Figure 1: Strong iron oxide alteration FAR-22-017 at 243m
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Red Metal Resources President and CEO, Caitlin Jeffs stated,"We are excited to build on our previously successful drilling and sampling programs in a 2025 market environment with higher Copper prices and demand. We have multiple new potential drill targets in close proximity to the Farellon structure and are greatly encouraged by the drilling confirmation of significant new vein width and mineralization with a full 1.5 kilometres of mapped continuity for planned upcoming drilling as well as numerous other high-priority veins that have yet to be drill tested. We believe the nature of the alteration and veining indicates that we are in the top of a large IOCG system and that we are in the early stages of showing its full potential."
Figure 2: Surface mapping and sample results up to 5.77% Copper at Carrizal, Chile
CuEq% based on CuEq%= ((Cu lb/t*US$3.75.lb) +(Co lbs/t*US$20/lb) +(Au g/t*0.03215*US$1,850/oz)/US$3.75/lb Cu insitu value and does not account for metallurgical, refining or other losses
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A 2022 work program focused on mapping of veins along strike of, and to the east of the main Farellon structure with the goal of developing new drill targets. New veins mapped and sampled include the Gorda vein which was drilled in Hole FAR-22-020. The Gorda vein lies 250 metres east of the Farellon structure which was mapped and sampled along strike for a full kilometre. A further five veins were mapped and sampled in detail to develop 2025 and future drill targets throughout the property.
Figure 3. Mineralization from recent sampling programs
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Highlights
- A high sample return of 5.77% Cu, 1.55% Co and 0.11 g/t Au two kilometres along strike to the north of the recent drilling on the Farellon structure
- Three veins mapped in detail, each demonstrating over a kilometre of prospective strike length with mineralized grab samples
Table 1: Grab Sample Highlights (1)(2)
Sample
Number | Northing
UTM | Easting
UTM | Elevation
(asl) | Weight of Sample
(Kg) | Au g/t | Co% | Cu% |
| 500818 | 6888943 | 309490 | 553 | 1.54 | 1.74 | 0.047 | 6.26 |
| 500902 | 6891077 | 310916 | 632 | 1.63 | 0.11 | 1.545 | 5.77 |
| 500832 | 6889540 | 311547 | 540 | 1.82 | 0.22 | 0.021 | 5.66 |
| 500895 | 6890377 | 310310 | 631 | 1.58 | 0.63 | 0.146 | 5.18 |
| 500887 | 6889724 | 311958 | 495 | 0.94 | 0.32 | 0.063 | 5.06 |
| 500803 | 6889197 | 309735 | 561 | 2.21 | 0.04 | 0.019 | 4.89 |
| 500822 | 6888323 | 309800 | 647 | 1.96 | 3.43 | 0.015 | 4.59 |
| 500830 | 6889441 | 311412 | 524 | 1.71 | 0.67 | 0.027 | 4.11 |
| 500827 | 6888543 | 310082 | 618 | 1.71 | 4.91 | 0.094 | 3.70 |
| 500894 | 6890373 | 310305 | 631 | 0.45 | 0.13 | 0.028 | 3.41 |
| 500844 | 6888968 | 310724 | 496 | 1.48 | 0.27 | 0.024 | 3.37 |
| 500854 | 6889477 | 310518 | 582 | 1.05 | 3.28 | 0.160 | 3.16 |
| 500837 | 6889267 | 311117 | 527 | 0.67 | 1.97 | 0.029 | 3.03 |
| 500814 | 6889114 | 309667 | 587 | 1.51 | 0.19 | 0.057 | 2.79 |
| 500858 | 6889836 | 310979 | 582 | 2.46 | 2.06 | 0.002 | 2.70 |
| 500834 | 6889309 | 312021 | 472 | 1.52 | 0.45 | 0.054 | 2.64 |
| 500824 | 6888423 | 309869 | 621 | 1.32 | 0.74 | 0.136 | 2.61 |
| 500833 | 6890107 | 311855 | 522 | 1.12 | 0.21 | 0.071 | 2.52 |
| 500820 | 6888717 | 309359 | 592 | 3.64 | 0.45 | 0.036 | 2.50 |
| 500831 | 6889472 | 311475 | 533 | 1.91 | 0.02 | 0.015 | 2.39 |
| 500859 | 6889807 | 310888 | 564 | 1.14 | 0.17 | 0.019 | 2.11 |
| 500840 | 6888767 | 310417 | 546 | 1.07 | 0.81 | 0.018 | 2.06 |
| 500850 | 6888284 | 310247 | 572 | 1.5 | 1.57 | 0.029 | 1.90 |
| 500816 | 6889020 | 309583 | 594 | 3.62 | 0.38 | 0.020 | 1.88 |
| 500868 | 6890705 | 311339 | 574 | 1.43 | 0.09 | 0.085 | 1.77 |
| 500886 | 6889679 | 312500 | 457 | 0.93 | 0.22 | 0.002 | 1.76 |
| 500806 | 6889420 | 309857 | 575 | 1.3 | 0.09 | 0.036 | 1.69 |
| 500819 | 6888717 | 309359 | 592 | 2.64 | 0.47 | 0.048 | 1.54 |
| 500855 | 6889630 | 310681 | 596 | 1.19 | 0.87 | 0.025 | 1.54 |
| 500852 | 6889527 | 310785 | 561 | 1.86 | 0.24 | 0.193 | 1.21 |
| 500829 | 6889352 | 311252 | 539 | 3.43 | 0.65 | 0.073 | 1.20 |
| 500856 | 6889748 | 310735 | 570 | 2.31 | 0.22 | 0.024 | 1.15 |
| 500835 | 6889244 | 311891 | 496 | 3.24 | 1.54 | 0.001 | 0.94 |
| 500838 | 6889227 | 311054 | 548 | 1.26 | 1.89 | 0.019 | 0.88 |
| 500892 | 6889011 | 312361 | 435 | 0.8 | 0.01 | 0.033 | 0.86 |
| 500826 | 6888696 | 310059 | 627 | 1.75 | 1.79 | 0.003 | 0.84 |
| 500801 | 6889269 | 309795 | 596 | 1.96 | 0.09 | 0.121 | 0.82 |
| 500823 | 6888344 | 309815 | 637 | 2.74 | 0.22 | 0.006 | 0.75 |
| 500853 | 6889444 | 310665 | 578 | 2.95 | 0.43 | 0.026 | 0.66 |
| 500802 | 6889233 | 309758 | 580 | 1.67 | 0.04 | 0.062 | 0.55 |
| 500825 | 6888485 | 309930 | 617 | 1.02 | 2.20 | 0.030 | 0.50 |
(1)Management cautions that prospecting surface rock samples and associated assays, as discussed herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled.
(2)This table represents a selection of highlights including 41 samples out of 102 samples taken
Red Metal successfully completed a nine-hole, 2,010 metre drill program in 2022 that targeted down dip extensions of known mineralized zones as well as testing of new zones.
Highlights
- First hole on new zone intercepted 6 metres of vein with strong visible copper sulphides; further 1.5 kilometres of untested strike length
- All holes have intercepted visible copper sulphide mineralization and alteration associated with IOCG deposits
- Diamond drill core continues to provide valuable alteration and structural information not seen in previous RC drilling
Diamond Drilling
Four drillholes of the program targeted the south and north end of the Farellon zone and tested a previously undrilled structure parallel to the Farellon zone. All four drill holes intercepted zones of sulphide mineralization including chalcopyrite and chalcocite and zones of strong alteration associated with iron oxide copper gold ("IOCG") deposits.
Figure 4. Diamond drill program at the Farellon Zone discovery
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Table 2: Summary of holes (3)
| Drillhole | Target | Length | Highlights |
| FAR-22-017 | Farellon South | 326 | Mineralized Breccia Zone at 236-243 m |
| FAR-22-018 | Farellon South | 293 | Multiple zones of disseminated chalcopyrite mineralization and intense IOCG associated alteration |
| FAR-22-019 | Farellon North | 188 | 85-91 m brecciated quartz veining with strong chalcopyrite mineralization |
| FAR-22-020 | New Zone | 182 | 142-147.6 m quartz calcite vein with strong chalcopyrite mineralization and actinolite, iron and sericite alteration |
(3)Widths are drill indicated core length as insufficient drilling has been undertaken to determine true widths with at this time.
New Zone Drill Tested
The newly tested parallel structure lies approximately 250 metres west of the Farellon vein and was mapped and sampled on surface in 2012. Mapping completed in 2012 traced the vein continuously over approximately 1.5 kilometres. All six surface samples taken along the structure in 2012 are listed below and all samples returned significant copper, gold and cobalt. The structure was tested with one drillhole and a six-metre quartz calcite vein was intercepted from 142m to 142.6m with visible chalcopyrite mineralization, intense pyrrhotite, albite and actinolite alteration.
Table 3: Historic 2012 surface sampling on new zone
| Sample ID | Easting | Northing | CuT% | Au g/t | Co% |
| 123984 | 309701 | 6889159 | 4.97 | 0.43 | 0.07 |
| 123985 | 309862 | 6889291 | 3.73 | 0.80 | 0.02 |
| 123986 | 309644 | 6889070 | 3.40 | 0.41 | 0.03 |
| 123987 | 309424 | 6888843 | 1.60 | 0.23 | 0.10 |
| 123989 | 309227 | 6888420 | 3.86 | 0.68 | 0.04 |
| 123990 | 309040 | 6888003 | 2.49 | 0.63 | 0.02 |
Figure 5: Chalcopyrite in brecciated quartz vein FAR-22-019 at 86m
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Figure 6: Chalcopyrite primary mineralization FAR-22-020 from 6m wide zone at 145.5m and 147.5m
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QAQC
Samples were prepared and analyzed by ALS laboratories in La Serena, Chile and Lima, Peru. Samples were analyzed for gold using Fire Assay-AA techniques. All samples were analyzed using a 33 element 4 acid digestion ICP analysis method and copper samples over 10,000 ppm were analyzed again for just copper using the same analysis method.
Qualified Person
The technical content of this news release has been reviewed and approved by Caitlin Jeffs, P. Geo, who is a Qualified Person ("QP") as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Red Metal Resources Ltd.
Red Metal Resources is a mineral exploration company focused on growth through acquiring, exploring and developing clean energy and strategic minerals projects. The Company's portfolio of projects include seven separate mineral claim blocks and mineral claim applications, highly prospective for Hydrogen, covering 172 mineral claims and totaling over 4,546 hectares, located in Ville Marie, Quebec and Larder Lake, Ontario, Canada. As well, the Company has a Chilean copper project, located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile's coastal Cordillera. Red Metal is quoted on the Canadian Securities Exchange under the symbol RMES, on OTC Link alternative trading system on the OTC Pink marketplace under the symbol RMESF and on the Frankfurt Stock Exchange under the symbol I660.
For more information, visit www.redmetalresources.com.
Forward-Looking Statements - All statements in this press release, other than statements of historical fact, are "forward-looking information" within the meaning of applicable securities laws. Red Metal provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to the ability to raise adequate financing, receipt of required approvals, as well as those risks and uncertainties identified and reported in Red Metal's public filings under its SEDAR+ profile at www.sedarplus.ca. Although Red Metal has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Red Metal disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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