|Announcement 11 November 2016|
Rights Issue to Fund Drill Testing of Base Metal Projects
The Company has resolved to conduct a non-renounceable entitlements issue of shares on a 1 for 8 basis at 8.5 cents per share, to raise up to approximately $1,856,951. The offer will be underwritten by Veritas Securities.
Funds raised through the entitlements issue will primarily be used to drill test a number of exciting base metal targets within Red Metal’s portfolio and continue to advance the Company’s funding strategy for Maronan Project.
The new funds will initially be put to work drill testing:
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|Announcement 1 November 2016|
Red Metal secures potential strike extension to the large Mount Dromedary Graphite Deposit
The large Mount Dromedary graphite deposit in the Cloncurry region of Northwest Queensland is one of the higher grade flake graphite deposits in the world and is currently being evaluated for potential commercial development by Graphitecorp Limited (ASX:GRA).
Historic airborne electromagnetic imagery maps the Mount Dromedary graphitic schists as a strong conductive trend extending north into Red Metal’s exploration licence application EPMA26125. Here it appears to bulge and thicken and is referred to by Red Metal as the “Bactrian” prospect.
Logs from historic copper exploration drilling located south and north of the Bactrian conductive trend record highly graphitic intervals of schist including 42 metres of coarse graphite from 30 metres in drill hole DO14. The conductive zone within Red Metal’s tenure appears to extend for about 600 metres and remains to be evaluated for its coarse graphite potential.
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|2016 Annual Report|
Red Metal Limited annual report for 2016 financial year.
Download report (4.5 Mb pdf) - printer's version
|September 2016 Quarterly Report|
Quarterly Report and Cash Flow for 30 September 2016
Maronan, QLD, Silver-Lead & Copper-Gold
Lawn Hill, QLD, Zinc-Lead-Silver
Tennant Creek, NT, Copper-Gold-Bismuth
Nullarbor, WA, Copper-Gold
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