WHITEHORSE, Nov. 5, 2012 /CNW/ - Redtail Metals Corp. (TSX-V: RTZ) (the "Company") is pleased to announce its 100% unencumbered interest in the Marg Deposit following completion of the final payment required under the purchase agreement (announced on April 18, 2011). The Marg polymetallic VMS (volcanic massive sulphide) deposit hosts an NI 43-101 compliant Indicated Resource of 3.96 Mt of 1.57% Cu, 1.92% Pb, 3.90% Zn, 49.40 g/t Ag, and 0.79 g/t Au, along with an Inferred Resource of 7.78 Mt of 1.12% Cu, 1.36% Pb, 2.89% Zn, 34.88 g/t Ag, and 0.52 g/t Au (Burgoyne, A.A., and Giroux, G., 2011)
Redtail Metals is focused on identifying, acquiring, and developing high quality base metal projects with significant precious metal credits in the Yukon Territory. The company holds a 100% interest in the Marg VMS deposit, the Clear Lake SEDEX deposit, the Matt Berry SEDEX project and the R15 VMS project. Both the Marg and Clear Lake deposits have current NI 43-101 resource estimates whereas the R15 project, the newest discovery in the district, is currently being advanced with the Company's initial diamond drill program having just been completed. Results are anticipated in the coming weeks.
Location maps can be found on the Company's website at: http://www.redtailmetals.com/documents/RTZ_NR12-06_Marg_and_Corporate_Update_FINAL.pdf
The R15 Project, Redtail Metals' newest property, is located in the prolific Finlayson Lake VMS District in the southeastern Yukon. The Finlayson Lake District hosts a number of significant VMS deposits including the currently producing lead-zinc-silver Wolverine mine along with the Kudz Ze Kayah, GP4F, Ice and Fyre Lake Deposits.
The R15 Property was originally discovered in 2004 by Teck Cominco and the mineralized horizon was intersected in 5 diamond drill holes. Highlights of the 2004 drilling include: drill hole R04-006 which intersected 3.4m of 15.84% Zn, 7.09% Pb, 0.2% Cu, 68 g/t Ag, 0.268 g/t Au (MacRobbie et al, 2004). The R15 mineralization is adjacent to and along strike with the GP4F deposit with an estimated 1.5 million tonnes at 6.4% Zn, 3.1% Pb, 2 g/t Au, 90 g/t Ag (Peter, et al., 2007).
The Marg Project is located approximately 45km east-northeast along a winter road accessible from the town of Mayo. The current NI-43-101 compliant resource estimate is detailed in the table below. The deposit is open to expansion down plunge to the east, down dip to the south, and along strike to the west. The property covers a number of significant untested exploration targets with excellent geochemical and geophysical signatures in favorable stratigraphy.
| Marg Deposit - NI 43-101 Mineral Resource Estimate
Burgoyne, A.A., and Giroux, G., 2011.
Clear Lake Project
The Clear Lake Project is located approximately 75km east-southeast of Pelly Crossing and consists of the lead-zinc-silver SEDEX (Sedimentary Exhalative) deposit with an Inferred Resource detailed in the table below. The deposit is open at depth and potentially open to the west. The property covers multiple significant exploration targets which are outlined by geophysical anomalies consistent with the signature of the Clear Lake Deposit. Highlights of the historical drill intersections include: 18.3% Zn, 2.15% Pb and 58.6 g/t Ag over 13 m and 13.29% Zn, 2.12% Pb and 37.4 g/t Ag over 33.5 m
| Clear Lake Deposit - NI 43-101 Mineral Resource Estimate
Arseneau G. and MacIntyre, 2010. SRK Consulting
| Cut-off Grade
The company holds a number of exploration properties including the Matt Berry Project which has a historical resource estimate between 300,000 and 500,000 tons (depending on dilution) at an average grade of 9.12% Pb, 6.25% Zn, 148.46 g/t Ag, and 0.38% Sb (Prairie, 1969). This resource estimate is historical in nature and should not be relied upon. Redtail Metals has not completed sufficient work to evaluate this resource and is treating it as an exploration target. The company also holds the Lucky Joe copper-gold project in the White Gold District of the Yukon as well as the Babine copper-gold porphyry in British Columbia. Redtail is actively seeking partners or potential purchasers for a number of non-core assets in the Yukon and British Columbia.
Resignation of John Legg as President and Relocation of Head Office
The Company also announces that John W. Legg has resigned as the Company's President. The Company wishes to thank Mr. Legg for his service and wishes him great success in future endeavours. In connection with the change in management, the Company will relocate its head office from Vancouver, British Columbia to Whitehorse, Yukon. This relocation of operations will result in significant reduction of continuing general and administrative costs while allowing the Company to focus on its Yukon exploration property portfolio, including its R15 and Marg projects.
#1 Lindeman Road
Canada Y1A 5Z7
T: 867 633 4653
F: 867 633 3011
The technical contents of this release have been reviewed and approved by Gilles Dessureau, MSc, PGeo. Mr. Dessureau is the Company's Vice-President, Exploration and a Qualified Person as defined by National Instrument 43-101.
About Redtail Metals Corp.
Redtail Metals specializes in identifying, acquiring and developing quality precious metal enriched copper, lead and zinc mineral deposits in Yukon, Canada. The Company currently controls the R15 Project in the Finlayson Lake District plus the Marg and Clear Lake massive sulfide deposits, both with 43-101 compliant mineral resources. Redtail Metals, a member of the Predator Group of Companies, has a committed management team with extensive experience in the Yukon.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Redtail Metals' plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Redtail Metals' assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE: Redtail Metals Corp.
For further information:
Redtail Metals Corp.
Blair M. Shilleto, Chairman (Europe)
41 (0) 79 205 37 26