Red Metal Limited announced Proof-of-concept drill tests on two magnetic targets have been completed on the Gibson's Tank tenement in Northwest Queensland. Drill hole GTK2101 on the combined high magnetic and high gravity target GT07 intersected a 44.4 metre interval from 486.6 metres of hydrothermal ironstone and breccia within a deformed felsic volcanic sequence that defines the source to the geophysical target. The ironstone contains weakly disseminated copper sulphides that returned low copper assay values ranging from 0.008% to 0.34% and very low gold values ranging 0.002g/t to 0.013g/t. Drill hole GTK2102 on the high magnetic but weak gravity target GT4 intersected a felsic to intermediate intrusive rock altered by veinlet networks of chlorite and magnetite that appears to explain the source to the geophysical anomaly.

No significant intervals of copper or gold mineralisation were encountered in this hole.