startingboy
9 years ago
Red Metal Resources Finalizes Acquisition of Additional Mining Concession for Farellon Property
June 17, 2015
THUNDER BAY, ON and VALLENAR, CHILE, June 17, 2015 – Red Metal Resources Ltd. (OTC PInk:RMES), a mineral exploration company with copper-gold assets in Chile (the “Company”), is pleased to announce that its Chilean subsidiary, Minera Polymet Limitada, (“Polymet”) has signed an option to earn 100% interest in a mining concession contiguous to the Company’s Farellon Property. The concession is 235 hectares, adding approximately one kilometer of strike length of vein along the same trend as the previously drilled vein zone on the Farellon Property and a further 1.5 kilometres of untested vein.
Polymet may acquire 100% of the mining concession by paying a total of US$150,000 over four years. The payment schedule for the option agreement is as follows:
USD$25,000 upon execution of the Option Agreement;
USD$25,000 within 12 months from the date of execution of the Option Agreement;
USD$25,000 within 24 months from the date of execution of the Option Agreement;
USD$25,000 within 36 months from the date of execution of the Option Agreement;
USD$50,000 within 48 months from the date of execution of the Option Agreement.
The vendor will retain a 1.5% NSR on the concession and Polymet will have the right to purchase 100% of the NSR for a one-time payment of USD$750,000 any time after acquiring 100% of the property. Should the Company choose to mine the property prior to acquiring the option, the Company will be obligated to pay a minimum monthly royalty of USD$2,500 up to 5,000 tonnes, and a further USD$0.25 for every additional tonne mined.
The new mining concession adds ground to the Farellon property directly along strike from the present mining operations. Several historic artisanal workings on the concession show potential for further high grade copper and gold mineralization near surface. Due diligence sampling of veins on the new concession returned results as listed in the table below:
Easting
Northing
Copper %
Gold g/t
310946
6889911
2.34
0.33
310874
6889972
2.06
0.40
309733
6889576
2.41
0.15
309801
6889635
1.17
0.02
309888
6889743
5.78
0.07
309973
6889837
4.37
0.11
309587
6889791
1.89
0.17
309701
6889159
4.97
0.43
309862
6889291
3.73
0.80
309644
6889070
3.40
0.41
The Farellon Property presently consists of seven mining concessions totaling 1,002 hectares; the addition of the new claim will increase the size of the property to 1,237 hectares. The property is located in the Carrizal Alto mining district located approximately 75 kilometers northwest of the city of Vallenar, 150 kilometers south of Copiapo and 20 kilometers west of the Pan American Highway. The property is easily accessible year round by dirt roads that crisscross the property and is located close to power, water and a major urban centre, Copiapo, with a readily available mining workforce.
Caitlin Jeffs, P.Geo., President & CEO of Red Metal stated: “This additional mining concession completes our property acquisition plans for this project and provides us with numerous additional targets to expand on our property potential.”
Caitlin Jeffs, P. Geo., President & CEO of 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. http://www.redmetalresources.com/news/index.php?&content_id=91
startingboy
9 years ago
did you see this? Provides Production Update for Farellon Property [Market News Publishing (US)]
RED METAL RESOURCES LTD
RED METAL RESOURCES LTD ("RMES-0") - Provides Production Update for Farellon Property
Red Metal Resources Ltd., a mineral exploration company with copper-gold assets in Chile, is pleased to provide an update on mining activities being conducted by a local mining contractor, an affiliated company, on the Farellon copper-gold project. The affiliated company is selling ore to Empresa Nacional de Mineria ("ENAMI"), a Chilean national mining company with regional processing facilities. The affiliated company pays Red Metal's Chilean subsidiary, Minera Polymet, a 10% gross revenue royalty based on ENAMI's payment for ore.
Since January 2015 a further 75 meters of mine development have been completed and the mine has reached a level approximately 35 metres vertical depth from surface. Production is now in the sulphide zone and both copper and gold are being sold to ENAMI. Since January 2015 1,079 tonnes of oxide ore with an average grade of 1.33% copper have been sold and a further 1,128 tonnes of sulphide ore with an average grade of 1.49% copper and 0.21 g/t gold have been sold.
The main target of the current development is an area intersected in the 2011 and 2013 drilling campaigns, specifically significant intercepts in drill holes FAR-11-001 of 3.95% Cu and 0.53 g/t Au over 8 meters, FAR-13-002 of 2.15% Cu and 0.28 g/t Au over 7 meters and FAR-13-001 of 0.70% Cu and 0.20 g/t Au over 6 meters including 1.25% Cu and 0.34 g/t Au over 2 meters (see news releases dated Sept 21, 2011 and Jan 24, 2014). Drilling has been completed on a 1.6 kilometer strike length of this vein, and is a further 5 km of strike length is unexplored other than surface sampling showing promising results.
The Farellon property consists of eight mining and exploration concessions totaling 1,002 hectares in the Carrizal Alto mining district located approximately 75 kilometers northwest of the city of Vallenar, 150 kilometers south of Copiapo and 20 kilometers west of the Pan American Highway. The property is easily accessible year round by dirt roads that crisscross the property and is located close to power, water and a major urban center, Copiapo, with a readily available mining workforce.
Caitlin Jeffs, P.Geo., President & CEO of Red Metal stated, "We are pleased with the continuing success with the contract mining. We believe this work continues to prove the viability of the potential for a larger economically viable deposit on the Farellon Property."
Caitlin Jeffs, P. Geo., President & CEO of 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 OTCQB 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. Caitlin Jeffs, P.Geo, CEO TEL: 807.345.7384 E-mail: invest@redmetalresources.com Internet: www.redmetalresources.com
Scott Rose, Corporate Communications E-mail: invest@redmetalresources.com
OTCBB closing price for RMES-0 Date: 2015/05/14 Closing Price: 0.03
http://www.otcmarkets.com/stock/RMES/news ____________________________________________________________
(c)2015 Market News Publishing Inc. All rights reserved.
Toronto:(416)366-8881 Vancouver:(604)689-1101 Fax:(604)689-1106
© (c) 2015 Market News Publishing Inc.
RIGATONI
13 years ago
Red Metal Resources Reports Reconnaissance Sample Assays of 10.30% Copper and 21.72 g/t Gold on Mateo Property
Oct 18, 2011 7:45:00 AM
THUNDER BAY, ON and VALLENAR, CHILE, Oct. 18, 2011 /CNW/ - 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 begin_of_the_skype_highlighting 604-648-0513 end_of_the_skype_highlighting or 1-866-907-5403 begin_of_the_skype_highlighting 1-866-907-5403 end_of_the_skype_highlighting invest@redmetalresources.com www.redmetalresources.com
ICEQUITY
13 years ago
RMES Red Metal Resources Continues to Pursue Aggressive Growth Strategy
Filed under: Spotlight Companies — Brittney Barrett @ 9:00 am
There have been few investments over the past decade that have performed as impressively as gold. For the past ten years, gold’s value has been ascending somewhat steadily. Gold reached its peak in recent months and on-going market volatility is likely to support the strength of the precious metal. The U.S. and other developed nations are facing unexplored terrain in terms of the struggles with global debt and economic slowing. Consumer sentiment has been beaten down by slow job growth and a housing market that refuses to bounce back. This host of encroaching obstacles has many investors looking to gold as a source of stability and miners of the precious metals looking to exploration companies in the hopes of broadening their access to it.
Exploration companies, especially those with interest in areas that remain largely unexplored with high hopes for metals, are likely to thrive in the coming years. The number of places that fit this bill declines with time, as historically gold-rich regions become depleted alongside demand. Chile remains among the exceptions to this reality, having only recently authorized investment in the nation’s rich mining industry. The delay on this decision has given Chile an advantage over many other areas that have long been mined to capacity, especially now that the price of gold is near an all-time high. Exploration companies with ties to strong properties in the region are likely to reap financial benefits that exceed those possible in another economy.
The ability to be successful in a range of economies is a highly desirable attribute for a public company. Those exploration outfits that are able to offer not only gold, but other precious metals, like copper, which can rocket in a strong economy, make a business even more appealing. Chile is among the few regions able to offer such qualities in abundance.
Chile’s unique attributes drew the attention Red Metal Resources Ltd. (RMES), a mineral exploration company which now has four copper-gold assets in the nation. The company’s aggressive growth strategy, which entails acquiring, exploring and developing gold-copper projects, has left them well positioned to benefit from the ongoing ascent of precious metals.
Red Metal, mindful of the mammoth potential for ongoing discoveries within the region, continues to assess properties and expand upon their existing projects. The company recently announced that it would extend its exploration with Quantec Geoscience, where it will conduct a high-resolution ground magnetic survey over its Mateo property located in III Region,Chile.
The 5,244-acre site is 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.
Additionally, Red Metal has received the survey results back from its project at the Farellon mine in Chile. They announced the discovery of 2.51 percent Copper and 0.35 g/t gold over 13 meters. The property, which is accessible year-round and well located could help the company generate profits during economic conditions good or bad.
Results from the magnetic survey will be employed in conjunction with geological mapping results, helping to better define mineralized structural features and aid in developing drill targets. Should it yield positive data, Red Metal would be well positioned for the present circumstances.
http://editorial.equities.com/spotlight-companies/red-metal-resources-continues-to-pursue-aggressive-growth-strategy/
RIGATONI
13 years ago
Red Metal Resources Reports 2.51% Copper and 0.53 g/t Gold Over 13 Meters at Farellon Project, III Region Chile
Sep 21, 2011 8:01:00 AM
Results Also Include 32 Meters @ 1.35% Copper and 0.99 g/t Gold
THUNDER BAY, ON and VALLENAR, CHILE, Sept. 21, 2011 /CNW/ - Red Metal Resources Ltd. (OTCBB:RMES), a mineral exploration company with copper-gold assets in Chile, today announced results from their 2,233 meter, 11 drill hole drill program on the Farellon Property, III Region Atacama, Chile.
Highlights of the drill program include:
HOLE ID From (m) To (m) Length (m) Copper % Gold g/t
FAR-11-001 36 49 13 2.51 0.35
including
FAR-11-001 36 44 8 3.95 0.53
FAR-11-006 80 112 32 1.35 0.99
FAR-11-009 202 211.55 9.55 0.95 0.42
The recently completed drill program has continued to expand the known mineralized zone down dip to approximately 200 meters vertical depth while also continuing to confirm historical results along strike. Three drill holes included approximately 100 meters each of drilling with a diamond drill bit to recover drill core. The drill core has provided us with information to better define the structural controls on mineralization and aid in planning for further drill programs.
The above intersections are downhole thickness and may not represent true thickness of the mineralization.
Results of the full drill program are included below:
HOLE ID From (m) To (m) Length (m) Copper % Gold g/t
FAR-11-001 36 49 13 2.51 0.35
FAR-11-001 78 85 7 0.43 0.04
FAR-11-002 Zone faulted off
FAR-11-003 150 155 5 0.40 0.28
FAR-11-003 177 182 5 0.44 0.15
FAR-11-004 141 145 4 0.73 0.01
FAR-11-005 124 133 9 0.84 0.26
FAR-11-006 80 112 32 1.35 0.99
FAR-11-007 56 74 18 0.50 0.40
FAR-11-008 98 102 4 0.85 0.26
FAR-11-009 202 211.55 9.55 0.95 0.42
FAR-11-010 179.13 183 3.87 0.50 0.39
FAR-11-011 54 56 2 0.97 0.48
Caitlin Jeffs, P.Geo., president of Red Metal Resources, said, "We are extremely encouraged by the results from this drilling program. Farellon has enormous potential and warrants further drilling to outline an initial resource estimate."
About Farellon Project
Farellon is a copper-gold property in the prolific Candelaria iron oxide copper-gold belt. Previous work has outlined a 1.7 kilometer strike length of known mineralization hosted in a mineralized fault zone along strike from the historic Carrizal Alto mine.
The Farellon project consists of four mining and exploration concessions totaling 1096 hectares in the Carrizal Alto mining district located approximately 75 kilometers northwest of the city of Vallenar, 150 kilometers south of Copiapo and 20 kilometers west of the Pan American Highway. The property is easily accessible year round by dirt roads that criss-cross the property and is located close to power and water.
Red Metal last explored Farellon in the fall of 2009 with a five-hole, 725 meter, reverse circulation (RC) drill program which included results of 2.57% copper and 4.16 g/t gold over 5 meters. An RC drill program of 22 drill holes totaling 3,918 meters was completed in 1996-1997 by an Australian company. The drilling was conducted at irregular intervals along the mineralized shear and they were sampled at regular one meters sample intervals along their entire length. The drilling confirmed mineralization in the shear zone down to a vertical depth of approximately 200 meters.
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
RIGATONI
13 years ago
Red Metal Resources Announces Geophysics Program on Mateo Project
Sep 8, 2011 8:01:00 AM
THUNDER BAY, ON, Sept. 8, 2011 /CNW/ - 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 ENAMI´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.
----------------------------------------------
Contact: Red Metal Resources Ltd. Adam Rabiner Corporate Communications 604-648-0513 begin_of_the_skype_highlighting 604-648-0513 end_of_the_skype_highlighting or 1-866-907-5403 begin_of_the_skype_highlighting 1-866-907-5403 end_of_the_skype_highlighting invest@redmetalresources.com www.redmetalresources.com
ICEQUITY
13 years ago
@StockNotifier (RMES) Right Place, Right Time for Red Metal Resources
Read more...
Filed under: Spotlight Companies — Equities Staff @ 9:56 am
The resource-rich nation of Chile has long been recognized as one of the hottest destinations for mining precious metals and minerals. In fact, over one-third of the world’s copper produced today comes from Chile, and the nation’s output of other commodities like gold and silver have increased drastically over the past decades as well. Another major reason that Chile is so attractive to foreign investments is that the government has historically been stable and friendly to the mining industry. With the Chilean government only opening up its lucrative industry to private and international businesses a mere two decades ago, the true potential of the land still remains largely untapped.
Taking full advantage of these ideal conditions, mineral exploration company Red Metal Resources, Inc. (RMES ) has four fully owned projects in the Candelaria IOCG belt, located in Chile’s Region III, that could be very fruitful for the company. Combining decades of mining and exploration experience with a keen understanding and familiarity with the lay of the land, Red Metal Resources is truly positioned to execute on its strategy and create value through its robust growth potential.
“Chile is one of the top countries in the world to be mining in,” says Caitlin Jeffs, President and CEO of Red Metal Resources. “It is a mining country, absolutely. That is what they do. Chile produces 34 percent of the world’s copper, therefore, we were attracted to it because of that reason, and also the potential in the properties. The areas that we’re looking in are very unexplored.”
Promising Portfolio of Properties
The Red Metal Resources exploration portfolio consists of four copper-gold projects: Farellon, Perth, Mateo, and the recently acquired Veta Negra.
Farellon, which the company acquired in 2008, is Red Metal Resource’s premiere and most advanced project. In April, Red Metal raised $2 million through a private placement to begin drilling at the site as well as to fund other parts of its operations. The company recently announced that it had concluded a combined reverse circulation and diamond drilling program, with results expected to be released in the coming weeks. The property had been drilled prior to Red Metal’s acquisition of the project, and has already been outlined as having significant potential.
“That project for us is quite fantastic,” Jeffs says. “It has copper and gold, so it has a sort of internal hedge depending on which way the economy is going to go. Whether you have fears that copper is going to drop through the floor all of a sudden, and gold is going to go to $8,000 an ounce. We are planning to keep drilling and outline a resource there.”
The company’s other three projects also show significant promise, but are still in their early stages. The Mateo property, for example, is located in the same belt and formation as Freeport McMoran’s Candelaria mine and Anglo American’s Mantoverde Mine.
Experience and Leadership
Beyond its attractive copper-gold assets, Red Metal boasts a stellar management team with proven track records. Jeffs is a geologist with extensive experience working with mining and exploration companies of all sizes. She has managed deep exploration projects for companies such as Goldcorp Inc. and primarily with Placer Dome CLA Inc., where she met Michael Thompson, Red Metal’s Vice President of Exploration. “Both Michael and I have a good balance of major company experience, and looking for generative projects for major companies, which is quite different,” Jeff says. “Major companies are looking for something very specific, so I think that brings an added benefit to us running a junior mining company.”
While the company is based in Ontario, Canada, Jeffs says that Red Metal as a whole has been working in Chile for four years now, gaining access and knowledge that other companies may lack. Kevin Mitchell, Red Metal’s operations manager, has over 23 years of experience working in Chile, and has been an enormous benefit in helping the company circumvent certain barriers of entry and challenges that typically plague those unfamiliar with the inner workings of the mining industry and locale.
“It’s quite difficult to get property in Chile, primarily the area where we’re working because there are a lot of small, family mining operations,” Jeffs says. “So, to get a land package that you need in order to find a large mine, you have to be able to talk with all the small families and be able to buy their properties. If you’re coming in as an outsider, they’re going to want $1 million, because this is their entire income. So Kevin Mitchell has been a great asset because he knows everybody in the community down there, and we’ve been able to put together great projects that probably most companies would have a very difficult time doing.”
Skyrocketing Gold and Copper Prices
The rise of gold prices has been well-documented over the past couple of years. The uncertainty of the global economy has helped to drive up the price of gold. In contrast, demand for copper weakened as economic activity stalled during the recession. But as the global recovery effort gains momentum, primarily in those of emerging markets such as Brazil, Russia, India and China, so goes the demand and value of copper.
Analysts are projecting bullish macro conditions for copper since the base metal is so essential to construction spending and infrastructure growth. It is undoubtedly why copper is historically viewed as a bellwether commodity for economic health.
Copper-gold mining companies are perfectly positioned to play both sides of the economic spectrum, and Red Metal is no different. Whether gold prices soar due to market uncertainty or copper demand surges on economic recovery, the company stands to benefit.
“Obviously, we’re living in volatile times and nobody is 100 percent sure which direction the economy is going to go right now,” Jeffs says. “But if China and India continue growing at the pace they’re growing, and copper continues to rise above $4 and possibly $5, then we’ll all be happy either way. But if economic times mean we’re about to head into a larger recession, especially a global recession, then usually gold is the way you want to go. We have both gold and copper on all of our properties.”
RIGATONI
13 years ago
Red Metal Resources Reports Reconnaissance Sampling From Veta Negra Property, Chile
Jul 20, 2011 3:05:00 PM
Encouraging Results up to 4.48% Copper and 0.93 g/t Gold
THUNDER BAY, ON, July 20, 2011 /CNW/ - Red Metal Resources Ltd. (OTCBB:RMES), a mineral exploration company with copper-gold assets in Chile, today announced results from their preliminary reconnaissance mapping of the Veta Negra Property, located in III Region, Chile.
The Veta Negra Property is 5,300 hectares (13,097 acres) in size consisting of eighteen exploration claims. Red Metal acquired a 100% interest in the eighteen exploration claims and concurrently signed an option agreement to purchase 100% of two mining claims totaling 44 hectares (108 acres) underlying the exploration claims. The Veta Negra Property is located 3 kilometers east of Red Metal's Mateo Project.
During the due diligence process on the property Red Metal geologists identified three mineralized mantos on the property and took samples along a 2 km strike length of one manto now called the West Manto, a 1 km strike length of a second manto now called the East Manto and a 500 meter strike length of a third manto now called the Far West Manto. During the review process 65 rock samples in total were collected in the field from all three mantos and from artisanal mining excavations on the property.
Results from this sampling program show very encouraging copper and gold values. All samples taken were in copper oxides. Significant results from the reconnaissance sampling are:
Sample ID Easting Northing Au g/t Cu % Manto
200903 348488 6842508 0.16 1.01 East Manto
200932 348335 6843938 0.08 1.03 East Manto
200925 348440 6843689 0.43 1.08 East Manto
200913 348690 6842997 0.33 1.62 East Manto
200928 348522 6843441 0.19 1.68 East Manto
200943 348093 6844433 0.17 1.9 East Manto
200931 348349 6843900 0.2 1.91 East Manto
200905 348653 6842700 0.93 2.69 East Manto
200904 348545 6842549 0.20 3.56 East Manto
200958 347107 6844288 0 1.19 undefined
200957 347206 6843278 0.15 2.13 undefined
200908 348644 6841365 0.33 4.48 undefined
200961 346021 6843847 0.07 1.87 Far West Manto
200939 347947 6843726 0.35 1.11 West Manto
200921 348146 6843366 0.59 1.25 West Manto
200924 348183 6843307 0.19 1.3 West Manto
200937 348068 6843553 0.92 1.75 West Manto
200911 347927 6843510 0.14 1.84 West Manto
200938 348004 6843660 0.09 2.09 West Manto
Veta Negra is approximately a 45 minute drive from the city of Vallenar with major road access, power and water supply close by. The property lies in the Cretaceous Cerrillos Formation composed of andesites, conglomerates and arenites. The mantos identified on surface now are mineralized andesite beds with associated iron oxide alteration.
Veta Negra Property Highlights
The Veta Negra Property lies in the Cretaceous Cerrillos Formation, an epiclastic and volcaniclastic sequence of fluvial conglomerates and sandstones of volcanic origin and freshwater limestones all overlain by volcanic breccias and lava flows. The mineralized mantos identified on surface are of variable widths averaging six meters with significant iron oxide, silica, epidote, chlorite and tourmaline alteration with copper mineralization comprised of chrysocolla, a copper oxide.
Caitlin Jeffs, P.Geo., president of Red Metal, said, "Initial sampling results are encouraging and confirm the potential to locate additional copper and gold mineralization at Veta Negra and we look forward to intensifying our exploration activities."
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
RIGATONI
13 years ago
A New Audio Interview With Caitlin Jeffs, President and Chief Executive Officer of Red Metal Resources Ltd., Is Now at SmallCapVoice.com
Jul 8, 2011 9:00:00 AM
AUSTIN, Texas, July 8, 2011 /PRNewswire/ -- SmallCapVoice.com, Inc. announced today that a new audio interview with Red Metal Resources Ltd. (OTCBB:RMES.ob), a mineral exploration company with copper-gold assets in Chile is now available. The interview can be heard at http://smallcapvoice.com/blog/6-30-11-audio-interview-with-red-metal-resources-ltd-otcqb-rmes
SmallCapVoice is a recognized corporate investor relations firm, with clients nationwide, known for its ability to help emerging growth companies build a following among retail and institutional investors. SmallCapVoice utilizes its stock newsletter to feature its daily stock picks, audio interviews, as well as its clients' financial news releases.
SmallCapVoice also offers individual investors all the tools they need to make informed decisions about the stocks they are interested in. Tools like stock charts, stock alerts, and Company Information Sheets can assist with investing in stocks that are traded on the OTC QB, OTC QX and OTC Pink. To learn more about SmallCapVoice and their services, please visit http://www.smallcapvoice.com/services.html.
To sign up for the free small cap stock newsletter, The Small Cap Daily, please visit http://smallcapvoice.com/newsletter.html
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 at http://www.sec.gov/edgar.shtml.
Contact:
Red Metal Resources Ltd.
Adam Rabiner
Corporate Communications
604-648-0513 begin_of_the_skype_highlighting 604-648-0513 end_of_the_skype_highlighting or 1-866-907-5403 begin_of_the_skype_highlighting 1-866-907-5403 end_of_the_skype_highlighting
invest@redmetalresources.com
www.redmetalresources.com
Contact for SmallCapVoice.com:
Stuart T. Smith
512-267-2430 begin_of_the_skype_highlighting 512-267-2430 end_of_the_skype_highlighting
info@smallcapvoice.com
SOURCE SmallCapVoice.com, Inc.
Choi
13 years ago
2nd News for Today!
07/07/2011
Marketwire
July Copper futures closed up 10 cents Thursday at $4.43 per pound, making exploration companies like Red Metal Resources Ltd. (OTCBB: RMES) cheer, especially considering the company just added its fourth Chilean property to its stable.
In a press release issued Wednesday, Red Metal Resources President Caitlin Jeffs said, "We believe that we have assembled one of the most attractive, best-positioned exploration packages in the belt."
Ms. Caitlin, a geologist who also heads up a 30-man geological consulting firm in Thunderbay, ON, was referring to the prolific Candelaria Iron Oxide Copper-Gold (IOCG) belt in Chile's III Region, which is home to Freeport-McMoRan's Candelaria Mine, Anglo American's Mantoverde Mine, Teck's Relincho Project and Andacollo Mine and Far West's Santo Domingo deposit. Those five projects are reported to hold nearly 2.5 billion ounces in copper and copper equivalent.
While that might produce a complacent outlook towards RMES, you might look closer as the 'Five' surround Caitlin's company's properties.
Calling its latest acquisition a "highly prospective exploration project in the Candelaria IOCG belt," Caitlin revealed the terms as being reasonable and well within Red Metal Resources current capital reach, having raised $2 million in April through a private placement managed by Brimberg & Company of New York. At the time of the financing, Caitlin stated that, "This funding will enable us to undertake exploration programs to further our projects which we believe have the potential to add significant value to our company."
RMES announced Thursday morning that its drilling program at its Farellon Project was underway with plans to drill approximately 2000 meters. It marks the first time in two years that Red Metal Resources has conducted any exploratory work on its Farellon Property. But at the time copper prices averaged $2.90 per pound, having climbed steadily from $1.40 per pound in January. Now with copper well over the $4.00 per pound mark, building up its Farellon resources only makes sense.
In the fall of 2009 Red Metal Resources had drilled five holes for a total of 725 meters and hit good results on every hole. Now it looks to capitalize on the near 100% gain in copper prices and push a more aggressive exploration strategy -- still well within the capital constraints of its second quarter private placement.
Should copper prices continue to hold at current $4.40 per pound levels and Caitlin's geological team can again produce results from its 2011 drill program, further financing is likely.
RMES' shares closed up 4 cents Thursday at $0.55, nearing its 52-week hi of $0.59.
Note to Editors: "News Features" are stories provided to publishers copyright-free for print or online display at no charge. All we ask is that publishers include our byline (AXcess News) as the source, or if online, link to our Web site: http://www.axcessnews.com. If you are interested in displaying our news on a regular basis, please contact our editorial department at: 909-553-0161 or editor@axcessnews.com
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