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Red Metal Resources Updates on Sampling at Mateo Property

Red Metal Resources Ltd. has announced returned assay results of reconnaissance samples taken over its 100% owned Mateo Property.

A recent detailed mapping and sampling program over Mateo has returned promising results from reconnaissance samples collected on multiple mineralized structures from mantos, veins and mineralized breccia bodies:

  • Samples of 21.72g/t Au with 0.69% Cu, 3.10g/t Au with 0.50% Cu and 3.57g/t Au with 0.62% Cu taken from one vein traced for approximately 350 meters on surface
  • 36 of 138 samples returned Au results greater than 1.00g/t Au
  • 59 of 138 samples returned Cu results greater than 1.00% Cu
  • Multiple mineralized veins, mantos and breccia bodies identified

Additional significant reconnaissance sampling results from the Mateo mapping program are listed below:

Mateo is composed of 13 exploration and mining concessions covering 5,244 acres (2,122 hectares) in the III Region of Chile, Region de Atacama. The project is situated 10 kilometers east of the City of Vallenar with the highest point at approximately 1,050 meters above sea level.  The property is easily accessible year round via a well-used road going from Vallenar to the property. The road crosses through the middle of the west half of the properties and along the southern border of the east half of the properties. The project is located close to power, water and an urban centre, Vallenar, with a readily available mining workforce.

Mateo Exploration History

Historical work on Mateo includes several drill programs completed by different Chilean private and public companies. Records exist from eight drillholes completed in 1994 on the Irene mine and include two full reports written by ENAMI (the Chilean national mining company) with interpretation of mineralization and recommendations for further exploration and mining work. The Irene mine was investigated by ENAMI in 1994. Work completed during that time included surface RC drilling, including 490 meters in four RC drillholes, and underground diamond drilling, including 220 meters in four drillholes. We obtained ENAMI's reports of mining activities from 1994 through 1997. Approximately 11,875 tonnes of rock were mined in that time averaging 4.3% copper, 61.9 grams per tonne silver, and 1.01 grams per tonne gold. During the period June 2009 to December 2010 the vendor of the Irene, Minera Farellon, conducted small scale mining activities on a different area of the Irene claims and mined 1705 tonnes grading 1.39% Cu, 1.39g/t Ag, 0.29g.t Au in sulphides and 1477 tonnes grading 1.98% Cu in oxides.


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