Redtail Announces Completion of Acquisition of 100% of Marg
Deposit, Yukon and Provides Corporate Update
TSX-V: RTZ
www.redtailmetals.com
WHITEHORSE, Nov. 5, 2012 /CNW/ - Redtail Metals Corp.
(TSX-V: RTZ) (the "Company") is pleased to announce its
100% unencumbered interest in the Marg Deposit following completion
of the final payment required under the purchase agreement
(announced on April 18, 2011). The
Marg polymetallic VMS (volcanic massive sulphide) deposit hosts an
NI 43-101 compliant Indicated Resource of 3.96 Mt of 1.57% Cu,
1.92% Pb, 3.90% Zn, 49.40 g/t Ag, and 0.79 g/t Au, along with an
Inferred Resource of 7.78 Mt of 1.12% Cu, 1.36% Pb, 2.89% Zn, 34.88
g/t Ag, and 0.52 g/t Au (Burgoyne, A.A., and Giroux, G., 2011)
Corporate Update
Redtail Metals is focused on identifying, acquiring, and developing
high quality base metal projects with significant precious metal
credits in the Yukon Territory.
The company holds a 100% interest in the Marg VMS deposit, the
Clear Lake SEDEX deposit, the Matt Berry SEDEX project and the R15
VMS project. Both the Marg and Clear Lake deposits have current NI 43-101
resource estimates whereas the R15 project, the newest discovery in
the district, is currently being advanced with the Company's
initial diamond drill program having just been completed.
Results are anticipated in the coming weeks.
Location maps can be found on the Company's website
at:
http://www.redtailmetals.com/documents/RTZ_NR12-06_Marg_and_Corporate_Update_FINAL.pdf
R15 Project
The R15 Project, Redtail Metals' newest property, is located in the
prolific Finlayson Lake VMS District in the southeastern
Yukon. The Finlayson Lake District
hosts a number of significant VMS deposits including the currently
producing lead-zinc-silver Wolverine mine along with the Kudz Ze
Kayah, GP4F, Ice and Fyre Lake Deposits.
The R15 Property was originally discovered in
2004 by Teck Cominco and the mineralized horizon was intersected in
5 diamond drill holes. Highlights of the 2004 drilling include:
drill hole R04-006 which intersected 3.4m of 15.84% Zn, 7.09% Pb,
0.2% Cu, 68 g/t Ag, 0.268 g/t Au (MacRobbie et al, 2004). The R15
mineralization is adjacent to and along strike with the GP4F
deposit with an estimated 1.5 million tonnes at 6.4% Zn, 3.1% Pb, 2
g/t Au, 90 g/t Ag (Peter, et al., 2007).
Marg Project
The Marg Project is located approximately 45km east-northeast along
a winter road accessible from the town of Mayo. The current NI-43-101 compliant
resource estimate is detailed in the table below. The deposit is
open to expansion down plunge to the east, down dip to the south,
and along strike to the west. The property covers a number of
significant untested exploration targets with excellent geochemical
and geophysical signatures in favorable stratigraphy.
Marg Deposit - NI
43-101 Mineral Resource Estimate
Burgoyne, A.A., and Giroux, G., 2011. |
Resource
Category |
Cut-off
Grade
(Cu %) |
Tonnes |
Cu
(%) |
Pb
(%) |
Zn
(%) |
Ag
(g/t) |
Au
(g/t) |
Indicated |
0.50 |
3,960,000 |
1.57 |
1.92 |
3.90 |
49.40 |
0.79 |
Inferred |
0.50 |
7,780,000 |
1.12 |
1.36 |
2.89 |
34.88 |
0.52 |
Clear Lake Project
The Clear Lake Project is located approximately 75km east-southeast
of Pelly Crossing and consists of
the lead-zinc-silver SEDEX (Sedimentary Exhalative) deposit with an
Inferred Resource detailed in the table below. The deposit is open
at depth and potentially open to the west. The property covers
multiple significant exploration targets which are outlined by
geophysical anomalies consistent with the signature of the Clear
Lake Deposit. Highlights of the historical drill intersections
include: 18.3% Zn, 2.15% Pb and 58.6 g/t Ag over 13 m and 13.29%
Zn, 2.12% Pb and 37.4 g/t Ag over 33.5 m
Clear Lake Deposit - NI 43-101 Mineral Resource Estimate
Arseneau G. and MacIntyre, 2010. SRK Consulting |
Resource
Category |
Cut-off Grade
(Zn+Pb) |
Tonnes |
Zn
(%) |
Pb
(%) |
Ag
(g/t) |
Inferred |
4% |
7,765,000 |
7.60 |
1.08 |
22 |
Exploration Properties
The company holds a number of exploration properties including the
Matt Berry Project which has a historical resource estimate between
300,000 and 500,000 tons (depending on dilution) at an average
grade of 9.12% Pb, 6.25% Zn, 148.46 g/t Ag, and 0.38% Sb (Prairie,
1969). This resource estimate is historical in nature and should
not be relied upon. Redtail Metals has not completed sufficient
work to evaluate this resource and is treating it as an exploration
target. The company also holds the Lucky Joe copper-gold
project in the White Gold District of the Yukon as well as the Babine copper-gold
porphyry in British
Columbia. Redtail is actively seeking partners or
potential purchasers for a number of non-core assets in the
Yukon and British Columbia.
Resignation of John Legg as
President and Relocation of Head Office
The Company also announces that John W.
Legg has resigned as the Company's President. The
Company wishes to thank Mr. Legg for his service and wishes him
great success in future endeavours. In connection with the
change in management, the Company will relocate its head office
from Vancouver, British Columbia
to Whitehorse, Yukon. This relocation of operations will
result in significant reduction of continuing general and
administrative costs while allowing the Company to focus on its
Yukon exploration property
portfolio, including its R15 and Marg projects.
Head Office
#1 Lindeman Road
Whitehorse, Yukon
Canada Y1A 5Z7
T: 867 633 4653
F: 867 633 3011
The technical contents of this release have been
reviewed and approved by Gilles
Dessureau, MSc, PGeo. Mr. Dessureau is the Company's
Vice-President, Exploration and a Qualified Person as defined by
National Instrument 43-101.
About Redtail Metals Corp.
Redtail Metals specializes in identifying, acquiring and developing
quality precious metal enriched copper, lead and zinc mineral
deposits in Yukon, Canada.
The Company currently controls the R15 Project in the Finlayson
Lake District plus the Marg and Clear
Lake massive sulfide deposits, both with 43-101 compliant
mineral resources. Redtail Metals, a member of the Predator
Group of Companies, has a committed management team with extensive
experience in the Yukon.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
No stock exchange, securities commission or
other regulatory authority has approved or disapproved the
information contained herein. This press release contains
projections and forward-looking information that involve various
risks and uncertainties regarding future events. Such
forward-looking information can include without limitation
statements based on current expectations involving a number of
risks and uncertainties and are not guarantees of future
performance. There are numerous risks and uncertainties that could
cause actual results and Redtail Metals' plans and objectives to
differ materially from those expressed in the forward-looking
information. Actual results and future events could differ
materially from those anticipated in such information. These and
all subsequent written and oral forward-looking information are
based on estimates and opinions of management on the dates they are
made and are expressly qualified in their entirety by this notice.
Except as required by law, Redtail Metals' assumes no obligation to
update forward-looking information should circumstances or
management's estimates or opinions change.
SOURCE Redtail Metals Corp.