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Queensland's Red Metal Eyes Global Magnet Metal Role
22 Oct
Summary
- Drilling aims to upgrade and extend the Kary Zone deposit.
- Heap-leach tests show promising extraction rates for key rare earths.
- Prefeasibility study completion is slated for the first quarter of next year.
Red Metal has commenced a substantial 5000-metre drilling campaign at its expansive Sybella rare earths project, located near Mount Isa, Queensland. This initiative is designed to both enhance and expand the primary Kary Zone deposit, paving the way for crucial economic assessments. The drilling focuses on infill work in the deposit's southeast corner to increase confidence in the higher-grade zones targeted for initial mining.
Concurrently, extensional drilling will probe the potential for higher-grade mineralisation beyond the existing footprint. Recent mapping and metallurgical results support a low-cost, heap-leach development strategy, with initial tests yielding favorable extraction rates for neodymium and praseodymium. Assay results are anticipated early in the new year, feeding into an updated resource estimate and the mine model for the prefeasibility study, which is scheduled for completion in the first quarter of 2027.
