Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
2Mil FLoat already mining, checked all credible sources for company and management... When gold gets to around 1700, well be banging....
Excellent find. Already mining and have $1.3 mil cash. 2 MIL FLOAT! Getting in this one asap!
Needed great Gold Plays for my portfolio, now since the QE2 has ended... I think RMES & WLO* are one of the better ones ive seen in a long time....
I like this one
RMES 16,939,634 O/S, have over $1.3Mil in cash and over 2Mil in assets... Driling Program Starts!!!
http://ih.advfn.com/p.php?pid=nmona&article=48359687&symbol=RMES
Red Metal, heating up imo, full steam ahead ~Rig
"This is the first drilling program at Farellon in almost two years and we look forward to aggressively advancing the project," said Caitlin Jeffs, P.Geo.,CEO
Drilling Program Underway at Red Metal Resources' Farellon Copper-Gold Project, III Region Chile
Jul 7, 2011 10:00:00 AM
THUNDER BAY, ON, July 7, 2011 /CNW/ - Red Metal Resources Ltd. (OTCBB:RMES), a mineral exploration company with copper-gold assets in Chile, announces that it has commenced an approximately 2000 meter combined reverse circulation (RC) and diamond drilling program on its 100% owned Farellon copper-gold project.
The drilling program is designed to continue expanding down dip on known mineralized zones as well as testing areas with large gaps of information.
"This is the first drilling program at Farellon in almost two years and we look forward to aggressively advancing the project," said Caitlin Jeffs, P.Geo.,CEO.
Red Metal last explored Farellon in the fall of 2009 with a five-hole, 725 meter, RC drill program. Significant results from previous drilling are:
Hole ID From
(m) To
(m) Length
(m) Au
(g/t) Cu
(%) From
(m) To
(m) Length
(m) Au
(g/t) Cu
(%)
FAR-09-A 79.0 109.0 30.0 0.18 0.62 incl 97.0 106.0 9.0 0.44 1.63
FAR-09-B 56.0 95.0 39.0 0.25 0.55 incl 75.0 86.0 11.0 0.67 1.35
FAR-09-C 73.0 103.0 30.0 0.79 0.55 incl 77.0 82.0 5.0 4.16 2.57
FAR-09-D 95.0 134.0 39.0 0.11 0.58 incl 95.0 103.0 8.0 0.33 2.02
FAR-09-E(i) 24.0 68.0 44.0 0.12 0.30 incl 65.0 68.0 3.0 0.58 1.46
(i) Hole ended in mineralization
Farellon is a copper-gold project in the prolific Candelaria iron oxide copper-gold belt. Previous work completed in 1997 by an Australian-based company included 22 RC drill holes totaling 3900 meters along a 1.7 km strike length of known mineralization hosted in a mineralized fault zone along strike from the historic Carrizal Alto mine.
Michael Thompson, P. Geo., vice president of exploration for Red Metal, the project's Qualified Person under the definition of 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 at http://www.sec.gov/edgar.shtml.
----------------------------------------------
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
Looks like more properties could be bought imo,
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.
Red Metal Acquires 5300-Hectare Veta Negra Property, III Region Chile
Jul 6, 2011 3:05:00 PM
THUNDER BAY, ON, July 6, 2011 /CNW/ - Red Metal Resources Ltd. (OTCBB:RMES), a mineral exploration company with copper-gold assets in Chile, today announced that it has signed an agreement to purchase the Veta Negra Property located in III Region Atacama, 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 kilometres west of Red Metal's Mateo Project and approximately 45 minutes 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. Red Metal's geologists have reviewed the property and identified three mineralized mantos hosted in andesites on the property. One manto can be traced on surface for approximately 2 kilometres, a second manto for approximately 1 kilometre, and a third manto for approximately 500 metres.
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 metres with significant iron oxide, silica, epidote, chlorite and tourmaline alteration with copper mineralization comprised of chrysocolla, a copper oxide. Channel sampling results from Red Metal's evaluation of the property include:
SAMPLE Cu % Length of
Sample (m)
201191 1.34 3
201190 1.36 3
260307 1.37 2
201193 1.62 3
201192 1.87 3
Terms of Veta Negra Property Purchase and Option Agreement
Red Metal purchased 100% of eighteen exploration claims on the Veta Negra Property for a one-time payment of US$3,500 and the transfer of four generative concessions that do not meet our exploration criteria.
Red Metal has an option to acquire 100% of the two mining claims by making four payments totaling US$104,000: US$14,000 upon signing, US$10,000 on August 15th, 2011, US$20,000 on February 15th, 2012 and US$60,000 on February 15th, 2013. The property has a 1.5% net smelter royalty that can be purchased for US$250,000 at any time.
Caitlin Jeffs, P.Geo., president of Red Metal, stated, "The addition of Veta Negra gives Red Metal its fourth highly prospective exploration project in the Candelaria IOCG belt. We believe that we have assembled one of the most attractive, best-positioned exploration packages in the belt and we look forward to advancing our projects."
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 at http://www.sec.gov/edgar.shtml.
----------------------------------------------
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
Red Metal Resources Secures Drill Rig and Readies for Summer Drilling Program at Farellon Project, III Region Chile
Jun 16, 2011 7:55:00 AM
THUNDER BAY, ON, June 16, 2011 /CNW/ - Red Metal Resources Ltd. (OTCBB: RMES), a mineral exploration company with copper-gold assets in Chile, today announced that it has signed a contract with Major Drilling Chile S.A. to undertake an initial 2000 meter combined reverse circulation (RC) and diamond drilling program on Red Metal's 100% owned Farellon copper-gold project, starting June 25, 2011.
Road work and construction of drill pads at Farellon is expected to be completed this week and a crew has been mobilized.
The Company last explored Farellon in the fall of 2009 with a five-hole, 725 meter, RC drill program on Farellon and this program is designed to continue expanding down dip on known mineralized zones as well as testing areas with large gaps of information. Significant results from previous drilling are:
Hole ID From (m) To (m) Length (m) Au (g/t) Cu (%) From (m) To (m) Length (m) Au (g/t) Cu (%)
FAR-09-A 79.0 109.0 30.0 0.18 0.62 incl 97.0 106.0 9.0 0.44 1.63
FAR-09-B 56.0 95.0 39.0 0.25 0.55 incl 75.0 86.0 11.0 0.67 1.35
FAR-09-C 73.0 103.0 30.0 0.79 0.55 incl 77.0 82.0 5.0 4.16 2.57
FAR-09-D 95.0 134.0 39.0 0.11 0.58 incl 95.0 103.0 8.0 0.33 2.02
FAR-09-E(i) 24.0 68.0 44.0 0.12 0.30 incl 65.0 68.0 3.0 0.58 1.46
(i) Hole ended in mineralization
Farellon is a copper-gold project in the prolific Candelaria Iron-Oxide Copper-Gold belt. Previous work completed in 1997 included 23 RC drill holes totaling 3900 meters along a 1.7 km strike length of known mineralization hosted in a mineralized fault zone along strike from the historic Carrizal Alto mine.
Michael Thompson, P. Geo., VP Exploration for Red Metal, the project's Qualified Person under the definition of 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 at http://www.sec.gov/edgar.shtml.
----------------------------------------------
Red Metal Resources Ltd. Adam Rabiner Corporate Communications 604-648-0513 or 1-866-907-5403 invest@redmetalresources.com www.redmetalresources.com
Revonergy Provides Update on Perth Property
Revonergy to Construct 12 Kilometer Road at the Perth Property
May 17, 2011 9:12:00 AM
LONDON, UNITED KINGDOM--(Marketwire - May 17, 2011) - Revonergy Inc. ("Revonergy" or the "Company"), (OTCBB:RNRG) today is providing a brief update on the Perth Gold project in Chile (the "Perth Property").
Geologists have finished surveying the Perth Property which is the subject of the joint venture agreement (the "JV Agreement") with Red Metal Resources (OTCBB:RMES) ("RMES") as announced March 21, 2011. Pursuant to the JV Agreement Revonergy has the right to purchase up to 50% of the mining project by completing certain work expenditures over a four year period. The consultants, Fladgate Exploration, expect to detail their findings in a report including recommendations for a multi-phase exploration program in the very near future and are currently finalizing their report.
In the meantime Revonergy has arranged for construction of a 12 kilometer road that will lead to the center of the Perth Property. The road will support movement of equipment, materials and personnel to the Perth Property as the next work phase is undertaken.
"The completion of this road will reduce travel time to and from the Perth Property by approximately 3 hours" said Ravi Daswani, President and CEO of Revonergy Inc., "Furthermore this road will help the drilling rigs get to and from the property efficiently."
The Perth Property
The Perth Property is centered at:
Latitude 28 degrees 03'22"S, Longitude 70 degrees 56'45"W
UTM PSAD56 Zone 19S 308,750mE, 6,895,000mN
The Perth Property consists of six exploitation claims totaling 918 hectares (2,268 acres) and six exploration claims totaling 1,365 hectares (3,373 acres).
The Perth Property is adjacent to the west side of the historic Carrizal Alto mine and lies approximately 3.5 kilometers north of Red Metal's Farellon project. It is a 45 minute drive from Vallenar city, with major road access, power and water supply close by. The project lies on a similar geologic contact as the Farellon and Carrizal Alto properties.
The Perth Property overlies the contact between Paleozoic metamorphic sediments and a Cretaceous tonalitic batholith. A swarm of north northeast trending fault related copper gold bearing quartz veins crosscuts the property. Surface mapping and sampling records show twelve veins identified so far on the south end of the property. The veins average two metres wide but have been measured up to six metres wide. Numerous artisanal mine workings on the property have previously been exploited for both copper and gold. Exploration work so far includes property scale geological mapping and surface sampling completed in 2007 and 2008.
Significant channel sampling results were listed in the Company's March 21, 2011 release and showed the existence of gold, copper and cobalt.
The Perth Property geology closely resembles Red Metal's Farellon project and, in management's opinion, has the potential to host a large-scale, bulk-mineable gold deposit.
About Fladgate Exploration
Fladgate Exploration Consulting Corporation is a full service mineral exploration consulting group. Their staff is comprised of professional geologists, geotechnicians and office staff, each bringing their own unique skill set to the team. Staff experience ranges from grass roots to mine site exploration and mineral deposit expansion. Professional backgrounds include gold, diamond, Cu-Ni-PGE and base metal exploration, oil and gas exploration, , 3D modeling and resource estimations. They manage all aspects of mineral exploration programs from data compilation and project design through all levels of implementation and management.
Additional information can be found at: http://www.fladgateexploration.comAbout Revonergy Inc.
Revonergy Inc. is engaged in the energy and mining businesses. The Company is pursuing renewable energy acquisition projects in the U.S. and mineral exploration projects with development opportunities in under-explored frontier territories.
Additional information can be found at www.revonergy.com.
IMPORTANT DISCLAIMER: This news release may contain "forward-looking" statements. These forward-looking statements are only predictions and are subject to certain risks, uncertainties and assumptions. Actual results may differ materially from the forward-looking statements in this press release. Additional risks and uncertainties are identified and described in the Company's SEC reports. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company does not undertake, and the Company specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events, or circumstances after the date of such statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Revonergy Inc.
ir@revonergy.com
Source: Revonergy Inc.
----------------------------------------------
Revonergy Inc.
ir@revonergy.com
Red Metal Completes Acquisition of Two Mining Claims in Chile Region III
May 3, 2011 8:01:00 AM
THUNDER BAY, ON, May 3 /CNW/ - Red Metal Resources Ltd. (OTCBB: RMES), a mineral exploration company with copper-gold assets in Chile, today announced that it has completed the purchase of the Che I & Che II mining claims for approximately USD$20,000. These claims cover 76 hectares within Red Metal's existing Mateo copper-silver-gold project in the Candelaria Iron Oxide Copper-Gold (IOCG) belt in Chile III Region.
The Mateo project is made up of approximately 2,122 hectares (5,244 acres) of combined mining and exploration licenses. Three of the mining licenses, the Irene, Margarita and Santa Therese, cover ground with a history of artisanal mining and some exploration work. Mateo lies within the Candelaria IOCG belt, 10 kilometers east of the city of Vallenar and only 15 kilometers from the closest Empresa Nacional de la Mineria (ENAMI) processing plant. Geologically the Mateo project is located within the brittle-ductile NS trending Atacama Fault System that is known to host many of the major deposits in the IOCG Belt.
A map of the Che mining claims and the larger Mateo project can be accessed at:
http://www.redmetalresources.com/files/MateoClaims.jpg
Red Metal recently closed a $2 million equity financing and expects to undertake an initial exploration program on Mateo and a drilling program on its advanced Farellon project in the second quarter of 2011.
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.
----------------------------------------------
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
Red Metal Resources Announces $2 Million Equity Financing
Apr 11, 2011 8:01:00 AM
THUNDER BAY, ON, April 11 /CNW/ - Red Metal Resources Ltd. (OTCBB: RMES), a mineral exploration company with copper-gold assets in Chile, today announced that it has received subscriptions in a private placement of 6,723,333 units of the company at a price of $0.30 per unit for gross proceeds of USD$2,017,000.
Each unit consists of one share of common stock and a warrant to purchase an additional share of common stock of the company at a price of $0.50 for a period of two years from the closing date, with a call provision on the warrants.
The Company intends to use the net proceeds from the financing for the next phase of drilling on Red Metal's advanced Farellon copper-gold project, an initial phase of exploration on its Mateo project as well as for general working capital and administrative expenses.
In addition to certain institutional and accredited investors, participants in the financing include members of Red Metal Resources' senior management.
Red Metal has entered into a registration rights agreement with the investors pursuant to which the Company is obligated to file a registration statement with the Securities and Exchange Commission which shall include the common stock sold in the offering as well as the shares of common stock underlying the warrants sold.
In connection with the closing, the Company paid $58,900 in cash fees and issued warrants to purchase 196,333 shares of common stock to Brimberg & Co. Broker warrants are issued on the same terms and conditions as the warrants included in the unit.
Caitlin Jeffs, P.Geo., CEO of Red Metal Resources, said, "This funding will enable us to undertake exploration programs to further our projects which we believe has the potential to add significant value to our company."
This release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state. Any offering of the securities under the resale registration statement will only be by means of a prospectus.
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.
----------------------------------------------
Red Metal Resources Ltd. Adam Rabiner Corporate Communications 604-648-0513 or 1-866-907-5403 invest@redmetalresources.com www.redmetalresources.com
Not sure on those details, but I am happy we have the property ~Rig
Revonergy Moving Forward on Perth Gold Project in Chile
Apr 6, 2011 8:01:00 AM
LONDON, UNITED KINGDOM--(Marketwire - April 6, 2011) - Revonergy Inc. ("Revonergy" or the "Company"), (OTCBB:RNRG) announced today it is moving forward on the Perth Gold project in Chile (the "Perth Property"). Geologists are currently surveying the Perth Property which is the subject of the joint venture agreement (the "JV Agreement") with Red Metal Resources (OTCBB:RMES) ("RMES") as announced March 21, 2011. Pursuant to the earn-in Agreement Revonergy has the right to purchase up to 50% of the mining project by completing certain work expenditures over a four year period. The consultants, Fladgate Exploration, expect to detail their findings in a report including recommendations for a multi-phase exploration program in the very near future.
The commencement of work at this early date by Fladgate Exploration puts Revonergy and RMES ahead of schedule respecting the Perth Property.
The Perth Property
The Perth Property consists of six exploitation claims totaling 918 hectares (2,268 acres) and six exploration claims totaling 1,365 hectares (3,373 acres).
The Perth Property is adjacent to the west side of the historic Carrizal Alto mine and lies approximately 3.5 kilometers north of Red Metal's Farellon project. It is a 45 minute drive from Vallenar city, with major road access, power and water supply close by. The project lies on a similar geologic contact as the Farellon and Carrizal Alto properties.
The Perth Property overlies the contact between Paleozoic metamorphic sediments and a Cretaceous tonalitic batholith. A swarm of north northeast trending fault related copper gold bearing quartz veins crosscuts the property. Surface mapping and sampling records show twelve veins identified so far on the south end of the property. The veins average two metres wide but have been measured up to six metres wide. Numerous artisanal mine workings on the property have previously been exploited for both copper and gold. Exploration work so far includes property scale geological mapping and surface sampling completed in 2007 and 2008.
Significant channel sampling results were listed in the Company's March 21, 2011 release and showed the existence of gold, copper and cobalt.
The Perth Property geology closely resembles Red Metal's Farellon project and, in management's opinion, has the potential to host a large-scale, bulk-mineable gold deposit.
About Fladgate Exploration
Fladgate Exploration Consulting Corporation is a full service mineral exploration consulting group. Their staff is comprised of professional geologists, geotechnicians and office staff, each bringing their own unique skill set to the team. Staff experience ranges from grass roots to mine site exploration and mineral deposit expansion. Professional backgrounds include gold, diamond, Cu-Ni-PGE and base metal exploration, oil and gas exploration, , 3D modeling and resource estimations. They manage all aspects of mineral exploration programs from data compilation and project design through all levels of implementation and management.
Additional information can be found at: http://www.fladgateexploration.comAbout Revonergy Inc.
Revonergy Inc. is engaged in the energy and mining businesses. The Company is pursuing renewable energy acquisition projects in the U.S. and mineral exploration projects with development opportunities in under-explored frontier territories.
Additional information can be found at www.revonergy.com.
IMPORTANT DISCLAIMER: This news release may contain "forward-looking" statements. These forward-looking statements are only predictions and are subject to certain risks, uncertainties and assumptions. Actual results may differ materially from the forward-looking statements in this press release. Additional risks and uncertainties are identified and described in the Company's SEC reports. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company does not undertake, and the Company specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events, or circumstances after the date of such statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Revonergy Inc.
ir@revonergy.com
Source: Revonergy Inc.
----------------------------------------------
Revonergy Inc.
ir@revonergy.com
Hi, RIG. What do you make of this deal that RMES made with RNRG?
How do you suppose they were able to purchase this property for $35,000 and then turn around and recoup the entire cost from RNRG?
The, after spending over $1M, all RNRG gets is 35%?
Did RMES somehow find a really great opportunity in this property or a really big sucker in RNRG?
Red Metal Purchases 2283-Hectare Perth Property, Region III Chile and Signs Joint Venture Earn-In Agreement on Perth Project
Mar 21, 2011 8:15:00 AM
THUNDER BAY, ON, March 21 /CNW/ - Red Metal Resources Ltd. (OTCBB: RMES), a mineral exploration company with copper-gold assets in Chile, today announced that it has purchased the Perth Property located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile's coastal Cordillera, and has signed a Joint Venture Earn-In Agreement on the new project.
The Perth Property is 2,283 hectares (5,641 acres) consisting of six mining claims totaling 918 hectares (2,268 acres) and six exploration claims totaling 1,365 hectares (3,373 acres). Red Metal acquired a 100% interest in the property and concurrently signed a Joint Venture Earn-In Agreement with London, England-based Revonergy Inc. (OTCBB: RNRG) to sell up to 50% ownership of the Perth Property in exchange for the completion of exploration programs costing at least $1.415 million and a feasibility study.
The Perth Property is adjacent to the west side of the historic Carrizal Alto mine and lies approximately 3.5 kilometers north of Red Metal's Farellon project. It is a 45 minute drive from Vallenar city, with major road access, power and water supply close by. The project lies on a similar geologic contact as the Farellon and Carrizal Alto properties.
A map of the Perth Property can be accessed at: http://www.redmetalresources.com/files/PerthGoldProject.pdf.
Perth Property Highlights
The Perth Property overlies the contact between Paleozoic metamorphic sediments and a Cretaceous tonalitic batholith. A swarm of north northeast trending fault related copper gold bearing quartz veins crosscuts the property. Surface mapping and sampling records show twelve veins identified so far on the south end of the property. The veins average two metres wide but have been measured up to six metres wide. Numerous artisanal mine workings on the property have previously been exploited for both copper and gold. Exploration work so far includes property scale geological mapping and surface sampling completed in 2007 and 2008. Significant channel sampling results are listed below.
SAMPLE Au g/t Cu % Co% Length of
Sample (m)
521617 2.5 0.39 0.03 1.0
521796 2.5 0.21 0.00 1.0
521629 2.8 0.76 0.19 3.5
56905 3.1 1.00 0.19 1.0
521610 3.5 0.30 0.02 0.5
521622 4.5 1.72 0.02 1.0
521788 4.5 0.19 0.00 2.0
56858 5.0 0.42 0.16 1.0
521789 5.5 0.29 0.00 2.0
521628 6.2 0.59 0.14 1.3
521609 10.7 0.35 0.07 1.0
Perth Property Potential
The Perth Property geology closely resembles Red Metal's Farellon project and, in management's opinion, has the potential to host a large-scale, bulk-mineable gold deposit.
Terms of Perth Property Purchase and Joint Venture Earn-In
Red Metal purchased 100% of the Perth Property for a one-time payment of US$35,000.
Revonergy Inc. can earn 35% interest in the Perth Property subject to the following conditions:
•A one-time payment of US$35,000 on signing
•Successful completion of a Phase I exploration program costing at least $115,000 one year from signing
•Successful completion of a Phase II exploration program costing at least $300,000 two years from signing
•Successful completion of a Phase III exploration program costing at least $1,000,000 and that can justify completing a preliminary feasibility study three years from signing
Revonergy can earn a further 15% interest if it completes a preliminary feasibility study by the end of four years from signing.
Phase I, II and III exploration programs will be 100% paid for by Revonergy and will be managed by Red Metal Resources' Chilean subsidiary. Revonergy will also pay Red Metal a 10% management fee on all work programs.
Caitlin Jeffs, P.Geo., President of Red Metal, stated, "With the addition of the Perth Property, we have further improved on our holdings in the highly desirable Candelaria IOCG belt. The partnering with Revonergy in this project is a progressive step in the ongoing development of both the company and its properties."
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 at http://www.sec.gov/edgar.shtml.
----------------------------------------------
Red Metal Resources Ltd. Adam Rabiner Corporate Communications 604-648-0513 or 1-866-907-5403 invest@redmetalresources.com www.redmetalresources.com
Copper in the Aftermath of Japan’s Earthquake
Wed, Mar 16, 2011 Copper Articles, Feature Articles
By Leia Michele Toovey- Exclusive to Copper Investing News
The ongoing reports of nuclear disaster in the wake of the Japanese earthquake has paralyzed the markets. Wednesday morning, the EU Energy Chief reported that “The Japan situation has the potential to be a major disaster.” The statement sent the global markets reeling, with the Dow shedding 110 points in just four minutes. Shortly after, the Fed canceled its 11:00 a.m. bond purchase, citing “market volatility.” Soon after, the Fed rescheduled the auction for an hour later.
While the situation in Japan has sent markets down across the board, certain commodities are positioned to withstand the aftermath of the natural disaster and ensuing nuclear threats. Copper is one of the top picks. In an interview with Copper Investing News, Wayne Atwell, Managing Director at Casimir Capital L.P., said that his top picks for the metals performance are zinc, copper, and aluminum. Patricia Mohr, Vice President at Scotiabank told Copper Investing News that “Copper and zinc will do quite well during the recovery, as these metals will be widely used in the reconstruction.”
The earthquake and tsunami have caused catastrophic damage in north-eastern Japan. So far, more than 12,000 people have been reported missing or dead. Infrastructure, including nuclear plants, cars and buildings were badly damaged or destroyed. Current estimates are that rebuilding will cost $120-$150 billion.
Yesterday, Mitsubishi Materials Corp (MMC) announced that it has declared force majeure on deliveries to its Onahama copper smelter in Japan. When asked what the potential impact on copper will be if more smelters declare force majeure, Wayne Atwell stated “Copper will skate by because we are in a deficit. Worst case scenario, we have a copper market in deficit, if Japan curtails copper shipment all that will happen is that the market will be in less of a deficit. Zinc and aluminum, however, which are in surplus, will have a bigger surplus.” Finance ministry data shows that Japan imported 5.4 million tonnes of copper concentrate in 2010, up from 4.8 million tonnes the year before, while imports of aluminum were 2 million tonnes, compared with 1.5 million tonnes. Chinese copper smelters are currently operating under capacity, and various traders believe that any copper not claimed by Japan could easily be diverted to China.
Meanwhile, power cuts have resulted in a rapid decline in business activity. Operations at Japan’s top copper smelter, Pan Pacific Copper Co.’s Hitachi, as well as at Mitsubishi Materials Corp‘s (TYO:5711) Onahama plant have stopped. Two zinc smelters have also been shut for checks. There is no word yet as to when any of these smelters will reopen.
Rolling black outs have resulted in a near stand-still of steelmaking. Toyota Motor Co. (TYO:7203) said it would suspend production at all its domestic car plants until at least March 16, reducing output by at least 40,000 vehicles. Honda (NYSE:HMC) said its Japan plants would remain shut until March 20. Despite the tentative restart deadlines, one trader commented “With continued powerful aftershocks, followed by widespread tsunamis, or earthquake-generated tidal waves, as well as power outages throughout the region, it remains completely unclear when they will be able to resume their operations.”
While copper and zinc are poised to benefit from rebuilding, it will take some time before this will occur. First, the “shell-shock” will have to wear off, then a massive clean-up will have to take place, then the design, permitting- and finally building will occur, commented Atwell. In the short-term there will be a decrease in demand, due to the closed car plants and smelters.
When asked about the potential impact of the inoperable nuclear plants, Atwell added, that in the worst case scenario, Japan will shut down all of its nuclear plants. Currently, Japan receives about 25 percent of its energy requirement from nuclear, and half of its power from oil. In the event that Japan does close its nuclear plants, it will likely divert its energy requirement to oil. On Wednesday, Benchmark crude for April delivery gained $2.20 at $99.38 per barrel on the New York Mercantile Exchange. In London, Brent crude rose $2.40 to $110.92 per barrel on the ICE Futures exchange.
Authorities battling the nuclear disaster at the Fukushima Daiichi power plant have doubled the number of workers on the site to 100 in an effort to continue cooling the three reactors and the spent fuel pools but have abandoned — at least temporarily — plans to use helicopters to dump water on the pools because of the radiation danger. Police may now use water cannons to spray the pools. The status of reactor No. 3 at the site was not clear, with some reports saying that the reactor containment vessel may have been breached and was emitting radioactive fumes while others have said that the reactor was still intact.
While uncertainty is resulting in massive sell-offs, bargain hunting is limiting the downside of many commodities, including copper. In the wake of the disaster, investors moved funds into “safer assets” such as U.S. dollars, U.S. Treasury bills, whilst abandoning the riskier commodities. “People are uncertain about what’s going to happen in Japan,” said David Baskin, president of Toronto-based money manager Baskin Financial Services Inc., “They’re worried, so they’re fleeing to safety.” Once the market turned its focus to the rebuilding, copper for May delivery gained as much as 3.2 percent to $4.27 a pound in New York during mid-day trading, Wednesday.
.50 hit ~Rig
.48 taken out ~Rig
.46 taken out ~Rig
.42/.44/.45 ask taken out, this is real thin imo. Move to .50+ will come easy imo ...
RMES(2011/03/02)
Time (EST) Volume Price Exchange Bought/Sold Tran/Type Legend
13:25:33 1300 0.46 + OTCBB
13:25:21 13795 0.45 + OTCBB
11:29:24 500 0.44 + OTCBB
11:29:21 9500 0.44 + OTCBB
11:20:45 5000 0.42
~Rig
Red Metal Resources to Exhibit at PDAC 2011
Mar 1, 2011 2:19:00 PM
Close Ad
Email story | Discuss on ZenoBank | View more ads THUNDER BAY, ON, March 1 /CNW/ - Red Metal Resources Ltd. (OTCBB:RMES), a mineral exploration company with copper-gold projects in Chile, today announced that it will be exhibiting at the 2011 Prospectors & Developers Association of Canada (PDAC) International Convention, and invites all interested parties to visit us at booth No. 3024 in the Investors Exchange.
PDAC 2011 takes place from March 6-9 at the Metro Toronto Convention Centre, South Building.
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 which 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, readers should not place undue reliance on statements containing forward looking information. The U.S. Securities and Exchange Commission permits U.S. 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 U.S. 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 secured 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 or 1-866-907-5403
invest@redmetalresources.com
www.redmetalresources.com
>>
----------------------------------------------
Red Metal Resources Ltd.
Adam Rabiner
Corporate Communications
604-648-0513 or 1-866-907-5403
invest@redmetalresources.com
www.redmetalresources.com
Spoke with the company, I get the feeling that with a Copper price of $2.70 a LB, there is still plenty of money to be made.Right now with Copper over $4.00, there is plenty of wiggle room imo.
~Rig
If the company is doing a private placement, the shares will be restricted.RMES is fully reporting and cannot sell shares to the public without a restriction imo.The private placements are equity financing.
I like the chances here with the way Cooper prices have increased and will add more shares as their plan is executed.
~Rig
I was told there is basically no guarantee that the restricted shares would remain restricted. RMES of course would prefer private placement, which is where I think TJ plays in, however if they can't get the financing needed they would be forced to turn to equity financing. I spoke with Adam in December and he said they needed to still raise 500K. I'm following up with both next week and will post what I hear.
Good Night to you as well
I think Adam is the main IR. I was interested in purchasing quite a bit of shares, that's when he told me he would have TJ contact me. I like Adam, and hope he doesn't go anywhere.
Thanks, The Restricted share private placement they are doing will likely be used for drilling in the Spring.
good night
~Rig
NP. IBOX looks nice btw
OK, thanks. Maybe Adam is taking on a new position ~Rig
I would confirm with Adam on Monday. He is the person that put me in contact with TJ Marolda.
Your information regarding Investor relations doesn't match up with the company information on the web site and press releases.
CONTACT: Red Metal Resources Ltd., Adam Rabiner, Corporate Communications, 604-648-0513 or 1-866-907-5403, invest@redmetalresources.com, www.redmetalresources.com
Not sure where you obtained this info you posted??? I have spoken to ADAM numerous times and also met with him and have never heard this name you posted in your dd info shown below.
Investor relations -
TJ Marolda tj@brimberg.com / 860-605-6641
Afternoon All -
I have RMES on my watch list. I put together a DD post. I will post any additional info I find.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=60355011
On watch now for me.
Yep, ant the other, other one. Got 3 right now.
This and that other Copper stock, let the drilling begin on both ~Rig
Nice. This could be the big one.
Looks like Teck along with Freeport- McMoran Copper and Gold is in the area we are in...
Freeport-McMoran Copper & Gold, (FCX-PM).
Last Trade: 55.43
http://www.fcx.com/
Freeport-McMoRan Copper & Gold Inc. is the world's largest publicly traded copper company. We mine geographically diverse, long-lived reserves of copper, gold and molybdenum.
TECK RESOURCES LTD
Last Trade: 57.52
http://www.teck.com/Generic.aspx?portalName=tc
We own or have interests in 13 mines in Canada, the USA, Chile and Peru, as well as one metallurgical complex in Canada. We have expertise across the full range of activities related to mining, including exploration, development, smelting, refining, safety, environmental protection, product stewardship, recycling and research. We are actively exploring in countries throughout the Americas, Asia Pacific, Europe and Africa.
~Rig
Oh okay, nice. At some point this should break out very nicely.
Yes, I was referring to them being on the Copper web site now which will be nice exposure imo ~Rig
I saw the news yesterday. They have had some nice news lately.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=59946385&txt2find=rmes
Just noticed this...
http://copperinvestingnews.com/
Red Metal Resources Adds Ground to its Farellon Copper-Gold Project
Tue, Feb 15, 2011
View Comments
Red Metal Resources Ltd. (OTCBB:RMES) reports that it has staked a new exploration claim at its Farellon copper-gold project, Cordillera, Chile.
Continue reading "Red Metal Resources Adds Ground to its Farellon Copper-Gold"...
Virgin Metals Confirms Resource Estimate for Los Verdes
Red Metal Resources Adds Ground to its Farellon Copper-Gold Project in Chile's IOCG Belt
Feb 15, 2011 12:50:00 PM
THUNDER BAY, ON, Feb. 15 /CNW/ - Red Metal Resources Ltd. (OTCBB:RMES), a mineral exploration company with copper-gold assets in Chile, today announced that it has staked a new exploration claim at its Farellon copper-gold project, located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile's coastal Cordillera.
Red Metal's new claim is 300 hectares (741 acres) and borders its present claim to the south covering an additional one kilometer strike extent of the Farellon mineralized zone. Following the addition of this exploration claim, Farellon comprises 1096 hectares (2708 acres) of mining and exploration claims. The new claim is an area that requires additional permitting from the Chilean government for mining activities.
The Farellon Project is located 2.4 kilometers southwest of the historic Carrizal Alto mine. It is a 45 minute drive from Vallenar city, with major road access, power and water supply close by.
Previous work at Farellon outlined a 1.7 kilometer strike length of known mineralization hosted in a mineralized fault zone along strike from the historic Carrizal Alto mine. This new exploration claim adds an extra kilometer potential strike length to this mineralized zone.
The Farellon Project was last explored in late 2009 with a five hole, 725 meter, reverse circulation drill program which produced the following results:
Hole ID From
(m)
To
(m) Length
(m)
Au
(g/t)
Cu
(%) From
(m)
To
(m) Length
(m)
Au
(g/t)
Cu
(%)
FAR-09-A 79.0 109.0 30.0 0.18 0.62 incl 97.0 106.0 9.0 0.44 1.63
FAR-09-B 56.0 95.0 39.0 0.25 0.55 incl 75.0 86.0 11.0 0.67 1.35
FAR-09-C 73.0 103.0 30.0 0.79 0.55 incl 77.0 82.0 5.0 4.16 2.57
FAR-09-D 95.0 134.0 39.0 0.11 0.58 incl 95.0 103.0 8.0 0.33 2.02
FAR-09-E(i) 24.0 68.0 44.0 0.12 0.30 incl 65.0 68.0 3.0 0.58 1.46
(i) Hole ended in mineralization
Caitlin Jeffs, P.Geo., President of Red Metal, said, "With the addition of this new ground at Farellon, we have improved on what we already believe is a fantastic land package in the highly desirable Candelaria IOCG belt. We are keen to perform more work at the project and expand on historical results."
Michael Thompson, P. Geo., Vice President Exploration for Red Metal, the project's Qualified Person under the definition of 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 which 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, readers should not place undue reliance on statements containing forward looking information. The U.S. Securities and Exchange Commission permits U.S. 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 U.S. 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 secured from us, or from the SEC website at http://www.sec.gov/edgar.shtml.
----------------------------------------------
Red Metal Resources Ltd. Adam Rabiner Corporate Communications 604-648-0513 or 1-866-907-5403 invest@redmetalresources.com www.redmetalresources.com
Hope you all are listening in to the RMES Radio Interview
The interview can be heard at
http://www.blogtalkradio.com/stockgoodies
Directions to the interview today @ 3pm EST for: $RMES
The interview can be heard at
http://www.blogtalkradio.com/stockgoodies
Look for the orange bar on the left hand side of the page
Upcoming Episodes Date / Time: 2/14/2011 3:00 PM
StockGoodies Radio 2 Special Interview
StockGoodies
here you will see a ~play/chat~ button at 3:00pm EST (if you arrive early
and don’t see the button, keep refreshing the page)
click to the interview and enjoy!
The archived version can be found on the homepage of
http://www.StockGoodies.com
$RMES Red Metal Resources CEO Caitlin Jeffs Interview on StockGoodies.com Radio 2/14/11 3:00pm EST Listen to it here http://bit.ly/e0WFVD
RMES Nice News Out - Red Metal Resources Announces Results from Mining Program at the Mateo Project in III Region Chile
9 minutes ago - CNW via Comtex
CNW Group
Red Metal Resources Ltd. (OTCBB:RMES), a mineral exploration company with copper-gold assets in Chile, today announced a summary of grade results from a contract surface mining program at the Irene showing, part of Red Metal's Mateo project in Chile's highly prospective iron oxide copper-gold (IOCG) belt.
The Mateo project is approximately 15 kilometers east of Vallenar and is comprised of nine exploration concessions and four mining concessions covering approximately 2200 hectares. The Irene showing lies over two mining concessions covering 50 hectares. Red Metal has an option to purchase a 100% interest in the Irene mining concessions.
The vendor has an ongoing artisanal mining operation on the Irene showing where they sell ore to ENAMI, the Chilean national mining company. Recent results include:
-- 500 tonnes of material from the Oxide Zone with an average grade of 1.75% copper -- 419 tonnes of material from the Sulphide Zone with an average grade of 1.35% copper, 0.44 grams per tonne gold and 25.23 grams per tonne silver
Once Red Metal executes the option agreement, the vendor will continue the artisanal mining program and will pay Red Metal 2% of gross proceeds from material sold to ENAMI for processing. Red Metal has the right to discontinue the artisanal mining program with 60 days' notice in order to proceed with its own work on the property.
Geological mapping has commenced on the Mateo property with the goal of developing drill targets for a spring 2011 drill program.
ENAMI investigated Irene in 1994. Work completed then included 490 metres of RC drilling in 4 surface drillholes and 220 metres of diamond drilling in 4 underground drillholes. From the drill results, ENAMI inferred a non-NI 43-101-compliant resource of 68,000 tonnes grading 3.6% copper, 78 grams per tonne silver and 0.7 grams per tonne gold. According to ENAMI's reports from 1994 through 1997, approximately 16,144 tonnes of rock was mined with an average grade of 3.2% copper, 43.7 grams per tonne silver and 0.72 grams per tonne gold.
Caitlin Jeffs, P.Geo., President of Red Metal, stated, "Results from the small scale mining program continue to be highly encouraging and we intend to perform more substantial exploration work across the Mateo project."
Michael Thompson, P. Geo., Vice President Exploration for Red Metal, the project Qualified Person under the definition of 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 which 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, readers should not place undue reliance on statements containing forward looking information. The U.S. Securities and Exchange Commission permits U.S. 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 U.S. 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 secured from us, or from the SEC website at http://www.sec.gov/edgar.shtml.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2011/10/c9600.html
SOURCE: Red Metal Resources Ltd.
Followers
|
4
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
141
|
Created
|
03/13/08
|
Type
|
Free
|
Moderators |
Red Metal Resources Ltd., based in Thunder Bay, Ontario, is an aggressive exploration company focused on growth through acquiring, exploring and developing copper-gold assets in Chile. Chile is famous for world-class, low-grade, high-tonnage deposits and possesses massive potential in undeveloped mid-sized, high-grade, copper-gold deposits. Chile has consistently been ranked as one of the most politically stable countries in which to invest, contains excellent infrastructure and possesses a mining-educated workforce. All of our properties are located in the highly prospective Candelaria iron oxide copper-gold belt of Chile's coastal Cordillera. The Candelaria belt is host to Freeport McMoran's Candelaria Mine and Anglo American's Manto Verde Mine. Red Metal has assembled a team with strong geological and management experience in Chile.
~Corporate web site...
http://www.redmetalresources.com/
~Shares Outstanding 10,216,301 As of 09/10/ 2010
~Float ...Approximately 2 million shares
~Corporate Fact Sheet..
http://www.redmetalresources.com/files/RMES_FactSheet_Q1_2011.pdf
~Contact Head Office...
2011-02-15 - Red Metal Resources Adds Ground to its Farellon Copper-Gold Project in Chile's IOCG Bel
2011-02-10 - Red Metal Resources Announces Results from Mining Program at the Mateo Project in III R
2010-11-30 - Red Metal Resources to Present at 3rd Annual LD Micro Conference
2010-09-29 - Red Metal Resources Announces Results from Mining Program at Irene Property
2010-09-21 - Red Metal Resources Commences Trading on the OTC Bulletin Board
2010-05-05 - Red Metal Resources Upgraded to OTCQB Marketplace
2010-03-03 - Red Metal Resources to Exhibit at PDAC 2010
2010-02-05 - Red Metal Files 43-101 Technical Report on the Farellon Copper-Gold Project in Chile's
2010-01-13 - Red Metal Resources Converts $1.15 Million of Debt Into Equity
2010-01-08 - Red Metal Resources Announces Change of Independent Auditors
2009-12-04 - Red Metal Resources Announces Farellon Drill Results
2009-12-02 - Red Metal Resources Hires Director, Corporate Communications
2009-11-30 - Red Metal Resources Provides Corporate Update
2009-02-03 - Red Metal Resources Ltd. Acquires Irene Property in Candelaria IOCG Belt
2009-01-20 - Red Metal Announces the Acquisition of Four Mineral Properties at Auction
2008-11-12 - Red Metal Resources Retains Barwicki Investor Relations Co.
2008-09-18 - Red Metal Increases Land Holdings Near Farellon
2008-09-11 - Red Metal Increases Land Holdings Near Camila
2008-09-08 - Red Metal Announces Name Change, Increase in Authorized Capital Stock
~Projects...
http://www.redmetalresources.com/projects.php
Farellon Project
100% Ownership
Candelaria IOCG Belt, Chile
Copper-Gold-Cobalt
Advanced exploration project
Last explored in fall of 2009 with a five hole, 725 metre, reverse circulation drill program
Matteo Project
100% Ownership
Candelaria IOCG Belt, Chile
Copper-Silver-Gold project
Explored by ENAMI, the Chilean national mining company, in 1994
Mining results from 1994-1997 by ENAMI show 16,000 tonnes mned grading an average of 3.15% copper, 45.2 g/t silver and .74 g/t gold
~Corporate Management...
http://www.redmetalresources.com/management.php
Caitlin Jeffs, P.Geo. - President and CEO
Caitlin received her Honours B.Sc. in Geology from the University of British Columbia in 2002. Caitlin has worked for several junior and major companies since 2002 in both gold and base metal exploration. Most of her experience has been with Placer Dome CLA Inc. and Goldcorp Inc. managing all aspects of deep exploration projects and specializing in GIS technology and 3D modeling of ore bodies. She is a founding partner of Fladgate Exploration Consulting Corporation of Thunder Bay, ON, a full service mineral exploration consulting firm with over 40 employees and a roster of publicly traded clients. Caitlin is part of the team in charge of exploration work for PC Gold Inc. (TSX:PKL), which recently reported a significant gold discovery in northwestern ON.
Michael Thompson, P.Geo. - VP Exploration, Director
Michael received his Honours B.Sc. in Geology from the University of Toronto in 1997. Michael has worked for several junior and major companies since 1997 in both gold and base metal exploration, most notably Teck Cominco Ltd., Tri Origin Exploration Ltd., Placer Dome CLA Inc. and Goldcorp Inc. Michael specializes in structural interpretation of gold deposits as well as management of large exploration programs. He is a founding partner of Fladgate Exploration Consulting Corporation of Thunder Bay, ON, a full service mineral exploration consulting firm with over 40 employees and a roster of publicly traded clients. Michael is part of the team in charge of exploration work for PC Gold Inc. (TSX:PKL), which recently reported a significant gold discovery in northwestern ON.
~Chart...
Your own Due Diligence and buying decisions a must!
~Rig
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |