Red Metal Expands Chile's Carrizal Project with Deep Mineral Exploration

Red Metal Resources is advancing exploration at its Carrizal Copper-Gold-Cobalt Project in Chile's Atacama Region. The company has now commissioned an Induced Polarization (IP) survey to assess deeper mineral potential. Early surface sampling already revealed promising grades of copper and gold across the 3,278-hectare site.

The project sits within the productive Candelaria Iron Oxide Copper Gold (IOCG) belt, known for hosting multiple mines. CEO Caitlin Jeffs confirmed the next phase of drilling will follow this latest geophysical work. The Carrizal Project covers a structurally controlled, vein-style IOCG system with mineralised veins mapped over 12 km on surface. Drilling so far has tested just 1.5 km of these veins, reaching depths of around 200 m. The upcoming IP survey will push exploration deeper, targeting sulphide-related chargeability at depths of up to 500 m.

Two survey grids are planned: a northern block with 10 lines (each 2.5 km long) and a southwestern block with 6 lines (each 2 km long). Combined, they will cover 37 line-kilometres. Geophysical Studies Chile will carry out the work, with results guiding future drill targets.

Historic sampling already highlighted strong mineralisation. Out of 178 samples, 128 exceeded 2% copper, while 81 gold samples topped 0.5 g/t—19 of those surpassed 2.0 g/t, including peak grades of 8.4 g/t, 7.0 g/t, and 5.4 g/t. The mineralised structures remain open along strike, suggesting further expansion potential.

Next steps include detailed structural and geological analysis to refine targeting. The company aims to identify priority zones for the second drilling phase, building on the project's existing high-grade intersections. All technical details have been reviewed by Caitlin Jeffs, P. Geo, a Qualified Person under National Instrument 43-101 standards. The IP survey marks a key step in assessing Carrizal's deeper mineralised zones. With veins extending over 12 km and high-grade samples already confirmed, the project holds significant exploration upside. Results from the survey will directly inform the next round of drilling and resource definition work.