THUNDER BAY, ON, Feb. 10 /CNW/ - 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
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
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
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.
SOURCE Red Metal Resources Ltd.
For further information:
Red Metal Resources Ltd.
604-648-0513 or 1-866-907-5403