Red Metal Resources Adds Ground to its Farellon Copper-Gold Project in Chile's IOCG Belt
THUNDER BAY, ON, Feb. 15 /PRNewswire/ - Red Metal Resources Ltd. (OTCBB:RMES), a mineral exploration company with copper-gold assets in Chile, today announced that it has staked a new exploration claim at its Farellon copper-gold project, located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile's coastal Cordillera.
Red Metal's new claim is 300 hectares (741 acres) and borders its present claim to the south covering an additional one kilometer strike extent of the Farellon mineralized zone. Following the addition of this exploration claim, Farellon comprises 1096 hectares (2708 acres) of mining and exploration claims. The new claim is an area that requires additional permitting from the Chilean government for mining activities.
The Farellon Project is located 2.4 kilometers southwest of the historic Carrizal Alto mine. It is a 45 minute drive from Vallenar city, with major road access, power and water supply close by.
Previous work at Farellon outlined a 1.7 kilometer strike length of known mineralization hosted in a mineralized fault zone along strike from the historic Carrizal Alto mine. This new exploration claim adds an extra kilometer potential strike length to this mineralized zone.
The Farellon Project was last explored in late 2009 with a five hole, 725 meter, reverse circulation drill program which produced the following results:
| 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
Caitlin Jeffs, P.Geo., President of Red Metal, said, "With the addition of this new ground at Farellon, we have improved on what we already believe is a fantastic land package in the highly desirable Candelaria IOCG belt. We are keen to perform more work at the project and expand on historical results."
Michael Thompson, P. Geo., Vice President 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, 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 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 athttp://www.sec.gov/edgar.shtml