Red Metal Resources Reports 2.51% Copper and 0.35 g/t Gold Over 13 Meters at Farellon Project, III Region Chile, Including 3.95% Copper and 0.53 g/t Gold Over 8 Meters
Results Also Include 32 Meters @ 1.35% Copper and 0.99 g/t Gold
THUNDER BAY, ON and VALLENAR, CHILE, Sept. 21, 2011 /PRNewswire/ - Red Metal Resources Ltd. (OTCBB:RMES), a mineral exploration company with copper-gold assets in Chile, today announced results from their 2,233 meter, 11 drill hole drill program on the Farellon Property, III Region Atacama, Chile.
Highlights of the drill program include:
| HOLE ID | From (m) | To (m) | Length (m) | Copper % | Gold g/t | ||||||||||||
| FAR-11-001 | 36 | 49 | 13 | 2.51 | 0.35 | ||||||||||||
| including FAR-11-001 |
36 | 44 | 8 | 3.95 | 0.53 | ||||||||||||
| FAR-11-006 | 80 | 112 | 32 | 1.35 | 0.99 | ||||||||||||
| FAR-11-009 | 202 | 211.55 | 9.55 | 0.95 | 0.42 |
The recently completed drill program has continued to expand the known mineralized zone down dip to approximately 200 meters vertical depth while also continuing to confirm historical results along strike. Three drill holes included approximately 100 meters each of drilling with a diamond drill bit to recover drill core. The drill core has provided us with information to better define the structural controls on mineralization and aid in planning for further drill programs.
The above intersections are downhole thickness and may not represent true thickness of the mineralization.
Results of the full drill program are included below:
| HOLE ID | From (m) | To (m) | Length (m) | Copper % | Gold g/t | ||||||||||||
| FAR-11-001 | 36 | 49 | 13 | 2.51 | 0.35 | ||||||||||||
| FAR-11-001 | 78 | 85 | 7 | 0.43 | 0.04 | ||||||||||||
| FAR-11-002 | Zone faulted off | ||||||||||||||||
| FAR-11-003 | 150 | 155 | 5 | 0.40 | 0.28 | ||||||||||||
| FAR-11-003 | 177 | 182 | 5 | 0.44 | 0.15 | ||||||||||||
| FAR-11-004 | 141 | 145 | 4 | 0.73 | 0.01 | ||||||||||||
| FAR-11-005 | 124 | 133 | 9 | 0.84 | 0.26 | ||||||||||||
| FAR-11-006 | 80 | 112 | 32 | 1.35 | 0.99 | ||||||||||||
| FAR-11-007 | 56 | 74 | 18 | 0.50 | 0.40 | ||||||||||||
| FAR-11-008 | 98 | 102 | 4 | 0.85 | 0.26 | ||||||||||||
| FAR-11-009 | 202 | 211.55 | 9.55 | 0.95 | 0.42 | ||||||||||||
| FAR-11-010 | 179.13 | 183 | 3.87 | 0.50 | 0.39 | ||||||||||||
| FAR-11-011 | 54 | 56 | 2 | 0.97 | 0.48 | ||||||||||||
Caitlin Jeffs, P.Geo., president of Red Metal Resources, said, "We are extremely encouraged by the results from this drilling program. Farellon has enormous potential and warrants further drilling to outline an initial resource estimate."
About Farellon Project
Farellon is a copper-gold property in the prolific Candelaria iron oxide copper-gold belt. Previous work has outlined a 1.7 kilometer strike length of known mineralization hosted in a mineralized fault zone along strike from the historic Carrizal Alto mine.
The Farellon project consists of four mining and exploration concessions totaling 1096 hectares in the Carrizal Alto mining district located approximately 75 kilometers northwest of the city of Vallenar, 150 kilometers south of Copiapo and 20 kilometers west of the Pan American Highway. The property is easily accessible year round by dirt roads that criss-cross the property and is located close to power and water.
Red Metal last explored Farellon in the fall of 2009 with a five-hole, 725 meter, reverse circulation (RC) drill program which included results of 2.57% copper and 4.16 g/t gold over 5 meters. An RC drill program of 22 drill holes totaling 3,918 meters was completed in 1996-1997 by an Australian company. The drilling was conducted at irregular intervals along the mineralized shear and they were sampled at regular one meters sample intervals along their entire length. The drilling confirmed mineralization in the shear zone down to a vertical depth of approximately 200 meters.
Michael Thompson, P.Geo., vice president of exploration for Red Metal, the project's Qualified Person as defined in NI 43-101, has reviewed and approved the contents of this news release.
About Red Metal Resources Ltd.
Red Metal Resources is a mineral exploration company focused on aggressive growth through acquiring, exploring and developing copper-gold assets in Chile. Our projects are located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile's coastal Cordillera, host to Freeport-McMoRan's Candelaria Mine and Anglo American's Mantoverde Mine. Red Metal is a fully reporting US public company quoted on the OTCBB under the symbol RMES. For more information, visit www.redmetalresources.com.
Except for the statements of historical fact, the information contained herein is of a forward-looking nature. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievement of the company to be materially different from any future results, performance or achievements expressed or implied by statements containing forward-looking information. Accordingly, you should not place undue reliance on statements containing forward looking information. The U.S. Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in our press releases, such as "measured," "indicated," and "inferred" resources, which the SEC guidelines generally prohibit companies from including in their filings with the SEC. Investors are urged to consider closely the disclosure in our Form 10-K, which may be obtained from us, or from the SEC website.
Red Metal Resources Ltd.
Adam Rabiner
Corporate Communications
604-648-0513 or 1-866-907-5403
[email protected]
www.redmetalresources.com
SOURCE Red Metal Resources Ltd.
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