Red Metal Limited

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Paterson Province

Yarrie Project: Copper-Cobalt and Zinc-Lead-Silver

Red Metal have secured five new exploration license applications covering almost 2,000 square kilometres in this highly prospective base metal province. The new Yarrie project is 160 kilometres along trend from Metal X Limited’s Nifty copper mine in a region that has seen little past exploration.

New magnetic imagery has enabled Red Metal to interpret a series of dome-shaped antiform structures located below 200 to 500 metres of younger sedimentary cover (Figures 9 and 10).  These potential dome-shaped features are considered by Red Metal to be highly prospective for giant Sedimentary-Hosted copper-cobalt deposits as occur elsewhere in the province at Nifty (>176Mt @ 1.3% copper) and Maroochydore (48.6Mt @ 1.0% copper).

Global examples of Sedimentary-Hosted copper-cobalt deposits include the structure controlled Mount Isa deposit (>225Mt @ 3.3% copper) and more stratabound Kamoa-Kabula deposit (>1.03Bt @ 3.17% copper) - which was recently discovered by Ivanhoe Mines in the Democratic Republic of Congo (refer to Ivanhoe Mines release dated 26 February 2018). 

Red Metal is proposing to utilize modern, deep penetrating, ground electromagnetic surveying methods to map prospective stratigraphy and rank the dome-shaped structures for drill testing.

Rio Tinto Exploration Pty Ltd has multiple new exploration license applications surrounding Red Metal’s Yarrie applications.  Rumor of a potential new copper discovery by Rio Tinto north of Telfer were published by journalist Barry Fitzgerald on 6 April 2018 but this remains to be substantiated.