NEWS OUTGlobeinvestorGOLD.com Company News Alert for Redtail Metals
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Redtail Metals Receives Resource Estimate on Marg Project, Yukon
Canada NewsWire
TSX-V: RTZ
VANCOUVER,June 1, 2011 /CNW/ - Redtail Metals Corp. (TSXV: RTZ) (the "Company")is pleased to announce that it has closed the previously announcedacquisition of an unencumbered 100% interest in the Marg Project, Yukon,and that it has also received a NI 43-101 compliant Technical Reportand Mineral Resource Estimate on the Project disclosing significantlyincreased tonnage from previous reports.
The Report describesan Indicated Resource of 3,960,000 tonnes of 1.57% copper, 1.92% lead,3.90% zinc, 49.40 g/t silver, and 0.79 g/t gold and an Inferred Resourceof 7,780,000 tonnes of 1.12% copper, 1.36% lead, 2.89% zinc, 34.88 g/tsilver, and 0.52 g/t gold, both with a 0.50% copper cutoff. The use ofthe 0.5% copper cutoff resulted in an increase in the Resources asannounced by the Company on April 18, 2011, which were reported at a1.0% copper cutoff. The full report will be filed on the Company'sprofile on SEDAR (www.sedar.com) in the next 45 days.
"Thisresource on the Marg Project compares favourably with the initialresource estimates at Capstone's Minto Project from 2005. We anticipatethat the deposit has the potential to be rapidly advanced through thefeasibility stage, towards production," said William M. Sheriff,Chairman. "We are extremely excited by the opportunity ahead of us."
Highlights of the Technical Report
TheReport, authored by A. A. Burgoyne P.Eng, M.Sc and G.H. Giroux P.Eng,MASc also outlines the favourable potential of increasing the knownresource within the overall property block. The authors state:
TheMarg Property contains a 15 km long belt of favourableDevono-Missippian felsic metavolcanic and metasedimentary rocks thathost the Marg Deposit. This type of massive sulphide deposit occurs inclusters and a number of discrete occurrences. The Marg Deposit islarger and higher grade than global averages for mineral deposits ofthis type and the probability of expanding the Marg resource anddefining additional VMS deposits on the Property is consideredexcellent.
The Report recommends a two-phase exploration anddevelopment program. The first phase will focus on data compilation, thecompletion of metallurgical studies initiated by the previous operator,and the completion of a preliminary Engineering Economic AssessmentReport (Scoping Study). The budget for the first phase program isestimated to be $340,000. The second phase of the program will includediamond drilling to test the strike and down dip extensions of the Margdeposit and to acquire more sample material for further metallurgicaltesting. The second phase will also include further prospecting,mapping, geochemical and geophysical surveying, as well as diamonddrilling of the favourable stratigraphy outside the existing Margdeposit. The budget for the second phase of the program is estimated tobe $3,720,000. The Company plans to initiate the two-phase program inJune, 2011.
About Redtail Metals Corp.
RedtailMetals specializes in identifying, acquiring and developing qualityprecious metal enriched copper, lead and zinc mineral deposits in Yukon,Canada. The Company currently controls the Marg and Clear Lake massivesulfide deposits, both with 43-101 compliant mineral resources, alongwith a number of other quality exploration properties in Yukon. RedtailMetals has a committed management team with extensive experience inYukon and a proven track record of building shareholder value in thejunior equity market.
Neither TSX VentureExchange nor its Regulation Services Provider (as that term is definedin policies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
No stockexchange, securities commission or other regulatory authority hasapproved or disapproved the information contained herein. This pressrelease contains projections and forward-looking information thatinvolve various risks and uncertainties regarding future events. Suchforward-looking information can include without limitation statementsbased on current expectations involving a number of risks anduncertainties and are not guarantees of future performance. There arenumerous risks and uncertainties that could cause actual results andRedtail Metals' plans and objectives to differ materially from thoseexpressed in the forward-looking information. Actual results and futureevents could differ materially from those anticipated in suchinformation. These and all subsequent written and oral forward-lookinginformation are based on estimates and opinions of management on thedates they are made and are expressly qualified in their entirety bythis notice. Except as required by law, Redtail Metals' assumes noobligation to update forward-looking information should circumstances ormanagement's estimates or opinions change.
For furtherinformation: Redtail Metals Corp., William M. Sheriff, Chairman: (604)566-8181; J. Greg Dawson, President: (604) 566-8185