Red Metal Limited

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Announcement 27 September 2018

Maronan: Drilling Update on the Great Southern Conductors, QLD

Red Metal recently announced the initiation of a program of drilling designed to test the source rocks to the “Great Southern” electromagnetic conductors located just three kilometres south of Red Metal’s Maronan lead-silver and copper-gold deposit (refer to ASX announcement lodged 12 September 2018).
 
The first drill hole in this program targeted the western conductor and has intersected a metasedimentary rock cut by multiple narrow shears infilled with pyrrhotite, a highly conductive iron sulphide mineral that explained the source.
 
The second hole in the program targeted the more eastern of the two Great Southern conductors and intersected conductive iron sulphide-bearing veins and shears in a metasedimentary rock similar to the first hole.

No significant copper sulphide mineralisation is visible in either hole. Selected intervals of iron sulphide will be sampled for gold and trace element analyses..

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2018 Annual Report

Red Metal Limited annual report for financial year ended 30 June 2018.

ASX version.

Download report (3.0 Mb pdf)
June 2018 Quarterly Report

Quarterly Report and Cash Flow for 30 June 2018

Punt Hill/Pernatty Lagoon JV, SA, Copper-Gold
  • Successful execution of Native Title Mining Agreement for Exploration.
  • Heritage surveys completed in preparation for significant proof of concept drill program totaling more than 6,000 metres.
  • Drilling on schedule to commence early September.
Maronan, QLD, Silver-Lead & Copper-Gold
  • Regional ground electromagnetic surveying targeting additional copper-gold resources highlights strong conductor south of the Maronan deposit.
  • Preparations for drilling are underway.
Three-Ways, QLD, Zinc-Lead-Silver
  • Exploration permits secured over new zinc prospective sub-basin interpretation - 130 kilometres north of the large Dugald River zinc-lead-silver deposit.
  • Magneto-telluric survey lines map thick, highly conductive sedimentary sequences that are the key to finding large Mount Isa style zinc deposits.
  • Conductive sequences remain untested by past exploration.

Gulf Project, QLD, Copper-Gold

  • Higher resolution gravity surveying initiated over several previously untested Iron-Oxide Copper-Gold (IOCG) target areas.

Yarrie, WA,Copper-Cobalt

  • Significant new project secured in the Paterson Province along trend from the Nifty Copper mine and a new Rio Tinto copper play.
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Announcement 10 September 2018

Drilling Underway on the Punt Hill & Pernatty Lagoon Copper-Gold Projects, SA

Joint venture partner OZ Minerals Limited (OZ Minerals) has initiated a significant maiden drill program testing a series of new copper-gold plays on the Punt Hill and Pernatty Lagoon joint venture projects located 30 kilometres south of the Carrapateena deposit.  Initially, six separate targets totaling more than 6000 metres of drilling will be tested.

Red Metal together with OZ Minerals has been developing new targeting concepts for the location of higher grade zones of copper-gold mineralisation on the Punt Hill and Pernatty Lagoon projects.  This work identified a range of previously untested geophysical targets for proof of concept drill tests.