Red Metal Defines 3-Kilometre Chargeability Trend Along Copper Gold Bearing Vein Structures at Carrizal

Red Metal's geophysical survey reveals deep, high-grade copper targets needing drill testing.

What the company is saying

Red Metal Resources Ltd. presents the final results of a comprehensive 2D and 3D induced polarization and resistivity survey at its Carrizal Copper-Gold-Cobalt Property in Chile. The company emphasizes the identification of large chargeability anomalies, particularly a one-kilometre-long target along the Gorda vein extending to 550 metres depth, which has only one drill intercept to date. Management highlights that all six mapped veins in the South Block and key structures in the North Block coincide with deep geophysical anomalies, suggesting significant untested potential below historical drilling depths. The technical narrative is supported by specific drill and surface sample results, with President and CEO Caitlin Jeffs, P.Geo., directly approving the technical content. The company also announces the engagement of Oak Hill Financial Inc. for investor relations and advisory services, specifying a $12,000 per month fee for a two-month initial term, with no options or securities compensation. The tone is confident but measured, noting that drilling is required to confirm whether these anomalies represent economic mineralization.

What the data suggests

The survey covered two blocks, totaling 37 line-kilometres, with lines spaced 200 metres apart and imaging to 500 metres depth. The highest-priority Gorda vein anomaly is approximately one kilometre long and extends to about 550 metres depth, while the largest North Block anomaly spans 1.8 kilometres along key structures, with both blocks defining a three-kilometre trend. Drill hole FAR-22-020 intersected 7.8 metres grading 0.83% Cu, 0.09% Co, and 0.19 g/t Au, including 5.7 metres at 1.10% Cu, 0.12% Co, and 0.25 g/t Au, but only tested the top of the Gorda anomaly. Surface rock samples near the Gorda vein returned copper grades from 4.9% to 5.8%, while samples above the Armonía-Theresa structures reached up to 3.9% Cu. All six mapped veins in the South Block coincide with anomalies open at depth, and historical drilling only reached 280 metres, leaving deeper targets untested. The Oak Hill Financial Inc. engagement is for two months, costing $24,000 in total, with no equity or options involved. No resource estimate or economic assessment is provided, and the technical data is robust but remains interpretive until confirmed by drilling.

Analysis

The announcement is factual and focused on reporting the completion and results of a geophysical survey, with detailed technical data (survey parameters, assay results, anomaly dimensions) and a routine disclosure of an investor relations engagement. The tone is positive, highlighting the scale and potential of the identified anomalies, but does not overstate the implications—there are no claims of economic discovery, resource estimation, or imminent development. Only two minor forward-looking statements are present, both relating to the possible extension of the Oak Hill engagement and the potential involvement of an affiliate, neither of which are material to the project's technical or financial outlook. No large capital outlay or long-term benefit projections are disclosed, and the technical results are presented as groundwork for future exploration rather than as evidence of economic value. The gap between narrative and evidence is minimal; the company does not inflate the significance of the survey beyond what is supported by the data. The absence of resource estimates or economic studies is normal for this exploration-stage update.

Risk flags

• ●The geophysical anomalies, while extensive and coincident with mapped veins, are interpretive and may not correspond to economically viable mineralization; drilling is required to confirm their significance, and there is a risk that follow-up drilling may not yield commercial results.
• ●Historical drilling has only tested to 280 metres, whereas the new anomalies extend to 550 metres depth, so the untested deeper zones carry both potential and uncertainty regarding grade continuity and mineralization style.
• ●The company has not disclosed a resource estimate, economic study, or drilling schedule, so there is execution risk around securing funding, permitting, and operational capacity to advance to the next exploration stage.
• ●The Oak Hill Financial Inc. engagement is a short-term, routine investor relations contract with a $24,000 cash cost, which does not materially affect the company's financial position but also does not address the larger capital requirements for drilling.

Bottom line

Red Metal Resources has completed a technically detailed geophysical survey at its Carrizal property, identifying deep, large-scale chargeability anomalies aligned with known copper-gold-cobalt veins. Drill hole FAR-22-020 and surface samples show high copper grades, but only the shallowest portion of the main anomaly has been tested, leaving the core and depth extent unproven. The company is at a critical exploration juncture: the targets are compelling but require substantial follow-up drilling to determine economic potential. The Oak Hill advisory contract is a standard investor relations expense and does not alter the company's operational outlook. Investors should focus on whether Red Metal can secure funding and permits for drilling, and whether future results confirm the scale and grade suggested by the geophysical data. The key takeaway is that while the technical groundwork is strong, value realization depends entirely on successful drilling of these newly defined deep targets.

Announcement summary

(CSE:RMES, OTC:RMESF, FSE:I660) Red Metal Resources Ltd. reported final results from the two-dimensional (2D) and three-dimensional (3D) induced polarization (IP) and resistivity survey completed by Geophysical Studies Chile over its Carrizal Copper-Gold-Cobalt Property near Vallenar in Chile's Atacama Region. The survey covered two separate blocks targeting numerous veins identified in surface mapping, sampling programs, and previous drilling campaigns, and these blocks have been integrated into a single property-scale 3D model. The highest-priority target is a one-kilometre-long chargeability anomaly following the Gorda vein to about 550 metres depth, which has only been tested by one drill hole (FAR-22-020: 5.7 metres of 1.10% Cu, 0.12% Co, and 0.25 g/t Au). All six mapped veins in the South Block coincide with chargeability anomalies extending to 400-500 metres depth, and the North Block anomaly follows the Theresa and Vein 1-Vein 2 structures for approximately 3 kilometres from near surface to depths of 350 to 500 metres. In the South Block, the largest anomaly follows the Theresa, South Theresa, Vein 1, and Vein 2 structures for approximately 1.1 kilometres, while a second anomaly about one kilometre long follows the Gorda vein from near surface to approximately 550 metres depth, and a third follows the Farellón vein for approximately 850 metres between 60 and 450 metres depth. Historical drilling on the property reached a maximum vertical depth of approximately 280 metres, while the IP survey identified anomalies extending to approximately 550 metres depth. Drill hole FAR-22-020, drilled in 2022, returned 7.8 metres grading 0.83% Cu, 0.09% Co, and 0.19 g/t Au from 139.9 metres, including 5.7 metres grading 1.10% Cu, 0.12% Co, and 0.25 g/t Au from 142.0 metres. Four surface rock samples collected within 60 metres of the Gorda vein on Line L800 returned 4.9% to 5.8% Cu. In the North Block, the largest anomaly extends approximately 1.8 kilometres along the Vein 1, Vein 2, and Theresa trend from near surface to approximately 350 metres depth, with the two block anomalies defining a trend about 3 kilometres long. Surface samples above the Armonía-Theresa structures returned 2.9% and 3.7% Cu, and up to 3.9% Cu above the Armonía and Theresa veins. The survey was completed by Geophysical Studies Chile, with South Block data acquired in May and June 2026 and North Block data from July to September 6, 2026; the final report was delivered on September 23, 2026. The South Block comprises six lines, each 2.0 kilometres long, and the North Block comprises ten lines, each 2.5 kilometres long, for a total of 37 line-kilometres, with lines spaced 200 metres apart. Data were acquired using a time-domain pole-dipole array and processed with both 2D and 3D inversion algorithms. The company also announced the engagement of Oak Hill Financial Inc. to provide business and capital markets advisory and investor relations services. The engagement began on October 22, 2026, for an initial term of two months, expected to end on December 22, 2026, with the possibility of extension on a month-to-month basis. Oak Hill will receive a cash fee of $12,000 per month, totaling $24,000 over the initial term, and will not be compensated with options or any other securities. Oak Hill is at arm's length to the company and may engage its affiliate, Oak Hill Asset Management, at no additional cost. Caitlin Jeffs, P.Geo., President and CEO of Red Metal Resources, reviewed and approved the technical and scientific information in the release.

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