Red Metal Increases Land Holdings Near Farellonadmin
Red Metal Resources Ltd. announce that it has increased its land holdings in the area of its Farellon property in the prolific Candelaria IOCG belt, III Region, Chile. The acquisition includes 100% of one mensura mining concession and two exploration licenses.
The new claims cover a 1.8 kilometre strike length of a mineralized vein interpreted to be part of the same mineralizing system as the Farellon vein. Due diligence work completed during the Farellon acquisition uncovered a broad regional sampling program completed in 1996 showing results from the areas covered by the Cecil claims. Results from the 1996 sampling show copper and gold grades similar to grades returned from the Farellon vein, with up to 13.5 grams per tonne gold with 1.27% copper and 2.27 grams per tonne gold with 1.68% copper while the cobalt grades are stronger with samples of up to 0.68% and 0.51% cobalt. All samples are from waste dumps surrounding historical artisanal mine workings.
Red Metal bought the claims on September 5th for $20,000US. The three claims include one mining concession, the Cecil 1 to 49 totaling 230 hectares; and two exploration licenses, the Cecil and the Burghley 1 totaling 500 hectares. An application has been made to convert the exploration licenses to mining concessions. The new property will be considered part of the Farellon property and called the Cecil claims. To view a map showing claim distribution in the area and sample results please click here: http://www.redlakeexploration.com/cecil_popup.html.
Red Metal has a new stock symbol and now trades on the OTC:BB under the symbol RMET.
Red Metal is a Thunder Bay-based resource company specializing in the acquisition and development of advanced stage mineral properties in Chile. Red Metal has a diverse portfolio of assets, all of which are leveraged to commodity fundamentals. Red Metal’s common shares are listed on the OTC:BB under the symbol “RMET”.