Red Metal Limited

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Home Investors ASX Announcements Red Metal Secures High-Priority Copper-Gold Exploration Licence South of Carrapateena
Red Metal Secures High-Priority Copper-Gold Exploration Licence South of Carrapateena
Red Metal is pleased to announce the successful application for Exploration Retention Area 846, following a comprehensive technical based application process.
 
ERA 846 is a highly sought after exploration area located 30 kilometres south of the large Carrapateena copper and gold deposit in the Gawler Craton, South Australia.
 
Red Metal’s assessment of the geophysical response over the Carrapeteena deposit suggests drilling towards weak magnetic anomalies within a broad residual gravity anomaly may be the key to locating higher grades of mineralisation in this region.
 
The new application incorporates the historic Punt Hill prospects where drilling from 2006 to 2014 intersected a number of wide intervals of low-grade copper-gold and zinc mineralisation within retrograde skarn altered meta-sediments. This mineralisation was discovered by drill testing broad residual gravity anomalies but subsequent step-out drilling utilised infill gravity data rather than magnetic modelling to close in on potential zones of higher grades.
 
Applying this slightly different concept to targeting on ERA 846 has lead Red Metal to identify one priority target (PH1) for a proof-of-concept drill test and 4 second order targets (PH2 to PH5) for further evaluation. The PH1 target has a similar geophysical response to that measured and modelled over the Carrapateena copper and gold deposit.