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June 2010 Quarterly Report |
Curnamona Craton, SA - Uranium Significant farm-in and joint venture agreement finalised over the Lakes project with Cameco, one of the world’s largest uranium producers. Extensive drill program targeting giant sandstone hosted uranium deposits scheduled to begin in October this year.
Eucla Basin, SA - Zircon-Titanium - In June, Bemax Resources Limited reported the visual occurrence of an extensive blanket of low grade, heavy mineral sand from recent drilling on the Barton project. Assay results are due shortly.
Mount Isa Inlier, QLD - Base Metals New Fertilizer Mineral Strategy Download this Quarterly Report (1660Kb)
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Announcement 28 June 2010 |
Heavy Mineral Sands intersected on Barton ProjectJoint venture partner Bemax Resources Limited (Bemax) have reported the visual occurrence of extensive, low grade, heavy mineral ("HM") sand from recent drilling on the Barton project located along the eastern margin of the highly prospective Eucla Basin, South Australia. A broad blanket of low grade HM sand has been visibly logged by Bemax on four separate drill traverses extending over a strike length of approximately 12 kilometres. The mineralisation defined using visual grade estimates at greater than 1 percent HM ranges from about 1.3 to 2.5 kilometres wide and varies from 4.5 metres to 9 metres thick. More significantly, the HM zone is shallow, located between 7.5 metres and 27 metres below surface and remains open along strike to the southwest and north. Download this announcement (870Kb)
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New Exploration Agreement with Cameco for uranium explorationRed Metal has signed a farm-in and joint venture agreement with Cameco Australia Limited (Cameco), one of the world’s largest uranium miners, over Red Metal’s Lakes uranium project in the highly prospective Frome Sub-Basin of South Australia. The agreement grants Cameco an exclusive right over a six-year period to explore for uranium and earn a 51% interest in any or all of four Red Metal tenements. To earn a 51% interest in a tenement Cameco is required to sole fund A$4 million of expenditure so that if, for instance, Cameco sought a 51% interest in all four tenements it would be required to contribute A$16 million. The joint venture ensures an active work program with a minimum total project annual commitment of $700,000 on exploration in the first year and $500,000 in subsequent years. Once Cameco has earned 51%, Red Metal can elect to contribute to further exploration and development at a 49% interest or reduce to a 30% interest free-carried to a decision to mine. Download this announcement (100Kb)
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Announcement 22 April 2010 |
Boardroom Radio Interview - New Potash InitiativeRob Rutherford, Managing Director of Red Metal Limited, talks about the company's new potash initiative. Listen to the broadcast
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Announcement 21 April 2010 |
Red Metal in New Potash InitiativeRed Metal has applied for 21 potash prospecting permits covering a total of 166 square kilometres of the potash-rich Paradox Basin, in Colorado, USA. The decision to secure this large acreage follows the completion of a detailed study commissioned for the Company by the leading international potash consultants, Agapito Associates Inc. The study identified multiple potash-rich horizons within the application area and concluded that there was high potential for defining economically significant potash resources. The study predicts the likely presence of potash strata that could be amenable to extraction using standard solution mining methods. Based on this the Company is targeting economic resources capable of producing between 200,000 and 2 million tonnes of potash per year. Download this announcement (235Kb)
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