Jul 12, 2020

Red Metal funds new exploration round

Red Metal funds new exploration round

Red Metal has launched a share placement to raise $3 million for exploration priorities including a 2D seismic trial over its Maronan silver-lead project in North West Queensland.

With more than 100 million ounces of contained silver, Maronan is one of the largest undeveloped silver resources in Australia.

Maronan has a inferred resources of 30.8 million tonnes at 6.5 per cent lead with 106g/t silver (using a 3 per cent lead cut-off grade) plus 11 million tonnes at 1.6 per cent copper with 0.8g/t gold (using a 1.0 per cent copper cut-off grade).

Announcing its share placement, Red Metal also said the money would be used for magnetotelluric surveying on Corkwood in North West Queensland and ground electromagnetic surveys at its new Pardoo nickel-copper project in Western Australia.