Carpentaria Province QLD and NT
The Carpentaria Province has been the focus of most of the Company’s exploration since inception in 2003. 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.
Red Metal’s key copper-gold projects in this province include Gulf, Gidyea, Corkwood and Three Ways while opportunities for large stratabound styles of zinc mineralisation are being investigated on the Lawn Hill project.
Gulf Project: Copper-Gold (OZ Minerals Funded)
The Gulf project incorporates multiple exploration tenements over several standout geophysical anomalies in an under explored extension to the Cloncurry terrain in Northwest Queensland which offers scope for large Iron Oxide Copper-Gold (IOCG) breccia systems.
Proof-of-concept drill tests on two magnetic targets were completed on the Gibson’s Tank tenement in 2021 (refer to Red Metal ASX announcement dated 27 January 2022). Drill hole GTK2101 on the combined high magnetic and high gravity target GT07 intersected a 44.4 metre interval of hydrothermal ironstone and breccia within a deformed felsic volcanic sequence. The ironstone contains weakly disseminated copper sulphides that returned low copper assay values ranging from 0.008% to 0.34%.
Red Metal interpret GTK2101 as a potential near-miss drill hole and preparations for a step-out drill hole during the 2022 field season are underway.
Gidyea Project: Copper-Gold
The new Gidyea project (like the Gulf project) targets several standout regional geophysical anomalies in an under explored extension of the Cloncurry terrain in Northwest Queensland which offer scope for the discovery of large Iron Oxide Copper-Gold (IOCG) breccia systems.
Processing and interpretation of the Company’s new gravity data (4281 stations) in combination with the regional magnetic data has allowed Red Metal’s exploration team to interpret a variety of new IOCG plays (refer to Red Metal ASX announcement released 14 October 2021).
Of particular interest are the standout magnetic targets GT19, GT20 and GT23 which have a similar geophysical expression and general geological setting to the large Ernest Henry copper-gold mine 100 kilometres to the south. High gravity targets GT29, GT24 and GT30 also offer scope for other styles of IOCG mineralisation associated with dense hematite, iron sulphide or iron silicate minerals.
Passive seismic survey lines designed to image the depth to basement enabling more precise geophysical modelling are planned. Land owner access negotiations in preparation for drilling are in progress.
Corkwood Project: Copper-Gold
The Corkwood project is situated about 100 kilometres northwest of Glencore’s large Ernest Henry copper-gold mine and about 60 kilometres north of the advanced Little Eva copper-gold deposit. Historic exploration drilling over the project has identified favourable porphyritic volcanic host rocks, alteration, trace-element geochemistry and low-grade copper and gold mineralisation typical of that observed in the halo surrounding the large Ernest Henry breccia deposit and new approaches to near-miss targeting are being developed.
At the Jimmy’s Creek prospect, the porphyritic volcanic units are brecciated and host wide zones of low-grade copper, gold and silver mineralisation: a good indicator of the potential for these styles of deposits elsewhere in the district. Better intercepts include 211 metres at 0.33% copper with 0.16 g/t gold and 153 metres at 0.41% copper with 0.1 g/t gold plus 10 g/t silver which included 32 metres at 1.16% copper with 0.3 g/t gold (refer Red Metal ASX announcement dated 21 March 2011).
Lawn Hill Project: Zinc-Lead-Silver & Copper-Cobalt (Oz Minerals Funded)
This regional project targets a range of zinc and possibly copper deposit styles in the vicinity of the giant Century zinc-lead-silver mine and Bluebush zinc prospect. Giant stratiform deposits like McArthur River and Century or large sediment-hosted copper replacement or breccia style deposits are the key targets.
Red Metal’s recent work has identified an untested gravity anomaly immediately east of the known stratabound zinc mineralisation at Bluebush and further work is being considered by the Alliance with OZ Minerals.