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Announcement 11 April 2019

Drill Results: Punt Hill & Pernatty Lagoon Copper-Gold Projects

Assaying of core from OZ Minerals’ maiden drill program at Punt Hill has returned anomalous copper mineralisation from the first hole into the PH1 target located just 42 kilometers south of their large Carrapateena copper and gold development.

PH1 is a near coincident gravity and weak magnetic target that straddles the boundary between the separate Punt Hill and Pernatty Lagoon joint venture areas (refer to Red Metal ASX announcement dated 21 December 2017).

Drill hole DD18PTH001 was directed towards the high-gravity portion of the anomaly and intersected meta-sediments overprinted by dense, prograde-garnet alteration towards the end of hole that appears to explain the gravity response.  A wide 244 metre interval of anomalous copper mineralisation averaging 0.26% copper was detected throughout the meta-sedimentary rocks with some of the better zones returning;

35.0 metres @ 0.6% copper from 841metres, including

10.8 metres @ 1.0% copper from 841 metres.

The copper mineralisation, located within the Punt Hill joint venture area, occurs as wide spaced chalcopyrite ± bornite veins with associated magnetite ± hematite and more intense retrograde chlorite, K-feldspar and siderite alteration. 

Red Metal speculates that the magnetite and chlorite alteration together with the wide intervals of anomalous copper in DD18PTH001 may indicate a near-miss hole.

 
December 2018 Quarterly Report

Quarterly Report and Cash Flow for 31 December 2018

  • Execution of the “Greenfields Discovery Alliance” agreement with OZ Minerals Limited (OZ Minerals) secures a minimum of $8.05 million in early stage funding for the Yarrie, Nullarbor, Gulf, Three Ways, Lawn Hill and Mount Skipper projects plus $1.8 million in front end cash payments.
  • Five State Government funded collaborative drilling grants up to a value $750,000 awarded to test targets on the Nullarbor, Gibsons Tank and Three Ways projects.
  • Tenement holdings expanded in the exciting Paterson Province and Gawler Craton at Oakover and Birthday Well respectively.
  • Six hole drilling program completed on the Punt Hill and Pernatty Lagoon joint venture with wide intervals of patchy, low-grade copper mineralisation visible in two holes. Assay results pending.
  • Proof of concept drill tests completed on the Tennant Creek project. Assay results pending.

Download this file  (3.7 Mb pdf)
Announcement 30 January 2019

RED METAL AND OZ MINERALS EXECUTE A NEW GREENFIELDS DISCOVERY ALLIANCE AGREEMENT

The Board of Red Metal is pleased to announce the execution of a significant, multi-project option and joint venture agreement with OZ Minerals Limited (OZ Minerals) aimed at fast-tracking the search for greenfield discoveries on the Company’s highly sought after Australian base metal exploration portfolio. 

 $8M minimum spend over two years across six projects
 $1.8M in front end cash payments to Red Metal

Download this announcement (1.1Mb pdf)