EL 32709 Brunette Downs Annual Report for period ended 26 October 2022

Abstract

Red Metal Limited is the owner and operator of EL 32709, located 195 km north-east of Tennant Creek. The tenement forms a part of Red Metal's Brunette Downs project with ELs 32708, 32710 and 32714. ELs 32711, 31712 and 32713 were originally part of the project, but were relinquished in October 2022. This report details exploration conducted on EL 32709 from October 27, 2021 to October 26, 2022 This is the first Annual Report in respect of this licence. Work during the current term comprised. Review of regional geophysical and geochemical datasets. Planning a magnetotelluric survey. Red Metal has identified a potential stratigraphic conductor within middle Proterozoic sequences situated adjacent to significant, deep penetrating, basin margin faults on the margin of the Brunette Downs rift corridor. It is postulated that the conductor may represent sediment-hosted copper-cobalt and zinc-lead-silver mineralisation. Interpreted seismic data show that the Proterozoic sequences occur at potentially explorable depths where magnetotelluric techniques may provide an effective first pass targeting tool. To test this concept Red Metal has designed a magnetotelluric survey across the four Brunette Downs tenements, including EL 32709.