Red Metal (ASX:RDM) lodged 17 new tenement applications around its Gulf and Three Ways projects in Queensland, expanding its ground position across a 160-kilometer by 60-kilometer belt it considers highly prospective for iron oxide-copper-gold deposits, according to a Monday Australian bourse filing.

The company said the expanded ground position comes ahead of a high-resolution airborne gravity survey and follow-up drilling on two key copper-gold targets.

Drilling at one Gulf hole is part-funded by a AU$200,000 Queensland Government grant, reducing the company's capital outlay, the filing added.