Red Metal Files 43-101 Technical Report on the Farellon Copper-Gold Project in Chile's IOCG Belt
THUNDER BAY, ONTARIO--(Marketwire - Feb. 5, 2010) - Red Metal Resources Ltd. (PINK SHEETS:RMES), a resource company focused on growth through acquiring, exploring and developing copper-gold assets in Chile, today announced that it has filed a National Instrument 43-101 technical report on Red Metal's 100 percent-owned Farellon copper-gold project, located in the iron oxide copper-gold belt in Chile's Region III. The technical report was completed by Micon International Limited and is available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
In a press release dated December 4, 2009, Red Metal announced the following results of a five-hole, 725 metre, reverse circulation drill program on Farellon:
|* hole ended in mineralization|
Selected Recommendations from the NI 43-101 Technical Report Include:
- Red Metal in its acquisition of the rights to the Farellon property has been able to acquire a number of mineral concessions in a historical mining district in Chile which was a prolific past producer which was shut down due to economic conditions rather than the exhausting of the deposits. Additionally, the mining district has for the most part not been subjected to modern exploration techniques. Red Metal has successfully completed its first exploration program on the Farellon property and has started to compile the little remaining historical information as well as its own information into a common database for the project.
- Based on the positive results from Red Metal's first exploration program on the Farellon property it plans to conduct further exploration. Red Metal's next phase of exploration will consist of approximately 1,200 m of diamond drilling. The diamond drilling is necessary to assist in defining the structural controls on the mineralization which may have been misinterpreted in the past due to the limited geological information gained during the RC drilling. The program will also assist in defining the depth and nature of the sulphide mineralization. If the next phase of drilling is successful Red Metal proposes to conduct a much larger phase of exploration which would not only consist of diamond and RC drilling but geophysical surveys and further geological mapping.
- Through its acquisition of the Farellon project, Red Metal has acquired a property with the potential to yield significant copper and gold mineralization. Micon agrees with the general direction of Red Metal's initial and proposed exploration programs for the project.
The NI 43-101 technical report on the Farellon project is authored by William J. Lewis, P.Geo of Micon International Ltd., a Qualified Person as defined in National Instrument 43-101.
Michael Thompson, P.Geo., Vice President Exploration for Red Metal and the Farellon project Qualified Person as defined in National Instrument 43-101 has reviewed the content of this press release.
About Red Metal Resources Ltd.
Red Metal is a Thunder Bay-based resource company focused on growth through acquiring, exploring and developing copper-gold assets in Chile. All of our properties are located in the highly prospective Candelaria iron oxide copper-gold (IOCG) belt of Chile's coastal Cordillera, host to Freeport McMoran's Candelaria Mine and Anglo American's Manto Verde Mine. For more information, visit www.redmetalresources.com.
This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.
For more information, please contact
Red Metal Resources Ltd.
604-648-0513 or 1-866-907-5403