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Red Metal Ltd encouraged by Maronan project scoping study

Red Metal Ltd encouraged by Maronan project scoping study

Red Metal Limited (ASX:RDM) has mapped out underground mining and processing options for its lead-silver and copper-gold resources at the Maronan Project in Northwest Queensland.

The current inferred resource will see more infill and step-out exploration drilling to upgrade the resource status and seek extensions as a prerequisite to firming up mining plans to report production targets or financial forecasts derived from production targets.

The company said the preliminary scoping study showed "strong positive cash flows" for either a stand-alone mining option or, trucking ore to an off-site plant.

It noted that shallow and/or deeper exploration success could add significant value to the projects economics - presenting a case for further infill and step-out exploration drilling.

While the potential to extend mine life exists down-plunge of the inferred resources where grades are speculated to be improving.

Red Metal said the study provided a case for potential development and discussions with third parties in seeking joint venture funding.

 

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Red Metal Timeline

Newswire
July 15 2014

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