Red Metal Resources Reports Reconnaissance Sampling From Veta Negra Property, Chile
Encouraging Results up to 4.48% Copper and 0.93 g/t Gold
THUNDER BAY, ON, July 20, 2011 /PRNewswire/ - 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|
|200961||346021||6843847||0.07||1.87||Far 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 ofChile'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, visitwww.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.