



Scott D. Cousens, Director



Scott Cousens provides management and financial services to a number of publicly traded companies associated with HDI. His focus for the past 20 years has been the development of relationships within the international investment community. Substantial financings and subsequent corporate success has established strong ties with North American, European and Middle Eastern investors. Mr. Cousens is also the Director of Capital Finance for HDI.



Michael H. Nolan, Director


Mr. Nolan is a Chartered Accountant and has worked in the junior resource sector, in various capacities, for 17 years. He has gained industry knowledge through founding, investment in and serving on the boards of a number of public exploration and mining companies, including Minmet plc, Tiger Resource Finance plc, Lapp Plats plc, MeDaVinci plc and GoldQuest Mining Corp. In 2009 he was involved in the formation of Cove Energy plc (Cove) which trades on AIM in London. Cove is an oil and gas exploration and production company with interests in East Africa. He currently serves as Finance Director of Cove.



Rene G. Carrier, Director


Mr. Carrier is a past Vice-President of Pacific International Securities Inc. where he worked for ten years until 1991. Since that time he has been President of Euro-American Capital Corporation, a private company which specializes in restructuring, administration, and raising venture capital funds for junior mining companies.



Barry Coughlan, Director


Mr. Coughlan is a self-employed businessman and financier who has been involved in the financing of publicly traded companies for over 25 years. His principal occupation is President and Director of TBC Ventures Ltd., a private investment company.



Lena Brommeland, Director



Ms. Brommeland has a BSc in geology and more than 20 years of experience in mineral project evaluation and on-site management of large-scale mineral projects, including the Pebble and Niblack projects both located in Alaska and the Prosperity project in BC. Ms. Brommeland is Executive Vice President of Project Services with HDI where she manages on-site drill programs, co-ordinates environmental planning and permitting, and develops community relations activities for exploration and feasibility-level projects associated the HDI group of companies. A longstanding member with the Association for Mineral Exploration BC, Ms. Brommeland dedicates a substantial amount of time to industry outreach and development and is a past Chair of the organization.



George R. Ireland - Director


Mr. Ireland has over 30 years of experience in the resource sectors in positions ranging from field geologist to banking and venture capital. He founded Geologic Resource Partners in 2004 and serves as Chief Investment Officer and CEO. From 2000 to 2004, Mr. Ireland was General Partner of Ring Partners, LP, an investment partnership which has been merged into GRP. Mr. Ireland also serves on the boards of Amerigo Resources Ltd., Kiska Metals Corporation, Taseko Mines Limited and Merrill & Ring Inc., a private timber company in the US. He is a graduate of the Phillips Academy and the School of Natural Resources at the University of Michigan (BS degree).


Myron Manternach - Director



Mr. Manternach has 20 years of experience in corporate finance, mergers and acquisitions and capital management. He is President of Castle Grove Capital, LLC, a consulting firm that provides strategic and financial advice to investment funds and portfolio companies in the mining and metals and technology sectors. Mr. Manternach serves as a senior research analyst to the investment committee of Geologic Resource Partners, LLC, and also as a Senior Advisor to ACA Associates. Mr. Manternach is a director of Wellgreen Platinum Ltd. and Lithium Americas Corp. He holds an MBA from the Wharton School of Business at the University of Pennsylvania and a BSc degree in Electrical Engineering with Distinction from Iowa State University.

Capitalization (As of 30-November-2014)


Issued: 118,081,881
Fully Diluted: 122,868,806

Transfer Agent

Computershare Investor Services Inc.
3rd Floor, 510 Burrard Street
Vancouver, British Columbia
Canada V6C 3B9



McMillan LLP
1500-1055 West Georgia St.
Vancouver, British Columbia
Canada V6E 4N7


Chartered Accountants
777 Dunsmuir St
Vancouver, BC
Canada V7Y 1K3

Rathdowney Resources Ltd Timeline


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