Red Metal Limited

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Home Investors ASX Announcements Woolatchi Drilling Update May 2017
Woolatchi Drilling Update May 2017

Drilling on the high-amplitude magnetic target, referred to as the “Woolatchi” anomaly, has intersected strong hydrothermal magnetite alteration with abundant magnetic iron sulphides (pyrrhotite) over a 59 metre downhole interval from 604 metres. Visible copper sulphide mineralisation is minor.

The iron and copper sulphides occur as veins and disseminations along shears or vein stock works associated with strong biotite and magnetite alteration of meta-sedimentary sequences. 

The core is being cut for analysis of copper, gold, cobalt and other trace elements.  The hole remains open for future down-hole electrical surveying. 

The Woolatchi drill hole (WO-17-01) highlights the exploration potential for iron sulphide styles of copper mineralisation in this frontier region.  Scope to use electrical geophysical methods to target zones of higher copper grades is being considered.

Red Metal’s drill activity will now shift to Queensland where preparations for proof of concept drill tests on the Leichhardt copper and gold and Lawn Hill zinc projects are underway.