Red Metal Limited provided Proof-of-concept drill tests on four standout gravity and magnetic targets are underway on the Gibson's Tank tenement in Northwest Queensland. The current program will include a step-out hole adjacent to an encouraging hydrothermal ironstone intercept on target GT7 and first tests on the combined gravity and magnetic targets GT6, GT16 and GT31. This four-hole drill program is funded by OZ Minerals under the terms of the Greenfields Discovery Alliance with the drilling expected to be completed by late-November 2022.

The Gulf project targets several standout magnetic anomalies which the Alliance views as an under explored extension of the Cloncurry terrain offering scope for the discovery of Iron Oxide Copper-Gold (IOCG) breccia systems similar to that hosting the large Ernest Henry deposit further to the south.