Drilling Program Underway at Red Metal Resources' Farellon Copper-Gold Project, III Region Chile
THUNDER BAY, ON, July 7, 2011 /PRNewswire/ - 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," saidCaitlin 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 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, 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.