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March 2019 Quarterly Report

Quarterly Report and Cash Flow for 31 March 2019

Punt Hill/Pernatty Lagoon JV, SA, Copper-Gold

  • Assays from the first hole into the PH1 target (DD18PTH001) returned 244 metre averaging 0.26% copper including 35 metres @ 0.6% copper and 10.8 metres @ 1.0% copper .
  • DD18PTH001 interpreted as a near-miss hole.

Greenfields Discovery Alliance with OZ Minerals

  • Six project option and earn-in agreement executed.
  • Field programs to start next quarter.
  • Preparations underway for expanded gravity surveying on the Nullarbor project, extensive magneto-telluric surveying on Three Ways and Lawn Hill projects and drilling on Mount Skipper.

Yarrie, WA, Copper-Gold-Cobalt

  • Rio Tinto announced a significant new copper and gold discovery at Winu.
  • Geophysical targets on Yarrie comparable with the response observed over Winu.

Download this file  (3.7 Mb pdf)
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.

 
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)