• Increase font size
  • Default font size
  • Decrease font size

Oct 2003 - Red Metal Limited

Red Metal Limited (RDM) – Applying a Fresh Approach to Finding Significant Copper – Gold Orebodies in Australia

  • The IPO Offer : Red Metal Limited (RDM) offered a subscription of 60m shares at 20c to raise $12m (minimum subscription $12m, underwritten by Grange Securities Ltd) to drill up to 40 (24 in the first 12 months) delineated copper-gold targets in 13 individual projects in Australia. There are also a number of other projects in joint venture discussion, with their own further drill targets.
  • RDM has secured an interest in a highly prospective portfolio of copper and copper-gold exploration properties in Australia through a Strategic Alliance and Sale Agreement with Phelps Dodge Australasia Inc, a subsidiary of Phelps Dodge Corporation, the world’s second largest producer (at about 1mtpa) of copper.
  • RDM are focusing their exploration on major, relatively high-grade copper, and copper-gold deposits located within the under-explored portions of the fertile Middle Proterozoic terrains (about 1.5bn to 1.8bn years ago), primarily in South Australia, Queensland, the Northern Territory and NSW. Deposit styles include Iron Oxide Copper Gold (IOCG) types similar to Olympic Dam and Sediment- Hosted types similar to the Mt Isa copper mine.
  • RDM use a fresh approach to finding major copper-gold orebodies through their application of sophisticated algorithms on geophysical data to map deep seated magmatic centres and the major faults which focus and control mineralisation. This approach has been applied to advance most of RDM’s more than 13 projects to drill-ready status over the past two years or so, and defined up to 40 targets. Any one of the targets could become a company-maker for RDM.
  • Such is the nature of RDM’s “Alliance” with Phelps Dodge (PD) that the first 3 projects to be drilled in DQ03 are joint ventures (Hawks Nest, Moonta and Browns) in which RDM is free carried by PD (to a decision to mine, provided PD elects to advance them), for 30% of PD’s 70% interest, or about 21% of each project.
  • Written by: Keith Goode
  • Friday, 24 October 2003

Kitco Spot Gold Price

   Click Chart for Spot Gold Price[Most Recent Quotes from www.kitco.com]

Stock Quote

  (Add .ax for ASX)