EL 27266 Annual Report for period ended 18 April 2023

Abstract

Red Metal Limited is the holder and operator of Exploration Licence 27266 is extremely remote being located 340 km east of Alice Springs. This report summarises exploration activities for the year ending 18 April 2023 and is the fifth Annual Report in respect of this licence. The tenement which originally comprised 164 sub-blocks was reduced to 64 sub-blocks in April 2020. Analysis of regional magnetic data has led Red Metal to identify a number of magnetic anomalies that may represent mineralisation similar to that at KGL Resources' Jervois project to the north - east where magnetite - chalcopyrite mineralisation contains significant copper and gold; or intrusive related pyrrhotite hosted nickel - copper mineralisation. During the current term regional magnetic data was modelled and a UBC Voxel model generated. From the Voxel model magnetic shells were extracted. To further investigate the magnetic features in the eastern portion of the tenement Red Metal has designed a ground gravity survey which is planned to comprise 316 gravity stations over three grids on a nominal 400 m x 400 m station spacing. The company has engaged a contractor to conduct the survey and it will be completed as soon as a crew becomes available.