|September 2015 Quarterly Report|
Quarterly Report and Cash Flow for 30 September 2015
Maronan, QLD, Silver-Lead & Copper-Gold
Irindina, NT, Base Metals and Gold
New Joint Venture Activity
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|Announcement 27 October 2015|
Maronan Deposit - Summary of Inferred Resource Estimates
Red Metal is pleased to announce the results of maiden, JORC (2012) compliant, resource calculations on the separate lead-silver and copper-gold deposits at Maronan.
Cross section and level plans have been prepared providing lead grade envelope interpretations of the multiple lead-silver horizons. Resource estimates have been made applying a range of lower cut-offs to the lead grade as an aid to determining which parameters could best enhance the projects economics. The resource estimates for the fresh lead-silver mineralisation have defined an inferred resource of:
7.0 Mt at 10.68% lead and 144 g/t silver using a ≥8% lead cut-off grade;
19.2 Mt at 7.91% lead and 114 g/t silver using a ≥5% lead cut-off grade;
30.8 Mt at 6.50% lead and 106 g/t silver using a ≥3% lead cut-off grade;
45.3 Mt at 5.05% lead and 86 g/t silver using a ≥1% lead cut-off grade.
Resource estimates for the separate copper and gold deposit using a lower cut-off grade at ≥0.5% copper defined a total inferred resource for the fresh and weathered mineralisation of:
19.2 Mt at 1.24% copper and 0.6 g/t gold.
Importantly, this work defined preferred regions of thicker and/or higher-grade lenses within the deposit and also identified priority areas which offer scope for defining mineable lenses at quite shallow depths including some within about 100 metres of surface. Both the lead-silver resource and copper-gold resource have steep west northwest plunges and remain open at depth.
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|Announcement 3 September 2015|
New Exploration Agreement with Minotaur on Corkwood Copper-Gold Project, Qld
Red Metal Limited is pleased to announce that Minotaur Exploration Ltd (ASX:MEP) has signed an exploration joint venture heads of agreement over the Corkwood project located in the highly prospective Cloncurry region of northwest Queensland.
The project is situated about 100 kilometres northwest of Glencore’s large Ernest Henry copper-gold mine and about 60 kilometres north of Altona Mining Limited’s Little Eva deposit (59Mt @ 0.6% copper, 0.1g/t gold) which is the subject of a definitive feasibility study. Corkwood contains numerous magnetic target zones considered prospective for repeats of these styles of mineralisation.
Intersections of wide zones of significant copper, gold and silver mineralisation have been achieved on the Jimmy’s Creek breccia prospect including a best intersection of 0.4% copper, 0.1 g/t gold and 10g/t silver over a down-hole interval of 153 metres. This prospect shares similar geological characteristics to the Ernest Henry and Little Eva ore bodies and it is hoped that other mineralised breccia systems may exist nearby.
Under the terms of the heads of agreement Minotaur has the right to earn 51% of the Corkwood group of tenements by spending $3.0 million on exploration over 3 years. Having earned 51%, Minotaur has a one-off election to earn an additional 19% of the project by sole funding a further $3 million towards exploration over an additional 2 year period. Red Metal’s equity in any discovery could vary between 49% or 30% dependent upon Minotaur’s election.
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