Red Metal has boosted its coffers with a $3 million share placement and is ready to roll out a range of exploration programs, including at the advanced Maronan silver-lead and copper-gold project in North West Queensland.

Preparations are underway to trial 2D seismic surveying over the deposit in an attempt to image the continuation of the mineralisation at depth.

With more than 100 million ounces of contained silver, Maronan is hailed as one of the largest undeveloped silver resources in Australia.

Red Metal said it had revisited the numbers from its 2016 preliminary mine scoping study for the project given current commodity prices and exchange rates.

The company said this week it was hoped that the 2D seismic data would highlight strong reflective “bright spots” indicative of more massive, higher grade mineralisation at depth.

Red Metals also holds a raft of North West Queensland projects subject to a “Greenfields Discovery Alliance” agreement that provides OZ Minerals with an option to fund a series of mutually agreed, proof-of-concept work programs.

This includes the Yarrie, Gulf, Three Ways, Lawn Hill and Mount Skipper projects.

Field campaigns in North-West Queensland were initiated in late July following an easing in travel restrictions relating to the COVID-19 virus, Red Metal said.

“Preparations are well underway to start drilling on Mount Skipper in early
August then move on to complete first pass drill tests on the Three Ways and Gulf projects,” it stated in its latest quarterly report.

Red Metal also holds key titles along trend from the giant Century zinc-lead-silver deposit where it has been targeting a range of new zinc and copper deposit styles.

This Lawn Hill zinc-lead-silver and copper-cobalt project also falls under the Oz Minerals alliance agreement.

“With funding from OZ Minerals, the company proposes to utilise high resolution magnetotelluric (MT) surveying to map prospective stratigraphy and traps sites for proof of concept drill testing,” Red Metal said.

“MT surveying was set to begin in late-April but has been delayed until strict travel and social distancing restrictions in the regions surrounding remote Aboriginal communities are lifted. Preparations necessary to
start the program next quarter are being assessed.”