#Chile #Atacama Region #Red Metal Resources #Carrizal IOCG #Minera KMT

Red Metal Resources Announces Progress at Carrizal IOCG Project

Red Metal Resources Ltd. (CSE: RMES) (OTCPINK: RMESF) (FSE: I660) recently revealed encouraging updates regarding its Carrizal IOCG Project in Chile. This operational update follows site visits conducted by their in-country team, aimed at evaluating the ongoing progress at the Farellon 1/8 mineral concession.

Recent Developments

The staff from Red Metal performed site visits on June 18 and July 1, 2026, to assess the mining activities being carried out by their lease operator, Minera KMT SpA. Red Metal has committed to bi-monthly visits to ensure project oversight and compliance with the lease agreement. Importantly, Red Metal will receive a 10% royalty on all ore sold to Empresa Nacional de Mineria (ENAMI) by KMT.

Progress Highlights

• - Dewatering Efforts: The dewatering of Level 7 workings at the North Mine is now approximately 90% complete, restoring vital access to known areas of high-grade copper mineralization.
• - Development of South Mine: The portal in the South Mine has been extended by 10 meters, heading toward a vein previously intersected during drilling. This progress indicates that KMT is ahead of schedule on the path to full production operations.

Site Visits and Operational Oversight

During the recent site visits, Red Metal's staff engaged with KMT’s mine shift supervisor to monitor operational activities closely. The ongoing oversight includes reviewing development strategies, sampling processes, and ensuring effective compliance with the contractual terms set out with KMT.

KMT is currently focused on several key operational activities, including:

• - Construction of Access Roads
• - Development of Camp Infrastructure
• - Advancement of Underground Operations in both the North and South Mine areas.

Progress on Underground Development

Significant steps have been taken in both mining sectors:

• - In the North sector, the dewatering process is well underway, enabling the restoration of access to Level 7, a crucial area for production given its productivity in previous years. Historically, 5,080 tonnes were mined from this level, with an impressive copper grade of 1.97%. Furthermore, additional minerals such as silver (9.62 g/t) and gold (0.14 g/t) were recovered during earlier operations.
• - In the South sector, work is concentrated on advancing towards a previously identified mineralized vein. A dedicated team of drillers, alongside a scoop tram operator, is working diligently to reach this vein to optimize mining operations.

Historical Data on Drill Intercepts

To support the operations, historical drill intercept data is crucial. Notable intercepts have been targeted in the Southern decline, reflecting promising mineral compositions:

• - FAR-11-006: (80-112m) 32m at 0.99 g/t Au and 1.35% Cu
• - FAR-09-C: (77-86m) 9m at 2.44 g/t Au and 1.60% Cu

These indications promise solid potential for further resource recovery in parallel with contemporary advancements.

CEO Insights

Caitlin Jeffs, President and CEO of Red Metal Resources, expressed optimism regarding the progress made thus far. She stated, "The reports from our in-country team are encouraging, confirming active development and steady progress on many fronts with an experienced local crew. With dewatering of Level 7 well advanced and the south tunnel approaching target veins, KMT is on track to begin production ahead of schedule. Our onsite staff allows us to maintain close oversight of the operation, support local miners, and ensure a steady revenue stream from our Chilean projects."

What's Next?

Moving forward, KMT will continue the dewatering efforts in Level 7 to prepare for imminent production, expected by the end of summer. The southern mine area will also see further extension until the target mineralized vein is successfully reached. Anticipated results from induced polarization (IP) tests scheduled for July will assist in refining drill targeting efforts.

It is important to note that while the Farellon 1/8 concession is leased and mining is conducted by Minera KMT under a lease and royalty arrangement, Red Metal serves exclusively as the lessor and royalty holder. No technical studies demonstrating economic viability have been completed, and current mineral resources or reserves have not been estimated under the standards of National Instrument 43-101.

About Red Metal Resources Ltd.

Red Metal Resources is a mineral exploration company focused on acquiring and developing strategic mineral projects with an emphasis on clean energy. Their portfolio includes projects within the profitable Candelaria IOCG belt in Chile, as well as claims in Quebec and Ontario, Canada. For further information, visit Red Metal Resources.