Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Red Metal shares on a tear  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 26/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - ProactiveInvestors - Australia) Red Metal's (ASX: RDM) shares are up 24% in afternoon trade to 0.26, on massive volume of over 1.6 million shares.

There have been no announcements driving the investor interest, with the last news to the ASX being the completion of a share placement at 0.18 to raise 3.5 million, placed to Australian institutions and professional investors.

The new funds will be predominately allocated to the upcoming drilling program at the silver-lead project, with results just a couple of weeks ago showing highly visible disseminated lead sulphide mineralisation.

Recently completed drilling intersected 10.6 metres of mineralisation in the lower banded iron formation averaging 5.48% lead and 208 grams per tonne (g/t) silver.

This occurs within a broader 13.1 metre zone averaging 4.79 % lead and 174.8g/t silver and appears to change from being lead-rich towards the top to silver-rich toward the base.

Assays from the Upper BIF defined three narrow zones of mineralisation including a zone averaging 10.12% lead, 3.68% zinc, 154.5 g/t of silver and 0.5 g/t gold

These mineralised zones occur within separate 50 metre thick intervals of iron sulphide-carbonate facies BIF which marks a significant change in the composition of the iron formation hosts.

The project is based in the Mount Isa Inlier in Queensland.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help