|March 2015 Quarterly Report|
Quarterly Report and Cash Flow for 31 March 2015
Maronan, QLD, Silver-Lead & Copper-Gold
Tennant Creek, NT, Gold-Copper
Colorado, USA, Potash
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|Announcement 31 March 2015|
Colorado Potash Project Update
Solution mining experts Agapito Associates, Inc. have completed a review of the potential for potash solution mining on the Colorado Project providing Red Metal with broad parameters to guide exploration targeting.
Indications of multiple beds of probable potassium chloride (sylvite) over good widths and grades along the axis of the Dolores Anticline and positive outcomes from the review by Agapito have reinforced the upside potential of this significant, previously untested, potash target concept.
Project economics for potash solution mining can potentially be improved by increases in the potash price, scaling the project upwards or more importantly, by increasing the well-field efficiency. Improved well-field efficiency can be achieved by solution mining thicker or higher grade intervals of sylvite from a single bed or solution mining multiple parallel sylvite beds from a single well head.
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|Announcement 3 February 2015|
Maronan Project Final Assay Results from 2014 Drill Program
Assay results from the remaining holes from the 2014 drill program have returned multiple intervals of moderate lead and silver values in MRN14008 and strong lead and silver values from mineralisation in MRN14004 - the deepest hole in the program.
MRN14008 contained 4 separate intervals of mineralisation with the better results including:
24.7 metres from 769.1m grading 4.3% lead, 90g/t silver; including
6.0 metres from 772m grading 7.5% lead, 121g/t silver;
4.0 metres from 849m grading 7.0% lead, 140g/t silver;
10.9 metres from 857.1m grading 4.7% lead, 106g/t silver; including
6.75 metres from 860m grading 6.8% lead, 148g/t silver.
These intervals occur over a cumulative true width of about 23.9 metres and are located about 290 metres down plunge of the strong lead and silver mineralisation intersected in MRN13002.
Assays from the remanent interval of bedded lead mineralisation in the deep drill hole MRN14004 returned:
3.1 metres from 1241m grading 8.6% lead, 212 g/t silver.
Although narrow, the strong silver and lead values are encouraging given the bedded (non-structural) style of mineralisation and the interpreted potential for a thickened hinge region further to the north.
All lead, silver, zinc, copper and gold assay results from the 2014 program are summarised in Table 2 in the announcement.
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