Red Metal Resources pauses IP survey in Chile after heavy rainfall

Red Metal Resources Ltd. (CSE: RMES, OTCPINK: RMESF, FSE: I660) temporarily suspended its induced polarization survey at its Carrizal Copper-Gold-Cobalt Property in Chile's Atacama Region following unusually heavy rainfall between July 15 and 19, 2026.

The Vallenar area recorded approximately 104 millimeters of rainfall during the five-day period, including a peak of roughly 50 millimeters on July 19, according to Chilean meteorological and disaster-response authorities. Vallenar's average annual rainfall is between 30 and 55 millimeters, meaning the region received approximately two to three years' worth of typical precipitation in under a week. The event prompted regional emergency declarations and widespread road closures across the Atacama and Coquimbo regions.

The company's geophysical contractor, Geophysical Studies Chile, demobilized the IP survey crew from the site for approximately one week due to hazardous road conditions. The crew has since remobilized, and the company said it does not currently expect a material impact on the overall IP program timeline.

Mining operations at the Farellon 1/8 concession, conducted by lessee Minera KMT, continued without interruption. The operator constructed diversion trenches to redirect water away from the mine entrance and on-site camp.

President and CEO Caitlin Jeffs said, "The safety of anyone working on our properties is our first priority, and temporarily pulling the IP team off site during dangerous road conditions was the right decision."

The company said next steps include continuing the northern block IP survey as road conditions permit, maintaining small-scale mining operations under the existing lease and royalty arrangement, and providing further updates on drill targeting.

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