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Red Metal Limited AGM Shareholder Presentation, 18 November 2020

Red Metal Limited AGM Shareholder Presentation 18, November 2020

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September 2020 Quarterly Report

HIGHLIGHTS

ALLIANCE WITH OZ MINERALS

Mount Skipper, QLD, Zinc-Lead-Silver & Copper

  • Second follow-up drill hole at Mount Skipper identifies weak hydrothermal copper mineralisation associated with magnetic minerals but source to the anomaly still remains to be validated.
  • Petrology and petrophysical studies in progress, assays pending.

Three Ways, QLD, Zinc-Lead-Silver & Copper

  • Proof of concept drill tests on two separate high conductance trends both intersected mafic intrusive rock types which do not explain the source to the anomalies.
  • Techniques to improve follow-up drill positioning are being assessed.

Gulf, QLD, Copper-Gold

  • Heritage surveys completed in preparation for drilling.

Lawn Hill, QLD, Zinc-Lead-Silver & Copper

  • Regional magnetotelluric surveys in progress.

Yarrie, QLD, Copper-Gold-Cobalt

  • Final land access deed executed allowing the tenement applications to progress through to granting.

 

RED METAL FUNDED PROJECTS

Maronan, QLD, Silver-Lead & Copper-Gold

  • 2D seismic line initiated across the deposit.  Interpreted results anticipated early 2021.

Corkwood, QLD, Copper-Gold

  • Drilling underway on a previously untested magnetic target revealed from advanced processing of high resolution magnetic survey.

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Announcement 9 September 2020

Mt Skipper Project: Follow-up Drilling Completed

The follow-up diamond core drill hole designed to test a regional magnetic anomaly was terminated at 1193.5 metres after intersecting a 153 metre interval of hydrothermal alteration and veining containing weak iron sulphide mineralisation and traces of copper sulphide mineralisation.

Down-hole electromagnetic surveying was attempted but had to be abandoned due to the high in-hole temperatures affecting the survey equipment. 

A deep penetrating ground electromagnetic survey technique (SQUID EM) is planned over the target in about 2 months and it is hoped this technique will help locate zones of strong copper sulphide mineralisation within the broader magnetic anomaly.

Detailed petrology and magnetic remanence tests will be conducted on the core to validate the magnetic source to the anomaly and help constrain future magnetic models. Assays for base metals, gold and other trace elements are pending. 

The drill rig has now mobilised to the Company’s Three Ways project to start a 2400m metre proof of concept drill program testing three separate, high conductance magnetotelluric (MT) anomalies. 
 

 
Announcement 30 October 2020

Three Ways Zinc and Copper Project Drilling Update

Drill hole TWD2001 intersected a weak foliated gabbro to the end of hole at 717.7 metres. Conductive rock types include a 7.8 metre interval of semi-massive pyrrhotite veins from 665 metres and a narrow 0.5 metre interval of pyrrhotite-chalcopyrite veining from 614.4 metres (Figure 2b). Although the veins contain pyrrhotite, a strongly conductive mineral, the intervals are considered too narrow to cause the magnetotelluric anomaly.

Drill hole TWD2002 intersected dolerite to the end of hole at 534 metres. No potentially conductive source rocks were observed.
 
No economically significant intervals of copper mineralisation or lead-zinc mineralisation are visible in either of the holes. Assays for base metals, gold and other trace elements are pending.
 
Geophysical techniques to improve follow-up drill positioning on these unresolved high conductance magnetotelluric anomalies are being assessed. Advanced three dimensional modelling and trials of deeper penetrating, moving loop electromagnetic techniques across the drilled targets are being considered.
 
The Three Ways program is funded by OZ Minerals (ASX: OZL) under the terms of the Greenfields Discovery Alliance. The project is trialing the use of magnetotelluric surveying to identify previously unrecognised, zinc and copper prospective sub-basins with no past drill history located some 130 kilometres along trend from the Dugald River zinc-lead-silver mine.
 
 

 
Red Metal Corporate Presentation - Mines & Money, 25 June 2020

Red Metal Limited Corporate Presentation, 25 June 2020

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Annual Report 2020

Annual Report 2020