Red Metal shares lost 30 per cent today after disappointing results from drilling at its Leichhardt copper project in north-west Queensland.

“Based on visual analysis, no significant copper mineralisation was encountered,” the copper and gold explorer announced to investors today.

Red Metal’s (ASX:RDM) shares sank 7c to 16.5c in Monday afternoon trading.

Red Metal told the market on September 18 the target area was “highly prospective for copper and gold”.

It had been hoped similarities in volcanic rock types to the nearby Jimmy’s Creek project — which features copper, gold and silver — would mean good news at Leichhardt.

“Red Metal’s drill activity will now shift to the Lawn Hill region where preparations for drilling next month on four key zinc targets are underway.”

Lawn Hill is further north-west from Leichhardt.

Red Metal  spent $202,000 in the June quarter, leaving it with $2.2 million in the bank. The explorer, which has no revenue, expected to spend $625,000 this quarter.