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Copper/Gold Capital Growth through Exploration Success

Copper/Gold Capital Growth through Exploration Success. Red Metal - Unique Market Appeal. Red Metal - Assets. Australia-wide Cu exploration alliance with Phelps Dodge. Pipe line drill- ready targets on 33 licences 5 PD-funded J.V.’s

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Copper/Gold Capital Growth through Exploration Success

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  1. Copper/Gold Capital Growth through Exploration Success

  2. Red Metal - Unique Market Appeal

  3. Red Metal - Assets • Australia-wide Cu exploration alliance with Phelps Dodge. • Pipe line drill- ready targets on • 33 licences • 5 PD-funded J.V.’s • Projects are hand- picked in fertile terrain's, >15,000km • Acquired at bottom of cycle Pine Creek Browns McArthur Basin HYC Tenant Creek Century Tennant Creek Ernest Henry Mt Isa Osborne Canington Nifty Mt Isa Prominent Hill Olympic Dam Curnamona Gawler Broken Hill Red Metal managed/ PD-funded J.V. Red Metal project 100% Base metal mines and projects Copper mines and projects

  4. Exploration Strategy • Giant high-grade, copper+gold deposits; • IOCG, Mt Isa and Zambian styles. • In fertile Early-Middle Proterozoic terrain's. • Refined exploration models. • Deposits containing >1 million tonnes Cu • >15% IRR or greater • Explore in covered portions of highly prospective terrain's. • Utilise cost effective, new technology. • Undertake drill intensive programs.

  5. Red Metal - Main Projects • Gawler Craton • Moonta J.V. • Hawks Nest J.V. • Peak & Denison J.V.’s • Mt Isa • Southern Isa - Elizabeth Springs • Maronan • Corkwood • Naraku • Others including NE Isa, Western Isa • Pine Creek • Browns J.V. • Curnamona • NE Broken Hill, • McArthur Basin • Urapunga • Tennant Creek Inlier • Tennant Creek Projects Joint Ventures Red Metal 100%

  6. Fe oxide CuAu - Geological Models Magnetite-rich Pluton roof zones Deep penetrating structures Dilation zones

  7. Gawler - Strategy

  8. Gawler - Regional Scale

  9. Gawler - Peak Denison J.V.’s • Large IOCG system below 50-400m of cover. • Similar regional setting to Olympic Dam system. • Limited previous drilling • Reprocessing and re-interpretation of regional data complete. • Several structure controlled magnetic and gravity targets. • PD funding, Red Metal 18%-21% free carried to DTM. • Drilling in 2004.

  10. Gawler - Peak and Denison J.V.’s Gravity TMI Basement 100m RTZ/BHP RTZ/BHP 200m 20km RTZ RTZ Basement 100m RTZ/BHP Olympic Dam analogy: discordant NE trending structure, coincident magnetic and gravity, deep seated magmatic source, basement 295m RTZ/BHP 200m RTZ

  11. Gawler - Moonta J.V. TMI • Large IOCG system under shallow cover. • Historic Cu,Au mines. • Excellent infrastructure. • Reprocessed and re-interpreted historic and new data. • Initial RAB drilling completed over Moonta J.V. • RC and DDH drill targets defined (PD spent > $A1M). • Drilling initiated Feb 2004. • PD funding, Red Metal 21% free carried to DTM. 8km Moonta J.V. with Adelaide Res.

  12. Gawler - Moonta Ranking Targets Calcrete Sampling Gravity Surveying

  13. Gawler - Moonta Deep Drilling

  14. Gawler - Moonta Alford TMI/Calcrete TMI Target 81 Target 1 Displaced copper in saprolite Ernest Henry size footprint

  15. Gawler - Moonta Alford Gravity/Calcrete Cu Target 81 Target 1 Displaced copper in saprolite Ernest Henry size footprint Gravity

  16. Gawler - Moonta Alford Gravity/Calcrete Au Target 81 Target 1 Displaced copper in saprolite Ernest Henry size footprint Gravity

  17. Mt Isa - Regional Scale • Red Metal acquired 100% • Fertile terrain • Re-interpretation of data • Buried geophysical drill targets with potential for a giant FeOx Cu-Au deposit. • Public funds raised used to drill test and generate new plays. • PD retain claw back option up to 70% of major discovery. Red Metal free carried 30-40% to DTM

  18. Mt Isa - Regional Scale • Red Metal acquired 100% • Fertile terrain • Re-interpretation of data • Buried geophysical drill targets with potential for a giant FeOx Cu-Au deposit. • Public funds raised used to drill test and generate new plays. • PD retain claw back option up to 70% of major discovery. Red Metal free carried 30-40% to DTM

  19. Mt Isa - Elizabeth Springs Projects 3D Gravity Model

  20. Mt Isa - Maronan Project

  21. Mt Isa - Corkwood Projects TMI Vertical Gradient Magnetics Untested Magnetic Targets Drill hole with 210m @ 0.3% Cu 0.2g/t Au 10km 10km

  22. Mt Isa - Naraku Projects

  23. Tennant Creek - New Project Areas >50% exposure Interpreted deep seated oxidised intrusive plutons TMI

  24. Pine Creek - Browns Geology

  25. Pine Creek - Browns J.V. Concept • Compass/Guardian • Mt Isa or Zambian style Cu-Co target at depth below known Browns Pb-Co-Cu resource. • Detailed gravity survey indicates anomalous mass is synclinal axis. • Drilling soon after listing • PD funded, Red Metal 21% free carried to DTM

  26. Pine Creek - Browns Longitudinal Section

  27. Pine Creek - Browns Residual Gravity

  28. Dense core Poor fit Dense keel Good fit Gravity Model 3 Gravity Model 1 Dense core Magnetic Poor fit Target Gravity Model 2 Magnetic Model Pine Creek - Browns Gravity and TMI Model

  29. Pine Creek - Browns Drill Hole in Progress ? Preliminary Interpretation

  30. Curnamona - NE Broken Hill Project • Tenement adjacent to Broken Hill Mine • Targets - Mt Isa style Cu, Strataform styles of Pb-Zn-Ag. • 2 significant Falcon Gravity anomalies • Anomalous bedrock Cu surrounding magnetic target • Red Metal 100% or free carried 30-40% to DTM if PD clawback • Drilling 2004

  31. Curnamona - Northeast Broken Hill Section Broken Hill Mine 282.5 Mt @ 12.4% Zn, 5.8% Pb, 115.5g/t Ag NE Broken Hill Project ~ 2km Gravity anomalies Possibly sourced from shallow Mine Horizon ? Mine Horizon

  32. McArthur Basin - Urapunga Projects • Fertile terrain • Right stratigraphy • Basement high • Structural antiform • Crustal scale faults • Known stratabound and epigenetic Cu,Pb,Zn • Proposed airborne TEM program • Access issues • Red Metal 100% or free carried 30-40% to DTM if PD clawback McArthur Walford Century Lorretta Airborne TEM Mt Isa Cannington

  33. Copper - Good Time to Make Discovery Increased copper consumption in China, improved economic conditions in USA and Japan predicted to result in copper supply deficit and increase Cu prices.

  34. Red Metal - Drilling Schedule • List Sept. 2003 • Q4 2003 • Browns • Moonta • Hawks Nest • First half 2004 • Browns J.V. • Moonta J.V. • Elizabeth Springs • NE Broken Hill • Maronan • Isa - Others • >24 Drill targets in year 1 Pine Creek Browns McArthur Basin HYC Tenant Creek Century Tennant Creek Ernest Henry Mt Isa Osborne Canington Nifty Mt Isa Prominent Hill Olympic Dam Curnamona Gawler Broken Hill Red Metal managed/ PD-funded J.V. Red Metal project 100% Base metal mines and projects Copper mines and projects

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