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Last $0.05 USD
Change Today 0.00 / 0.00%
Volume 0.0
RMES On Other Exchanges
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OTC US
As of 4:30 PM 05/20/14 All times are local (Market data is delayed by at least 15 minutes).

red metal resources ltd (RMES) Snapshot

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52 Week High
01/12/15 - $0.10
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03/17/15 - $0.02
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33.5M
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red metal resources ltd (RMES) Details

Red Metal Resources Ltd. locates, acquires, explores, and develops mineral resources in Chile. It primarily explores for copper, gold, silver, and cobalt deposits. The company holds interest in the Farellon property located in the Carrizal Alto mining district; and the Perth Property located in the III Region of Atacama, Chile. It also holds interest in the Mateo property located in the Candelaria IOCG belt in the Chilean Coastal Cordillera, Chile. The company was formerly known as Red Lake Exploration, Inc. and changed its name to Red Metal Resources Ltd. in August 2008. Red Metal Resources Ltd. was founded in 2005 and is headquartered in Thunder Bay, Canada.

red metal resources ltd (RMES) Top Compensated Officers

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red metal resources ltd (RMES) Key Developments

Red Metal Resources Provides Production Update for Farellon Property

Red Metal Resources, Ltd. provided an update on mining activities being conducted by a local mining contractor, an affiliated company, on the Farellon copper-gold project. The affiliated company is selling ore to Empresa Nacional de Mineria (ENAMI), a Chilean national mining company with regional processing facilities. The affiliated company pays Red Metal's Chilean subsidiary, Minera Polymet, a 10% gross revenue royalty based on ENAMI's payment for ore. Since January 2015 a further 75 meters of mine development have been completed and the mine has reached a level approximately 35 metres vertical depth from surface. Production is now in the sulphide zone and both copper and gold are being sold to ENAMI. Since January 2015 1,079 tonnes of oxide ore with an average grade of 1.33% copper have been sold and a further 1,128 tonnes of sulphide ore with an average grade of 1.49% copper and 0.21 g/t gold have been sold. The main target of the current development is an area intersected in the 2011 and 2013 drilling campaigns, specifically significant intercepts in drill holes FAR-11-001 of 3.95% Cu and 0.53 g/t Au over 8 meters, FAR-13-002 of 2.15% Cu and 0.28 g/t Au over 7 meters and FAR-13-001 of 0.70% Cu and 0.20 g/t Au over 6 meters including 1.25% Cu and 0.34 g/t Au over 2 meters. Drilling has been completed on a 1.6 kilometer strike length of this vein, and is a further 5 km of strike length is unexplored other than surface sampling showing promising results. The Farellon property consists of eight mining and exploration concessions totaling 1,002 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 crisscross the property and is located close to power, water and a major urban center, Copiapo, with a readily available mining workforce.

Red Metal Resources, Ltd. Auditor Raises 'Going Concern' Doubt

Red Metal Resources, Ltd. filed its 10-K on May 01, 2015 for the period ending Jan 31, 2015. In this report its auditor, Dale Matheson Carr-Hilton, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Red Metal Resources, Ltd. Provides Mining Update for Farellon Property

Red Metal Resources Ltd. provided an update on mining activities being conducted by Minera Farellon, an affiliated company, on the Farellon copper-gold project. Mineral Farellon will be selling ore to Empresa Nacional de Mineria, a Chilean national mining company with regional processing facilities and paying Red Metal's Chilean subsidiary, Minera Polymet, a royalty. Minera Farellon has provided Red Metal with an update on activities. Approximately 250 meters of mine development have been completed and has reached a level approximately 28 metres vertical depth from surface. Production has just started on a vein face averaging 7 metres wide. A first load of 446.5 tonnes of ore has been delivered to ENAMI; grades are listed in the table below. A Red Metal geologist has visited site and confirmed the width of the vein and the nature of the mineralization and noted strong oxide, supergene mineralization consisting of chalcocite, azurite, malachite and tenorite. The Farellon property consists of eight mining and exploration concessions totaling 1,002 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 crisscross the property and is located close to power, water and a major urban center, Copiapo, with a readily available mining workforce.

 

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