Red Metal launches IP survey at Carrizal to advance copper, gold and cobalt project in Chile

Red Metal has launched an IP survey at its Carrizal project in Chile’s Atacama region to identify new copper, gold and cobalt targets and support a second drilling phase.

Red Metal Resources has announced the start of an induced polarization (IP) survey at its Carrizal copper-gold-cobalt project in Chile’s Atacama region, marking a new step in the company’s effort to better define the geology of the system and identify new drilling targets. The company has engaged Geophysical Studies Chile, based in La Serena, to carry out the program across the 100%-owned asset.

According to Red Metal, Carrizal hosts a structurally controlled iron oxide copper gold (IOCG) system with veins that have been recognized and sampled over more than 12 kilometres of surface strike length. So far, drilling has tested roughly 1.5 kilometres of those veins to depths of around 200 metres, while the new IP survey is intended to detect chargeability anomalies associated with sulphides down to about 500 metres.

The program includes two IP grids over separate mineralized vein areas. The northern target consists of 10 lines of 2.5 kilometres each, for a total of 25 line-kilometres, while the southwest target includes 6 lines of 2 kilometres each, adding another 12 line-kilometres. In total, the survey will cover 37 line-kilometres.

Carrizal shows strong surface continuity and high historical copper and gold grades

Among the project’s main features, Red Metal highlighted the continuity of the mineralized structures. The company said individual veins and historical workings have been mapped over lengths of up to 4.5 kilometres, within a broader network of more than 12 kilometres of recognized and sampled veins.

In terms of historical surface sampling, Red Metal said that between 1996 and 2025, a total of 317 reconnaissance samples were collected. Of those, 178 returned grades above 1% copper, while 128 exceeded 2% copper. The highest copper values reported were 17.25%, 8.0% and 7.23%.

For gold, 81 of the 317 samples returned grades above 0.5 g/t, while 19 samples exceeded 2.0 g/t, with top values of 8.4 g/t, 7.0 g/t and 5.4 g/t gold. The company noted that these surface samples are selective in nature and may not be representative of the overall mineralization.

Red Metal also highlighted recent 2025 surface results, including samples grading 3.83% copper and 0.5 g/t gold, as well as another returning 2.91% copper and 1.9 g/t gold, both associated with outcrops showing old workings and copper oxide mineralization.

Red Metal prepares for second drilling phase in Atacama

Red Metal president and chief executive Caitlin Jeffs said the work completed so far has confirmed notable copper and gold grades across more than 12 kilometres of veins on the property. She added that the IP survey represents the next step toward preparing a second drilling phase and demonstrating the broader extent of the mineralized system.

According to the company, the next steps at Carrizal will include structural and geological interpretation using magnetics to map magnetite-rich zones, IOCG veins, breccias and related skarns. This work will be combined with 3D modelling of chargeability and resistivity from the IP survey, as well as LiDAR-assisted structural interpretation, in order to refine future drill targeting.

Red Metal said the combination of structural interpretation, surface sampling and evidence of sulphide mineralization at depth is expected to improve confidence in future drill targets, both to expand already tested zones and to develop new target areas.

With this new geophysical program, the company is looking to further position Carrizal as one of its key Chilean assets within the Coastal Cordillera IOCG belt, at a stage when the focus is on turning surface and historical evidence into stronger deep exploration targets.