high grade silver & lead: $4 billion target

g'day all

i had a browse thru the history of announcements about RDM's Maronan lead/silver deposit

it looks rather deep & i am not totally convinced

however, since the withdrawal of BHP from the project, RDM have announced a new geological interpretive model as well as a new exploration target

personally, i see it as speculative hype but RDM do have 100% ownership of Maronan and, according to their current prospective, RDM intend to do some additional drilling this year


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21 September, 2005
Red Metal is pleased to announce that it has successfully negotiated two joint ventures with BHP Billiton Minerals Pty Ltd involving its Maronan and McKinlay projects in the Mount Isa Inlier

September 15, 2006
MRN06001, 75m - 242m, 24m thick
MRN06002, 405.15 - 415.08, 14m thick

June 4, 2007
MRN07001 upper BIF horizon including 14.1 metres at 11.34% lead, 176 ppm silver from 501.38 metres

MRN07002 Results include 22 metres from 479 metres at 5.01% lead, 120ppm silver including a higher grade zone of 5.5 metres at 8.08% lead, 209ppm silver

October 8, 2007
MRN07003B and MRN07004A returned moderate grades and widths of lead mineralisation and local high grade zones of silver mineralisation including 6.11 metres at 7.26% lead, 84g/t silver from 832metres in the upper BIF and two metres at 440g/t silver and 4.8% lead from 828 metres in the lower BIF

18 January, 2011
BHP Billiton withdrew from the Maronan project following a four year program which involved the completion of 16 wide spaced exploration drill holes targeting a giant Cannington-type deposit. The best result from this program included 14.1 metres at 176 grams per tonne silver and 11.3% lead. Step out holes from this intersection were greater than 200 metres apart leaving scope for defining a moderate tonnage but high-grade lead-silver ore body. A revised interpretation of the drill data by Red Metal infers a steep northerly plunge rather than steep southerly plunge to the ore shoots which has opened up significant untested exploration potential down plunge toward the north. As a consequence, Red metal will further assess this new structural interpretation by producing a 3D resource model and potentially source another joint venture partner.