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Announcement 9 September 2020

Mt Skipper Project: Follow-up Drilling Completed

The follow-up diamond core drill hole designed to test a regional magnetic anomaly was terminated at 1193.5 metres after intersecting a 153 metre interval of hydrothermal alteration and veining containing weak iron sulphide mineralisation and traces of copper sulphide mineralisation.

Down-hole electromagnetic surveying was attempted but had to be abandoned due to the high in-hole temperatures affecting the survey equipment. 

A deep penetrating ground electromagnetic survey technique (SQUID EM) is planned over the target in about 2 months and it is hoped this technique will help locate zones of strong copper sulphide mineralisation within the broader magnetic anomaly.

Detailed petrology and magnetic remanence tests will be conducted on the core to validate the magnetic source to the anomaly and help constrain future magnetic models. Assays for base metals, gold and other trace elements are pending. 

The drill rig has now mobilised to the Company’s Three Ways project to start a 2400m metre proof of concept drill program testing three separate, high conductance magnetotelluric (MT) anomalies. 
 

 
June 2020 Quarterly Report

Quarterly Report and Cash Flow for 30 June 2020

Corporate Activity

  • Successful $3M capital raising to fund Red Metal 100% projects.

Mount Skipper, QLD, Zinc-Lead-Silver & Copper

  • A second follow-up drill hole is set to begin in early August.

Three Ways, QLD, Zinc-Lead-Silver & Copper

  • Proof of concept drill tests on significant conductive trends planned to commence after completion of the Mount Skipper program.

Gulf, QLD, Copper-Gold

  •  Standout magnetic and gravity targets prioritized for drilling after the Three Ways program.

 Lawn Hill, QLD, Zinc-Lead-Silver & Copper

  • Regional magneto-telluric survey planned to start once COVID-19 travel restrictions around remote aboriginal communities have eased.

Pardoo, WA, Nickel-Copper

  • New, previously untested, magmatic nickel-copper plays staked in the Northwest Pilbara region – Red Metal 100%.

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Red Metal Corporate Presentation - Mines & Money, 25 June 2020

Red Metal Limited Corporate Presentation, 25 June 2020

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Share Placement to Fund Projects Raises $3 Million

The Board of Red Metal Limited has raised A$3 million from selected Australian institutions and professional investors. The proceeds of will primarily be used to advance targets towards drilling on several of the Company’s 100% owned projects.

This will include a 2D seismic trial over the advanced Maronan silver-lead project, magnetotelluric surveying for large copper-gold breccia systems on Corkwood  and ground electromagnetic surveys on the new Pardoo nickel-copper project. The new funds will enable the Company to maintain its strong project generation capacity and also be used for general working capital purposes.

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2019 Annual Report

Red Metal Limited annual report for financial year ended 30 June 2019

Red Metal Limited annual report for the financial year ended 30 June 2019, 

Download report  (8.4 Mb pdf) -  Web version