Red Metal (ASX:RDM) said access preparations for a proof-of-concept 2,000-meter, eight-hole reverse circulation drill program focused on testing three separate magnetic targets located at the Pardoo gold project in Western Australia were finalized, according to a Monday Australian bourse filing.
The magnetic targets were interpreted to reflect the presence of favorable intrusions or magnetic alteration similar to those observed over the nearby Hemi gold deposit.
Induced polarization and magnetotelluric surveying were used to inform drill positioning.
Its shares fell 8% on market close.
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