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Last updated on April 18, 2014 at 11:57 EDT

Red Metal Resources Reports Reconnaissance Sample Assays of 10.30% Copper and 21.72 g/t Gold on Mateo Property

October 18, 2011

THUNDER BAY, ON and VALLENAR, CHILE, Oct. 18, 2011 /PRNewswire/ – Red Metal
Resources Ltd. (OTCBB: RMES), a mineral exploration company with
copper-gold assets in Chile, is pleased to announce returned assay
results of reconnaissance samples taken over its 100% owned Mateo
Property (“Mateo”).

A recent detailed mapping and sampling program over Mateo has returned
promising results from reconnaissance samples collected on multiple
mineralized structures from mantos, veins and mineralized breccia
bodies:

        --  Samples of 21.72g/t Au with 0.69% Cu, 3.10g/t Au with 0.50% Cu
            and 3.57g/t Au with 0.62% Cu taken from one vein traced for
            approximately 350 meters on surface
        --  36 of 138 samples returned Au results greater than 1.00g/t Au
        --  59 of 138 samples returned Cu results greater than 1.00% Cu
        --  Multiple mineralized veins, mantos and breccia bodies
            identified

Additional significant reconnaissance sampling results from the Mateo
mapping program are listed below:


                        Sample      Cu%     Au g/t  

                        201272     7.37       1.12  

                        202871     2.63       1.14  

                        202852     7.11       1.18  

                        202849     10.3       1.73  

                        201220     4.29       2.07  

                        201277     9.39       2.42  

                        202850     2.58       2.46  

                        202810     2.44       2.49  

                        202882     2.57       3.08  

                        202812     0.50       3.10  

                        202815     0.62       3.57  

                        202880     1.46       5.70  

                        202826     5.30       6.85  

                        201217     3.46      10.11  

                        202813     0.69      21.72  

Mateo is composed of 13 exploration and mining concessions covering
5,244 acres (2,122 hectares) in the III Region of Chile, Region de
Atacama. The project is situated 10 kilometers east of the City of
Vallenar with the highest point at approximately 1,050 meters above sea
level.  The property is easily accessible year round via a well-used
road going from Vallenar to the property. The road crosses through the
middle of the west half of the properties and along the southern border
of the east half of the properties. The project is located close to
power, water and an urban centre, Vallenar, with a readily available
mining workforce.

Mateo Exploration History

Historical work on Mateo includes several drill programs completed by
different Chilean private and public companies. Records exist from
eight drillholes completed in 1994 on the Irene mine and include two
full reports written by ENAMI (the Chilean national mining company)
with interpretation of mineralization and recommendations for further
exploration and mining work. The Irene mine was investigated by ENAMI
in 1994. Work completed during that time included surface RC drilling,
including 490 meters in four RC drillholes, and underground diamond
drilling, including 220 meters in four drillholes. We obtained ENAMI’s
reports of mining activities from 1994 through 1997. Approximately
11,875 tonnes of rock were mined in that time averaging 4.3% copper,
61.9 grams per tonne silver, and 1.01 grams per tonne gold. During the
period June 2009 to December 2010 the vendor of the Irene, Minera
Farellon, conducted small scale mining activities on a different area
of the Irene claims and mined 1705 tonnes grading 1.39% Cu, 1.39g/t Ag,
0.29g.t Au in sulphides and 1477 tonnes grading 1.98% Cu in oxides.

Michael Thompson, P. Geo., vice president of exploration for Red Metal,
the project’s Qualified Person as defined in NI 43-101, has reviewed
and approved the contents of this news release.

About Red Metal Resources Ltd. 

Red Metal Resources is a mineral exploration company focused on
aggressive growth through acquiring, exploring and developing
copper-gold assets in Chile. Our projects are located in the prolific
Candelaria iron oxide copper-gold (IOCG) belt of Chile’s coastal
Cordillera, host to Freeport-McMoRan’s Candelaria Mine and Anglo
American’s Mantoverde Mine. Red Metal is a fully reporting US public
company quoted on the OTCBB under the symbol RMES. For more
information, visit www.redmetalresources.com.

Except for the statements of historical fact, the information contained
herein is of a forward-looking nature. Such forward-looking information
involves known and unknown risks, uncertainties and other factors that
may cause the actual results, performance or achievement of the company
to be materially different from any future results, performance or
achievements expressed or implied by statements containing
forward-looking information. Accordingly, you should not place undue
reliance on statements containing forward looking information. The U.S.
Securities and Exchange Commission permits mining companies, in their
filings with the SEC, to disclose only those mineral deposits that a
company can economically and legally extract or produce. We may use
certain terms in our press releases, such as “measured,” “indicated,”
and “inferred” resources, which the SEC guidelines generally prohibit
companies from including in their filings with the SEC. Investors are
urged to consider closely the disclosure in our Form 10-K, which may be
obtained from us, or from the SEC website.

 

 

 

Red Metal Resources Ltd.
Adam Rabiner
Corporate Communications
604-648-0513 or 1-866-907-5403
invest@redmetalresources.com
www.redmetalresources.com

SOURCE Red Metal Resources Ltd.


Source: PR Newswire