EL 27263 Annual Report for period ending 24 November 2012

Abstract

EL 27263 was acquired primarily to investigate airborne magnetic anomalies within the Neoproterozoic Eastern Arunta Province (Irindina Province), considered to have potential for copper-nickel mineralisation in a continuation of the new style of pyrrhotite copper-cobalt mineralisation discovered in the region by Mithril Resources. An alternative target for this area is the Permian coal measures of the Pedirka Basin. The work carried out on EL 27263 during the current term included a conceptual assessment of the coal potential. Red Metal Limited considers further work is warranted on the EL, proposing an airborne VTEM survey to be conducted in conjunction with adjacent tenements, and is seeking a joint venture partner.