Red Metal : Gulf Project Drilling Update

ACN 103 367 684

onlyASX Code: RDM Red Metal Limited

is a minerals exploration c mpany focused on the exploration, evaluation and development of Australian

usecopper-gold and basemetal d posits.

Iss ed Capital:

245,591,743

Ordinary shares

personal19,225,000 Unlisted options

Directors:

R b Rutherford

Managing Director

Ru sell Barwick

Chairman

Joshua Pitt

Non-executive Director

RED METAL LIMITED

Level 15

323 Castlereagh Street

ForSydney NSW 2000

Ph: [phone]

[e-mail]

www.redmetal.com.au

ASX ANNOUNCEMENT 27 JANUARY 2022

GULF COPPER-GOLD PROJECT: DRILLING UPDATE

Proof-of-concept drill tests on two magnetic targets have been completed on the Gibson's Tank tenement in Northwest Queensland (Figure 1).

Drill hole GTK2101 on the combined high magnetic and high gravity target GT07 intersected a 44.4 metre interval from 486.6 metres of hydrothermal ironstone and breccia within a deformed felsic volcanic sequence that defines the source to the geophysical target. The ironstone contains weakly disseminated copper sulphides that returned low copper assay values ranging from 0.008% to 0.34% and very low gold values ranging 0.002g/t to 0.013g/t.

Drill hole GTK2102 on the high magnetic but weak gravity target GT4 intersected a felsic to intermediate intrusive rock altered by veinlet networks of chlorite and magnetite that appears to explain the source to the geophysical anomaly. No significant intervals of copper or gold mineralisation were encountered in this hole.

[Figure 1] Gulf Project: Gibson's Tank total magnetic image with residual gravity contours showing target numbers and recent dill hole locations GTK2101 and GTK2102.

For personal use only

RDM ASX Announcement 27 January 2022

Gibsons Tank IOCG Targets

Drilling Completed

[Figure 2] Three Ways (dark blue), Gulf (red), Gidyea (blue) and Corkwood (brown) Projects: Total magnetic intensity image highlighting regional project locations. Regions of exposed or outcropping geology highlighted as white translucent areas.

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RDM ASX Announcement 27 January 2022

For personal use only

This announcement was authorised by the Board of Red Metal. For further information concerning Red Metal's operations and plans for the future please refer to the recently updated web site or contact Rob Rutherford, Managing Director at:

Phone [phone]

www.redmetal.com.au

Rob Rutherford	Russell Barwick
Managing Director	Chairman

_______________________________________________________________________________________________________________________

The information in this report that relates to Exploration Results is based on and fairly represents information and supporting documentation compiled by Mr Robert Rutherford, who is a member of the Australian Institute of Geoscientists (AIG). Mr Rutherford is the Managing Director of the Company. Mr Rutherford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr Rutherford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears

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RDM ASX Announcement 27 January 2022

Table 1 - Gulf Project: JORC 2012 sampling techniques and data

Criteria

JORC 2012 Explanation

Commentary

Sampling Techniques

Nature and quality of sampling

Include reference to measures taken to ensure representativity samples and the appropriate calibration of any measurement tools or systems used.

Aspects of the determination of mineralisation that are Material to the Public Report.

GTK2101 and GTK2102 rotary/mud diamond core holes designed to test the source of the regionally significant high magnetic and gravity anomalies. GTK2101 comprises rotary mud chips to 486.6 metres and NQ2 diamond drill core to the end of hole at 932m. GTK2102 comprises rotary mud chips to 640.4 metres, HQ diamond core to

737.5 metres and NQ2 diamond drill core to the end of hole at 963.8m. The method of drilling is considered to be of an acceptable quality for evaluating the source of a geophysical target and reporting of exploration results. Sampling for geochemical analysis was selective and is not continuous down the whole length of the core. A one metre length of half core was regularly sampled about every 4 to 10 metres down the hole with one metre spaced half core samples collected over localised intervals of mineralisation or geological interest.

Magnetic susceptibility values were measured using a hand-held KT9 susceptibility metre which utilises an air calibration to zero the instrument prior to taking a measurement. Samples for geochemical analyses were collected every metre through massive ironstone and visible sulphide-mineralised in GTK2101. Unmineralised drill core in GTK2101 was sampled every 4m locally increasing to 10m while unmineralised core in GTK2101 was sampled every 10m.

Visual results of the geology and mineralisation were observed by an experienced senior geologist and checked by the Exploration Manager of Red Metal. Weak copper mineralisation and anomalous trace elements were confirmed with assays.

Drilling Technique

Drill type (eg core, reverse circulation,	A conventional multipurpose rotary mud, wire-line core rig was utilised
open-hole hammer, rotary air blast,	to penetrate through the cover sequences to extract HQ and NQ2
auger, Bangka, sonic, etc.) and details	diameter core samples in the basement.
(e.g. core diameter, triple or standard
tube, depth of diamond tails, face-	The core was oriented using Reflex ACT3. The drill hole was surveyed
sampling bit or other type, whether core	using an Axis Champ north seeking gyro.
is oriented and if so, by what method,
etc.).

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Drill Sample Recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

The length of recovered core and the core rock quality are logged for each core run. Core recovery throughout the fresh basement rocks is very good (90-100%). Minor intervals of poor core recovery (<30%) occur in, localised, 1-2m wide chloritic fault zones.

Diamond core is reconstructed into continuous runs on an angle iron cradle and marked with orientation lines. Depths are checked against depths marked on the core blocks and rod counts are routinely performed by the drillers.

No bias expected as very good core recovery

For

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

Whether logging is qualitative or quantitative in nature.

Core photography

The total length and percentage of the relevant intersections logged.

Quantitative geotechnical logging including RQD and core recovery are measured for each core run.

Qualitative and quantitative codes and descriptions are used to record geological data such as lithology, mineralisation and alteration prior to sampling. Quantitative structural data is also measured prior to sampling. Magnetic susceptibility is quantified for the total length of the core with measurements taken every 0.5m and averaged over every core run (3 to 6 metres). Specific gravity is quantified using the Archimedes Method at varying intervals down the holes based on the geology. A total of 90 specific gravity measurements were collected in GTK2101 and 28 in GTK2102.

Core is photographed wet and dry.

The total lengths of GTK2101 and GTK2102 have been geologically logged. RDQ and magnetic susceptibility and specific gravity have been measured for the total length of the core.

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Criteria

Sub-sampling techniques and sample preparation

			RDM ASX Announcement 27 January 2022
	JORC 2012 Explanation		Commentary
	If core, whether cut or sawn and whether	All samples were sawn half-core (HQ or NQ). Sample length was
	quarter, half or all core taken.	nominally 1m but varied between 0.75m and 1.25m
	For all sample types, the nature, quality	All samples were prepared with standard crush/split/pulverisation
	and appropriateness of the sample	techniques at ALS Mt Isa (method CRU-32c /SPL-22Y /PUL-32m).
	preparation technique.
	Quality control procedures adopted for all	Drilled core was generally of good quality with good core recoveries
	sub-sampling stages to maximise	(>95%), leading to effective half-core sampling with a core saw.
	representativity of samples.
	Measures taken to ensure that the	No field duplicate samples were collected as early stage of exploration.
	sampling is representative of the in situ
	material collected, including for instance
	results for field duplicate/second-half
	sampling.
	Whether sample sizes are appropriate to	Samples of ~1m half-core are considered appropriate for material of
	the grain size of the material being	<2mm grainsize.
	sampled.

personal

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

All 182 samples were assayed by ALS with 10 samples analysed for whole rock lithogeochemistry by Li-borate fusion (total digest) ICP-OES and ICP-MS finishes (method CCP-PKG01) including total C (C-IR07) and total S (S-IR08) with the remainder by four-acid (near total) digest with ICP-MS finishes that includes REE (method ME-MS61r). All samples were assayed Au by fire assay (30g) with AAS finish (method Au-AA23). No geophysical tools were used to determine element concentrations at Gibsons Tank

Blanks and certified reference material were inserted and represented approximately 2.2% of samples assayed. Results and internal lab QC indicate acceptable levels of accuracy.

Verification of sampling and assaying

The verification of significant intersections Result reviewed by senior geologist and the Managing Director by either independent or alternative

company personnel.

For

The use of twinned holes.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

No holes have been twinned

Primary data is stored both in its source electronic form, and, where applicable, on paper. Assay data is retained in both the original certificate (.pdf) form, where available, and the text files received from the laboratory. Primary data was entered in the field into a portable logging device using standard drop-down codes. Text data files are exported and stored in an Access database. MapInfo software is used to check and validate drill-hole data.

Location of data points

Discuss any adjustment to assay data.	No adjustments were made
Accuracy and quality of surveys used to	The collar position for GTK2101 and GTK2102 were surveyed by

locate drill holes (collar and down-hole Handheld GPS using GDA94, Zone54 datum. GPS locations are

surveys), trenches, mine workings and	accurate to about 3m.
other locations used in Mineral Resource
estimation.
Specification of the grid system used.	GDA94_Zone54 datum.
Quality and adequacy of topographic	Topographic relief has been extracted using the ELVIS digital terrain
control.	information at Geoscience Australia

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