Red Metal Limited (AU:RDM) has released an update.
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Red Metal Limited is set to launch drilling programs in Northwest Queensland, targeting base metal and rare earth oxide deposits, with a Share Purchase Plan (SPP) aiming to raise $2.0 million for the exploration. The SPP, priced at $0.10 per share, precedes exploration at the promising Gidyea, Lawn Hill, and Sybella projects, with additional Queensland Government funding supporting two of these. The company’s drilling activities are complemented by their 44% stake in Maronan Metals Ltd, which is progressing with its own drill projects.
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