Ms. Caitlin Jeffs reports

RED METAL COMPLETES LIDAR ANALYSIS AND IDENTIFIES NEW EXPLORATION TARGETS

A detailed analysis and interpretation of recent lidar (light detection and ranging) survey data has been completed at Red Metal Resources Ltd.'s 100-per-cent-owned Carrizal copper-gold-cobalt property, located in Chile's Atacama region. A geophysical crew from Geophysical Studies Chile has also mobilized to the site and begun working on an induced polarization (IP) survey spanning 37 line kilometres at Carrizal.

Light detection and ranging survey results at Carrizal

The lidar survey is complete and results have been analyzed and interpreted. Previously identified geological structures representing proven mineralized veins were confirmed and their limits extended in both directions. The detailed analysis of lidar data revealed several new zones containing parallel structures near well-documented and previously sampled veins on the property. Numerous historical excavation pits have also been outlined, indicating the presence of mineralized structures. Previously unknown zones of interest have also been identified, sparking further fieldwork to assess possible mineralization potential.

Highlights

Lidar analysis has identified several potential features that warrant follow-up exploration and target development, including:

• Four areas of dense historic artisanal workings with little to no previous surface sampling;
• 30 veins outlined, including 13 primary veins located near excavation pits having confirmed mineralization from surface sampling, that have been extended along strike beyond previously identified extents, and 17 secondary structures, including faults and potential veins that can be developed into more advanced targets with field testing;
• Four new target areas highlighted by a combination of newly identified structures with high potential for ore mineralization and/or by the density of historic artisanal workings.

The lidar survey, especially in an arid environment with minimal vegetation, provides a high-resolution, georeferenced digital elevation model (DEM) data set that enhances the visibility of subtle geomorphological structures aiding in identification of minor faults and fine veining. Owing to minimal vegetation cover and limited soil development typical of desert terrains, lidar data allow for precise mapping of subtle topographic features, such as fault scarps, lineaments, paleochannels, lithological contacts, alteration zones, historical workings and other human activity that may not be readily discernible through conventional aerial photography or ground reconnaissance. Subtle structures revealed in high-resolution lidar surveys demonstrate the immense potential to identify previously unknown structures that may represent fine faults and ore fluid pathways.

Red Metal Resources president and chief executive officer Caitlin Jeffs stated: "Lidar analysis and interpretation, in conjunction with previous surface observations and sampling, has successfully identified new vein sets and extensions to previously delineated mineralized veins. New targets are being developed from this exploration work, strengthening the potential for further copper, gold and cobalt mineralization to be discovered."

Next steps

The next steps to further develop the priority targets at Carrizal:

• IP survey, including 3-D inversions of chargeability and resistivity data to complement lidar and mapping, generating both surface and subsurface targets;
• Drill planning: Results will be used to generate a drill program targeting the expansion of previously drilled targets, along with newly developed targets. The combined information from the lidar structural interpretation, surface grab sampling and IP survey outlining potential sulphide mineralization up to 500 metres depth will be incorporated into high-confidence drill targets.

Qualified person

The technical content of this news release has been reviewed and approved by Caitlin Jeffs, PGeo, who is a qualified person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Red Metal Resources Ltd.

Red Metal Resources is a mineral exploration company focused on growth through acquiring, exploring and developing clean energy and strategic minerals projects. The company's current portfolio includes the company's Chilean projects, located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile's coastal Cordillera, as well as the 100-per-cent-owned Ville Marie claims in Quebec, Canada.

Red Metal is quoted on the Canadian Securities Exchange under the symbol RMES, on the OTC Link alternative trading system on the OTC Pink marketplace under the symbol RMESF, and on the Frankfurt Stock Exchange under the symbol I660.

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