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Announcement 17 May 2017

Woolatchi Drilling Update 17 May 2017

Drilling on the high-amplitude magnetic target, referred to as the “Woolatchi” anomaly, has intersected strong hydrothermal magnetite alteration with abundant magnetic iron sulphides (pyrrhotite) over a 59 metre downhole interval from 604 metres. Visible copper sulphide mineralisation is minor.

The iron and copper sulphides occur as veins and disseminations along shears or vein stock works associated with strong biotite and magnetite alteration of meta-sedimentary sequences. 

The core is being cut for analysis of copper, gold, cobalt and other trace elements.  The hole remains open for future down-hole electrical surveying. 

The Woolatchi drill hole (WO-17-01) highlights the exploration potential for iron sulphide styles of copper mineralisation in this frontier region.  Scope to use electrical geophysical methods to target zones of higher copper grades is being considered.

Red Metal’s drill activity will now shift to Queensland where preparations for proof of concept drill tests on the Leichhardt copper and gold and Lawn Hill zinc projects are underway.

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March 2017 Quarterly Report

Quarterly Report and Cash Flow for 31 March 2017

Frome Joint Venture, SA, Copper-Gold 

  • Drill test on the regionally significant “Woolatchi” magnetic target commenced 28 April 2017.  Results expected shortly.

Maronan, QLD, Silver-Lead & Copper-Gold

  • Data reviews and evaluation by select third parties are ongoing. No joint venture offers have been received to date.

Lawn Hill, QLD, Zinc-Lead-Silver

  • Results from Government sponsored airborne electromagnetic survey imminent.
  • Red Metal awarded $75,000 funding support under the Queensland Government’s Collaborative Drilling Initiative.

Emu Creek Joint Venture, QLD, Copper-Gold 

  • Drilling to commence on the new electromagnetic conductor six kilometres north of the Osborne copper and gold mine next quarter.

Leichhardt, QLD, Copper-Gold 

  • Preparations underway to drill test the large “Doppler” magnetic target next quarter.

Tennant Creek, NT, Copper-Gold 

  • Drill ready - four Tennant Creek style “bulls eye” magnetic targets with supporting copper and bismuth soil geochemistry.

Nullarbor, WA, Copper-Gold 

  • Geophysical modelling highlights two priority targets for proof-of-concept drill tests.
  • Applications lodged for drill funding support under the Western Australian Government’s Exploration Incentive Scheme.

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