Red Metal Completes Acquisition of Two Mining Claims in Chile Region III
Red Metal Resources Ltd., a mineral exploration company with copper-gold assets in Chile, today announced that it has completed the purchase of the Che I & Che II mining claims for approximately USD$20,000. These claims cover 76 hectares within Red Metal’s existing Mateo copper-silver-gold project in the Candelaria Iron Oxide Copper-Gold (IOCG) belt in Chile III Region.
The Mateo project is made up of approximately 2,122 hectares (5,244 acres) of combined mining and exploration licenses. Three of the mining licenses, the Irene, Margarita and Santa Therese, cover ground with a history of artisanal mining and some exploration work. Mateo lies within the Candelaria IOCG belt, 10 kilometers east of the city of Vallenar and only 15 kilometers from the closest Empresa Nacional de la Mineria (ENAMI) processing plant. Geologically the Mateo project is located within the brittle-ductile NS trending Atacama Fault System that is known to host many of the major deposits in the IOCG Belt.
A map of the Che mining claims and the larger Mateo project can be accessed at:
Red Metal recently closed a $2 million equity financing and expects to undertake an initial exploration program on Mateo and a drilling program on its advanced Farellon project in the second quarter of 2011.