Red Metal Limited

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Home Projects By Province Carpentaria Province
By Province Carpentaria Province

The Carpentaria Province has been the focus of most of the Company’s exploration since inception in 2003 (Figures 1 and 3).  This province hosts multiple Tier 1 zinc-lead-silver deposits and significant copper-gold and copper-cobalt deposits and is one of the most productive zinc, lead and silver geological terrains in the world.  Recent exploration success on the Teena project by Teck has highlighted the potential for additional large stratiform deposits within this fertile terrain.

Maronan Project: Silver-Lead & Copper-Gold

The Maronan lead-silver and copper-gold project is a large base metal deposit that Scoping Studies suggest is worthy of full Feasibility Study evaluation.

 Maronan has JORC 2012 compliant Inferred Resources of 30.8Mt @ 6.5% lead with 106g/t silver (using a 3% lead cut-off grade) plus 11Mt @ 1.6% copper with 0.8g/t gold (using a 1.0% copper cut-off grade).

The lead and silver mineralisation is soft, coarse grained and preliminary metallurgically tests returned recoveries of between 92-96% for the lead and 91-94% for the silver. Applying current commodity prices and exchange rates to the 2016 preliminary mine scoping study for Maronan has shown that the resource grade of 6.5% lead with 106g/t silver is equivalent to a lead grade of 10.2%. This is equivalent to a copper grade of about 3.4%.

he deposit comprises multiple ore horizons with steep dipping planar geometries and excellent hangingwall and footwall ground conditions. Sulphide mineralisation comes to within about 90 metres of surface.

In addition, Red Metal recognizes vectors within the deposit that support the concept for a large, higher grade Cannington style silver-lead-zinc deposit and enriched copper-gold system at depth below the existing resources.

 

Mount Skipper Project: Lead-Zinc-Silver

A diamond core hole was completed in August 2019 intersecting unusual coarse-spotted cordierite and spotted sillimanite-quartz rock types. These unusual rock types are typical of metamorphosed alteration (or halo rocks) proximal to metamorphosed massive sulphide deposits as seen surrounding large lead-zinc-silver deposits of Cannington and Broken Hill. A narrow interval containing semi-massive pyrite bands with traces of weakly magnetic pyrrhotite and chalcopyrite is encouraging.

The magnetic source was not intersected which may be explained by the fact that the hole tracked down the dip direction at a low angle to banding (0-15 degrees) rather than cutting across the target. Electromagnetic surveying to determine if the hole narrowly missed the target is planned and may indicate that further drilling is warranted.

The Mount Skipper magnetic anomaly is interpreted as a Cannington geophysical look-alike located only 90 kilometres south of the Cannington mine and buried under 480 metres of younger sedimentary cover.

  

 

Mallapunyah: Zinc-Lead-Silver and Copper

In late 2017, Red Metal executed an option and joint venture agreement with global miner MMG Limited (MMG).

Under the Mallapunyah agreement MMG will finalize land access negotiations towards grant of the tenement.  Once granted MMG will have the right to earn 70% of the project by completing a bankable feasibility study within seven years.  Importantly, Red Metal’s 30% equity will be free carried to a decision to mine.

The Mallapunyah project is located within the highly prospective McArthur Basin and targets zinc-lead-silver deposits similar to the giant McArthur River and Century mines as well as sedimentary-hosted styles of copper mineralisation.  Recent success on the Teena project by Teck has highlighted the potential for additional deposits within this fertile terrain.

Lawn Hill: Zinc-Lead-Silver-Copper 

This exciting project targets a range of new zinc deposit styles in the vicinity of the giant Century zinc-lead-silver deposit (Figures 1 and 7).

With funding from OZ Minerals, the Company proposes to utilize deep penetrating, magneto-telluric (MT) surveying to map prospective stratigraphy and traps sites for proof of concept drill testing.  Delays experienced with progress of the MT surveying on the Three Ways project have pushed back the planned start of the Lawn Hill survey until early in the 2020 field season.

Gulf Project: Copper-Gold

The Gulf project incorporates multiple exploration tenements over several standout geophysical anomalies in an under explored extension to the Cloncurry terrain which offers scope for large Iron Oxide Copper-Gold (IOCG) breccia systems.

Infill gravity surveys have been completed over ten of the Gulf tenements.  Recent modelling of this new data has identified several combined magnetic and gravity targets as priority for proof of concept drill testing under the new alliance.  Additional gravity surveying is proposed in preparation for extensive drill tests.

  

Three Ways Project:  Zinc-Lead-Silver & Copper-Cobalt

The Three Ways project encloses a new, previously unrecognised, zinc and copper prospective sub-basin with no past drill history located some 130 kilometres along trend from the recently commissioned Dugald River zinc-lead-silver mine.

Zinc prospective host sequences in sub-basins such as these are highly conductive and often associated with a low magnetic response - making them detectable with combined electromagnetic and magnetic geophysical techniques.  Historic magneto-telluric (MT) surveying across the interpreted Three Ways sub-basin has mapped thick conductive sequences. These conductive potentially pyritic formations are also the preferred host rocks for structure controlled Sediment-Hosted copper-cobalt deposit types with the Mount Isa copper mine being a good example.

A new and innovative MT survey designed to map and prioritize highly conductive, zinc and copper prospective stratigraphy within the newly interpreted Three Ways sub-basin was initiated in late July 2019.