ACN 103 367 684
ASX ANNOUNCEMENT
3 SEPTEMBER 2015
ASX Code: RDM
Red Metal Limited
is a minerals exploration company focused on the exploration, evaluation and development of Australian copper-gold and basemetal deposits.
Issued Capital:
174,771,919
Ordinary shares
5,800,000
Unlisted options
Directors:
Rob Rutherford
Managing Director
Russell Barwick
Chairman
Joshua Pitt
Non-executive Director
RED METAL LIMITED
Level 15
323 Castlereagh Street
Sydney NSW 2000
Ph: +61 2 9281 1805
Fax: +61 2 9281 5747
[email protected] www.redmetal.com.au
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 (Figure 1) 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 (Figure 1).
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 (Figure 1). 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.
Queensland
Explorer of the Year
2013
RDM ASX Announcement 03 September 2015
Jimmy's Creek Breccia Prospect
153 metres at 0.4% Cu, 0.1g/t Au, 10g/t Ag
[Figure 1] Corkwood Project: Joint venture tenement outlines (pink) on magnetic imagery showing significant deposits on a regional-scale grey image (back, top, right) and the Jimmy's Creek breccia prospect on a project-scale colour image (front, bottom, left).
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RDM ASX Announcement 3 September 2015
For further information concerning Red Metal's operations and plans for the future please refer to the recently updated web site or contact Rob Rutherford, Managing Director at:
Phone +61 (0)2 9281-1805
Fax +61 (0)2 9281-5747 www.redmetal.com.au
Rob Rutherford Russell Barwick
Managing Director Chairman
The information in this report that relates to Exploration Results was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.
The information in this report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation compiled by Mr Robert Rutherford, who is a member of the Australian Institute of Geoscientists (AIG). Mr Rutherford is the Managing Director of the Company. Mr Rutherford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Rutherford consents to the form and context in which the Exploration Results and supporting information are presented in this report.
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