- Recent trials by Red Metal (RDM) across four separate high-conductance magnetotelluric anomalies have refined targets for follow-up drilling in northwest Queensland
- Moving-loop, ground electromagnetic surveying identified six high conductance plates, which have yet to be drill tested
- The modelled plates returned high conductivity thickness values ranging from 6000 to 30,000 siemens
- A rig has been secured and preparations for drilling are underway, ahead of a June launch
- Red Metal shares are down 5.71 per cent, trading at 16.5 cents
Recent trials by Red Metal (RDM) across four separate high-conductance magnetotelluric anomalies have refined targets for follow-up drilling in northwest Queensland.
Red Metal completed recent trials of moving-loop, ground electromagnetic surveying (MLEM) which identified six high-conductance plates, which have yet to be drill tested.
The modelled plates returned high-conductivity thickness values ranging from 6000 to 30,000 siemens, which the company says are typical of responses from accumulations of sulphides or highly graphitic bodies.
Drilling last year on two broad, high conductance targets intersected mafic intrusive rocks that did not clearly explain the source to these anomalies.
However, a narrow zone containing semi-massive pyrrhotite veins in a drill hole returned anomalous levels of nickel, copper and platinum group elements that provided encouraging indications of prospectively.
Modelling of the new MLEM data across a drill hole found two, shallow-dipping, strong conductive plates west and east of its collar that remain to be drill tested.
Ground electromagnetic surveying across a separate low-amplitude, magnetic anomaly identified a west dipping plate with a very high modelled conductance value of 30,000 siemens, yet to be drill tested.
A rig has been secured and preparations for drilling are underway, ahead of a June launch.
Red Metal shares are down 5.71 per cent, trading at 16.5 cents at 4:10 pm AEST.