Red Metal Limited

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Home Projects By Province Mount Isa Inlier
Mount Isa Inlier

Red Metal has a significant land holding in the highly prospective Mount Isa Inlier in Northwest Queensland, a region which is host to a number of significant copper-gold mines such as Mount Isa, Ernest Henry and Osborne. The Mt Isa area is also part of the larger Carpentaria Province, which hosts several Tier 1 lead-zinc-silver mines such as Cannington, George-Fisher, Mount Isa, Century, McArthur River and Lady Loretta. 

Red Metal has a range of targeted areas prospective for giant copper-gold and silver-lead-zinc mineralisation within this prospective terrain.

 

Maronan Silver-Lead Project

The Maronan lead-silver and copper-gold project is an emerging large base metal deposit in the world class Carpentaria Province which hosts several Tier 1 lead-zinc-silver mines including the Dugald River deposit which is under development by MMG.

Maronan deposit has a JORC 2012 compliant Inferred Resource of 30.75Mt @ 6.5% lead with 106g/t silver (using a 3% lead cut-off grade) and 11Mt @ 1.6% copper with 0.8g/t gold (using a 1.0% copper cut-off grade). This equates to approximately 2Mt of contained lead with 104.9Moz of silver plus 170,000t of copper with 300,000oz of gold. The deposit remains open down plunge.

In early 2016, Red Metal announced the positive outcome of the Preliminary Mine Scoping Study which suggested the inferred resources may have scope to be viably mined. The study used a lead price forecast of $US2200 per tonne.

Red Metal is canvasing potential interest for joint venture funding on the project from select third parties. Several companies have initiated detailed data reviews which are ongoing.

Base metal and lead price increases over the past five months has renewed interest in the project.

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Leichhardt Copper-Gold Project

The Leichhardt EPM is adjacent to the Corkwood leases and covers a high-amplitude regional magnetic target, referred to as the “Doppler” prospect, which offers scope for a copper and gold breccia deposit comparable with the large Ernest Henry deposit.

Past explorers gave little priority to this magnetic anomaly as its gravity response is complicated by the adjacent rock types making it difficult to confidently model. As a consequence it remains to be drill tested.

Recent evaluation and geophysical modelling by Red Metal indicates the Doppler magnetic target is sourced about 250 metres below surface and can be attributed to dense source rocks. Red Metal believe the large volume of shallower, dense, calc-silicate and magnetite altered meta-sediments intersected in the nearby drilling may have masked any density anomaly sourced from the Doppler target.

Preparations are underway to drill test this exciting copper-gold opportunity.

The Gibson Tank prospect is located within a similar geological setting located north of Doppler.  It covers an untested regionally significant magnetic target within low density felsic volcanic trends.

 

Lawn Hill Zinc-Lead-Silver Project

This year Red Metal secured a large ground position surrounding the giant Century zinc-lead-silver deposit following a new basin-wide structural and stratigraphic analysis. This work was based on the recognition that the giant Mount Isa and McArthur River zinc-lead-silver deposit types form in unique geological time periods and are associated with growth faults and sub-basins containing highly conductive, pyritic stratigraphy. The tenement acquisitions secure targets where prospective stratigraphy and structures are interpreted under shallow cover sequences.

Reprocessing of widely spaced, historic ground electromagnetic data by Red Metal has identified two, previously untested, strong conductors in areas where the prospective zinc-lead-silver stratigraphy is buried 50 to 200 metres below younger sedimentary cover. Surface lag sampling has identified low levels of anomalous zinc, silver, cadmium and copper above one conductor which is highly encouraging.

In late 2016, the Geological Survey of Queensland (GSQ) together with Geoscience Australia (GA) completed a regional airborne electromagnetic survey (VTEM) over part the Lawn Hill region, which incorporated some of Red Metal’s tenements. Red Metal funded an additional 110 line kilometres of VTEM surveying to assist with targeting.

Conductivity depth images were produced from the VTEM data to assist with drill targeting.  A series of high priority targets have been identified and an initial drill program has been planned.

The proof-of-concept Lawn Hill drill holes have been awarded funding support of $75,000 under the Queensland Government’s Collaborative Drilling Initiative.

 

Emu Creek Copper-Gold Project

The Emu Creek farm-in agreement with Chinova Resources covers a series of geophysical and structural copper-gold targets located within trucking distance of the Osborne copper and gold mine.

Recent ground based electromagnetic surveying identified a new, moderate strength, conductive body located only six kilometres northeast of the Osborne mine. The conductor models about 170 metres below surface. Ferruginous surface float and lag material sampled directly above the conductor returned encouraging levels of copper (917ppm), lead (409ppm) and zinc (497ppm).

Additional fixed-loop electromagnetic surveying and follow-up drilling are planned by Chinova

 

Cannington South Copper-Gold Project

The South32 Cannington mine was discovered as a standout bulls-eye magnetic target.

Red Metal has searched for analogous targets in the surrounding district as a priority. The Mount Skipper target resulted from this approach and awaits drill testing.