Minotaur Exploration Limited

Published : September 03rd, 2015

New Exploration Agreement with Minotaur on Corkwood Copper-Gold Project, Qld

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Keywords :   Aig | Copper | Gold | Gold Mine | K Street | Silver |

New Exploration Agreement with Minotaur on Corkwood Copper-Gold Project, Qld

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).

2

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.

3

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Minotaur Exploration Limited

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CODE : MEP.AX
ISIN : AU000000MEP8
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Minotaur Expl. is a exploration company based in Autralia.

Minotaur Expl. develops kaolin in Australia, and holds various exploration projects in Australia and in Chile.

Its main asset in development is POOCHERA - CAREY'S WELL in Australia and its main exploration properties are GAWLER CRATON, CURNAMONA CRATON, TUNKILLIA - LAKE EVERARD, DOUGLAS CREEK and ACROPOLIS/ROXBY in Australia, NAVALMEDIO in Spain and COPIAPO in Chile.

Minotaur Expl. is listed in Australia and in United States of America. Its market capitalisation is AU$ 43.5 millions as of today (US$ 31.4 millions, € 27.5 millions).

Its stock quote reached its highest recent level on September 03, 2010 at AU$ 0.38, and its lowest recent point on March 20, 2020 at AU$ 0.02.

Minotaur Expl. has 212 390 000 shares outstanding.

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Corporate Presentations of Minotaur Exploration Limited
7/25/2007Builds resources investments
Nominations of Minotaur Exploration Limited
11/27/2007Business Development Manager Appointed
8/22/2007Appointment of New Director to Minotaur
Project news of Minotaur Exploration Limited
7/29/2016Inaugural JORC resource for Chameleon gold deposit, Kalgoorl...
6/22/2016Drilling progress report for Chameleon gold deposit, Kalgoor...
9/10/2015• Gold exploration to commence at Spargos Reward
12/4/2013Minotaur adds former Breakaway Resources Chairman to its Boa...
11/20/2013Minotaur keen for more acquisitions
10/21/2013Minotaur moves to compulsory acquisition of Breakaway
7/29/2013Minotaur completes acquisition of WA gold-nickel tenements
5/20/2013ADDITIONAL MINOTAUR COMMENT ON WA ACQUISITION ANNOUNCED TODA...
7/27/2012Cashed up Minotaur eyeing WA gold acquisition opportunities
7/1/2009(Douglas Creek)Drilling Programs Update
5/25/2007(Tunkillia - Lake Everard)Study to commence mining operations
Corporate news of Minotaur Exploration Limited
7/27/2016Quarterly Report Ended 30 June 2016
7/4/2016Attractive gold assays from Chameleon Deposit, Kalgoorlie
6/30/2016Roger Higgins joins Minotaur Board
6/30/2016Change of Company Secretary
6/29/2016CHILEAN METALS ENTER STRATEGIC ADVISORY AGREEMENT WITH MINOT...
6/20/2016Progress report for Eloise JV
5/2/2016BOARDROOM RADIO INTERVIEW - Minotaur identifies new targets ...
4/29/2016Minotaur identifies new targets near Prominent Hill
3/31/2016Minotaur to distribute tax credits to shareholders
1/27/2016Quarterly Report Period Ended 31 December 2015
9/9/2015MEP: SFR continues earn-in at Altia project, Cloncurry
9/3/2015New Exploration Agreement with Minotaur on Corkwood Copper-G...
7/14/2015VTEM Survey Underway at Merléac to Identify New Deposits
4/21/2015Eloise Copper JV report
3/11/2015Minotaur Stands Out Amongst Junior Miners, Presentation Febr...
1/29/2015Quarterly Report Ending 31 December 2014
10/22/201422 Oct 14 – 22 October - Drilling underway at Artemis Prospe...
10/21/201421 Oct 14 – Successful closure of Share Purchase Plan and Ad...
10/20/201420 Oct 14 – Agreed sale of Gypsum Project new!
10/21/2013Minotaur commences new 4-hole copper-gold campaign near Clon...
8/1/2013Minotaur lodges formal bid for WA's Breakaway with Norilsk b...
8/1/201301 Aug 13 – Bidders Statement to acquire Breakaway Resources...
8/20/2012Canadian IOCG drill push accelerated by Australia's Minotaur
7/11/2012Japan's JOGMEC and Minotaur in new copper-gold drill push no...
9/5/2011Minotaur discovers large copper-gold system in western Queen...
4/29/2011Minotaur Exploration Quarterly Report
4/22/2010Minotaur in $6.6m exploration spend in 2010 across three sta...
10/2/2009Drilling commences Cowra and Boorowa Joint Venture Projects,...
8/27/2008 restarts drilling at Tunkillia, S.A.
6/12/2008Terramin-Zinifex-Minotaur in new SA minerals search
3/18/2008 announces encouraging IOCG results near Olympic Dam
3/18/2008Update on Australian Drilling Projects
2/20/2008NAVALMEDIO ANNOUNCEMENT CORRECTION
10/30/2007Quarterly Activities Report
10/5/2007Mitsubishi buys into Minotaur's NSW copper gold project near...
9/11/2007Trafford in new SA minerals deal
8/30/2007Expands Copper Gold Exploration into Eastern Canada
5/22/2007Sumitomo joins Minotaur in Australian minerals venture
2/21/2007JV with PlatSearch
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