EL 24009 Annual and Final Report for period ended 17 June 2019

Abstract

Red Metal Limited was the owner and operator of EL 24009 located 60 km south-east of Tennant Creek. EL 24009 was acquired to investigate aeromagnetic anomalies south-east of Tennant Creek within the Palaeoproterozoic basement rocks. The area is considered prospective for copper, gold and base metal mineralisation associated with Iron Oxide Copper Gold (IOCG) mineralising systems within the Proterozoic Warramunga Formation. This report summarises all previous exploration conducted by Red Metal and details work conducted for the period ending 17 June 2019 the date the tenement was surrendered. This is the sixth Annual and Final Report in respect of this licence. Exploration by Red Metal during 2013 - 2014 comprised: Review and assessment of available airborne data; Review of historic exploration data. Exploration by Red Metal during 2014 - 2015 comprised: A heliborne magnetic/radiometric survey over five small areas of EL 24009; Soil (217 samples) and rock chip (45 samples) sampling. Exploration by Red Metal during 2015 - 2016 comprised: Review of exploration results to data; Exploration by Red Metal during 2016 - 2017 comprised: Review of exploration results to data; Exploration by Red Metal during 2017 - 2018 comprised: Review of exploration results to data. Exploration by Red Metal during 2018 - 2019 comprised: RC drilling to test selected magnetic anomalies; three holes (TCRC01 - TCRC03) for a total of 438 m. Results of the drilling were disappointing with only traces of disseminated sulphides and magnetite being intersected by the drillholes. No significant assays were returned. Red Metal considers that the selected magnetic anomalies have been adequately tested and it appears that the anomalies are not associated with significant economic copper or gold mineralisation and therefore the tenement has been surrendered.