THUNDER BAY, ON and VALLENAR, CHILE, March 27, 2012 /CNW/ - Red Metal Resources Ltd. (OTCBB:RMES) is pleased to announce returned assay results of reconnaissance samples taken over the Perth Property, acquired by Red Metal in Q1, 2011.
Perth is a 100% owned copper-gold property located in III Region, Chile, 75km north of the city of Vallenar.
A recent mapping and sampling program over the Property have returned promising results from reconnaissance samples collected on multiple veins on the property:
- 29.93g/t Au with 1.10% Cu and 8.66g/t Au with 2.29% Cu from samples interpreted to be in the same vein
- Multiple veins along the same structural system over the Property with high-grade gold and copper results
- 48 of the 129 samples returned Au results greater than 1.00 g/t, and 46 samples returned over 1.00% Cu
The Perth Property is 2,280 hectares in size over 12 mineral concessions, and overlies the contact between the San Antonio diorite complex to the west, and a metamorphosed sedimentary unit to the east with several structurally-related veins and dykes containing great amounts of gold and copper. Mapping during the 2011 season outlined four major areas where mineralization in veins and dykes appear to be concentrated at surface, striking in two, possibly three major orientations. Sampling consisted of 129 grab samples over the entire Property, with emphasis on the northern portion as it has had little historical exploration.
The Perth project is located immediately northwest of the Farellon property, Red Metal's most advanced project with a recently conducted 11-hole drill program, including 2.51% copper and 0.35 g/t gold over 13 meters. The Perth property is interpreted to be of a similar mineralization style as Farellon.
Additional significant results from the Perth mapping program are listed below:
|Sample||Au (g/t)||Cu (%)||Co (ppm)|
In March 2011, Red Metal signed an option agreement on the Perth Property with UK-based Revonergy Inc. whereby Revonergy could earn up to 50% interest in Perth. Revonergy did not meet their first anniversary option agreement commitments, nullifying the agreement.
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.
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