Gawler Craton and Curnamona Province SA
The Gawler Craton and Curnamona Province are complex Archaean to Middle Proterozoic cratonic terrains located within South Australia. The eastern margin of the Gawler craton, referred to as the Olympic Domain, contains a number of world class iron-oxide copper-gold ± uranium deposits including the giant Olympic Dam mine, Prominent Hill and Carrapateena mines and new Oak Dam discovery. The Curnamona Craton contains the large Kalkaroo copper-gold deposit which is currently in feasibility.
Step out drilling adjacent to historic drill holes with encouraging near-miss geology and geochemistry lead to the discovery of the exciting Oak Dam West deposit by BHP in late 2018. The discovery hole included a world class intercept of 438 metres grading 3.0% copper with 0.6 g/t gold and re-enforces the fertility of the Olympic Domain and the opportunity for other large high-grade discoveries.
Pernatty Lagon/Punt Hill Project: Copper-Gold
Red Metal’s Pernatty Lagoon and Punt Hill projects are located 30 kilometres south of OZ Minerals’ large Carrapateena copper-gold deposit and target magnetic skarn style deposits where the regional Iron Oxide Copper-Gold (IOCG) mineral systems invade carbonate host rock types. Several untested magnetic targets adjacent to potential near-miss drill holes have been identified for step-out drilling. Geophysical modelling and land access preparations for possible drilling in 2022 are underway.
The Pernatty Lagoon tenement is in a joint venture between Red Metal (90%) and Havilah Resources NL (10%).
Callabonna Joint Venture Project: Copper-Gold
Red Metal has long recognized the potential for large Iron Oxide Copper-Gold deposits (IOCG) along the northern margin to the Curnamona Province and several large magnetic and gravity targets in remote sand dune covered terrain remain to be tested for their copper-gold potential.Preparations for drill tests on key gravity and magnetic targets are in progress.
The Callabonna tenement is a joint venture between Red Metal (51% earning 70%) and Variscan Mines Limited (49% diluting to 30%).