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Three Ways Project: Drilling Underway
Drilling has commenced at the Three Ways project targeting high conductance targets identified from the recently completed Ground EM survey.
Modelling of data from the recent moving-loop, ground electromagnetic surveying (MLEM) has identified six separate high conductance plates which are untested by drilling (refer to Red Metal ASX announcement lodged 11 May 2021). The modelled plates returned high conductivity thickness values ranging from 6,000 to 30,000 siemens, which are typical of responses from accumulations of sulphides or highly graphitic bodies.
The first of the three targets to be drill tested has been heritage cleared with clearances on the other two targets scheduled to be completed by the end of the week.
This three hole program is funded by OZ Minerals (ASX: OZL) under the terms of the Greenfields Discovery Alliance and is expected to be completed by mid-July.
 

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Three Ways Project: Ground Electromagnetic Survey Validates Conductors for Follow-Up Drilling
 
Recent trials of moving-loop, ground electromagnetic surveying (MLEM) across four separate high conductance magnetotelluric (MT) anomalies have refined targets for follow-up drilling.
 
Modelling of data from the MLEM method has identified six high conductance plates which remain to be drill tested. The modelled plates returned high conductivity thickness values ranging from 6,000 to 30,000 siemens, which are typical of responses from accumulations of sulphides or highly graphitic bodies.
 
Drilling last year on two broad, high conductance MT targets (TWD2001 and TWD2002) intersected mafic intrusive rocks (gabbro and dolerite) that did not clearly explain the source to these anomalies. However, a narrow zone containing semi-massive pyrrhotite veins in drill hole TWD2001 returned anomalous levels of nickel, copper and platinum group elements that provided encouraging indications of prospectivity (refer to Red Metal ASX announcement dated 28 January 2021).
 
Modelling of the new MLEM data across TWD2001 allowed the identification of two, shallow dipping, strong conductive plates immediately west and east of its collar that remain to be drill tested. In addition, modelling of the MLEM data over drill hole TWD2002 suggests it stopped short of an east dipping conductor.
 
Ground electromagnetic surveying across a separate low-amplitude, magnetic anomaly on line 7899600N identified a west dipping plate with a very high modelled conductance value of 30,000 siemens. This anomaly is yet to be tested by drilling.
 
A rig has been secured and preparations for drilling in early June are underway.
 
The Three Ways program is funded by OZ Minerals (ASX: OZL) under the terms of the Greenfields Discovery Alliance.

 

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Announcement 15 March 2021

Red Metal To Spin Out And IPO Maronan Project

 
Red Metal Limited (ASX: RDM) (Red Metal) proposes to spin out
the Maronan Project through the listing on the ASX of its wholly
owned subsidiary, Maronan Metals Limited (ACN 156 269 993)
(MMA), subject to shareholder and regulatory approvals.
 
The Maronan Project is a large lead-silver and copper-gold deposit
located near Cloncurry in Queensland. With over 100 million
ounces of contained silver, the Maronan Project is one of the
largest undeveloped silver resources in Australia1.
 
MMA to raise up to $36 million to fund resource drill-out and
feasibility programs. Veritas Securities Limited will act as Lead
Manager to the Capital Raising.
 
Red Metal shareholders will receive a priority entitlement to
subscribe under MMA’s IPO.
 
Red Metal to retain approximately 50% of MMA, delivering
increased shareholder value for Red Metal shareholders.
 
Red Metal will continue to focus on exploring its highly
prospective Yarrie, Three Ways, Gulf and Lawn Hill projects in
alliance with OZ Minerals while advancing its 100% owned copper
and nickel projects including Corkwood, Pernatty, Pardoo and
Nullarbor.

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Red Metal Limited Company Presentation, 4 May 2021

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Announcement 28 January 2021

Assays from Three Ways Drilling Reveals Anomalous Levels of Nickel and Platinum Group Elements

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March 2021 Quarterly Report

HIGHLIGHTS

CORPORATE

Maronan, QLD, Silver-Lead & Copper-Gold

  • Proposal to spin out Maronan Project receives shareholder approval.
  • Prospectus pending.

 

ALLIANCE WITH OZ MINERALS

Yarrie, WA, Copper-Gold-Cobalt

  • Tenement applications granted along trend from the Winu deposit.
  • Regionally extensive airborne electromagnetic survey to begin in June.

Three Ways, QLD, Nickel-Copper-Cobalt-PGE & Zinc-Lead-Silver

  • Follow-up ground electromagnetic surveying in progress.
  • Preparations underway for drilling next quarter.

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

  • Magnetotelluric surveying recommenced.
  • Processing and interpretation in progress. 

 

RED METAL FUNDED PROJECTS

Corkwood Project, QLD, Copper-Gold

  • Preparations underway for drilling next quarter.

Gidyea Project, QLD, Copper-Gold

  • New project established targeting large IOCG breccia systems in under explored northward extension of the Cloncurry terrain.
  • Infill gravity surveys to begin next quarter.

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Annual Report 2020

Annual Report 2020 

 
Announcement 28 April 2021

Yarrie Project, Paterson Province, Western Australia: Key Tenements Granted

Red Metal’s high priority tenement applications located along trend from Rio Tinto’s new Winu copper and gold discovery and the Nifty copper mine have been granted allowing first pass exploration programs to begin.
 
These highly sought after tenement applications were secured in 2018 shortly before the announcement of the exciting Havieron and Winu discoveries in 2018 and 2019 respectively.
 
Preparations for a modern, low frequency (6.5Hz), airborne electromagnetic survey are underway. This survey plans to cover a total 2956 line-kilometers along flight lines spaced 400 metres apart and is anticipated to begin in June 2021.
 
The new Havieron and Winu copper and gold discoveries have shifted the targeting strategies of many explorers active in the Paterson Province of Western Australia leading to a boom in the use of modern electrical geophysical survey methods over this proven, yet under-explored, copper and gold terrain.
 
Processing of regional airborne gravity and magnetic surveys has allowed Red Metal to highlight Rio Tinto’s Winu discovery as a low-amplitude, bullseye magnetic target along a high-gravity ridge. Two very similar low-amplitude magnetic bullseye targets located along the same high-gravity trend are evident in Red Metal’s E45/5236 which are planned to be the focus of first-pass ground programs once the regional airborne electromagnetic survey has been completed.
 
The Yarrie project is funded by OZ Minerals (ASX: OZL) under the terms of the Greenfields Discovery Alliance.
 

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