Red Metal Resources Announces Geophysics Program on Mateo Project
THUNDER BAY, ON, Sept. 8, 2011 /PRNewswire/ – Red Metal Resources Ltd.
(OTCBB:RMES), a mineral exploration company with four copper-gold
assets in Chile, today announced that it has contracted Quantec
Geoscience to conduct a high resolution ground magnetic survey over its
Mateo property located in III Region, Chile.
Results from the magnetic survey will be used in conjunction with
geological mapping results to better define mineralized structural
features and aid in developing drill targets. The survey will be
completed on 100 meter spaced lines and readings will be taken every 10
meters, a total of 271 line kilometers will be surveyed. Quantec is
expected to start the survey in the next week and data will be
collected over a two week period.
The Mateo property is 5,244 acres (2,122 hectares) in size consisting of
five exploitation concessions and eight exploration concessions and is
located 10 kilometers east of the City of Vallenar.
The Mateo property is located within the brittle-ductile
north-south-trending Atacama Fault System that is known to host many of
the major deposits in the Candelaria IOCG belt. Known mineralization
is hosted in an andesitic volcaniclastic sequence assigned to the
Bandurrias Formation. Widespread iron oxide and potassic alteration
indicates an IOCG mineralizing system further supported by significant
amounts of economic grade mineralization.
Mateo Exploration History
Historical work on the Mateo property 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 at Mateo was investigated by ENAMI in 1994. Work
completed during this time included surface RC drilling, including 490
meters in four RC drillholes, and underground diamond drilling,
including 220 meters in four drillholes. Red Metal obtained ENAMIÃ‚´s
reports of mining activities from 1994 through 1997. Approximately
16,144 tonnes of rock were mined in that time averaging 3.2% copper,
43.7 grams per tonne silver, and 0.72 grams per tonne gold.
Caitlin Jeffs, P.Geo., president of Red Metal, said, “This geophysics
program represents the first in series of programs to define drill
targets with the goal of rapidly advancing the Mateo project.”
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.
SOURCE Red Metal Resources Ltd.