Thank you very much. I've only got 10 minutes , but I've got quite a few things I really want to run past you. I really wanted to just highlight what we're going to be doing in our 2025 field season and what's underway and really try to emphasize why you should be getting into Red Metal , particularly at this point with all the dual programs that are about to kick off. I'll also go into the rare earths as well. Basically, we've got about 360 million shares on offer. We're about a $0.12 price, $43 million market cap. We've got about $4.9 million in the bank, which should give us plenty of money to finish all these programs that I'm about to outline in front of you at the moment.
The real purpose of this talk really is just to highlight five sort of events that are going to happen this field season, any one of which, if it's successful, has the opportunity to potentially re-rate the stock. One of them is the column leach route that we're about to undertake on the rare earths in Mount Isa, our large rare earth discovery called Sibella. There's about three or four big gold copper programs that are about to kick off in August and September. They're in Western Australia, along strike from Hemi, along in the Paterson, along strike from Winnow, and also a really big iron oxide copper-gold play along strike from Ernest Henry undercover, which is a whole new hematite breccias story that we're about to kick off with some government grants money there as well.
We also own 44% of Maronan Metals Limited, and they're about to release an advanced mining study on their Maronan project. Again, any one success of any one of these has a chance to completely re-rate Red Metal Limited stock, we believe. Strap yourself in. There's a lot of slides. I'll try and whiz through them, but the key is don't try and drill on the slides too much. Just come and tweet. If this tweets your interest, come and see us in the booth. Sibella, it's 20 km southwest of Mount Isa. It's a 12/ 3 km wide granite. It's stuffed full of rare earths. We discovered in 2023, we've drilled it out and got 4.8 billion tons of granite hosting rare earth mineralization. That includes about 780 million tons of weathered material.
That weathered material is really quite easy to crush, as is the transitional stuff, and that goes down to about 30, 40 meters. The concept we have here is we're going to have a heap leach situation where we crush the rock, pile it up in heaps, sprinkle weak acid through it, probably the strength of lemon juice, and out the bottom comes the rare earth. This will make this project one of the lowest CapEx, lowest OPEX rare earth projects in the world, probably second to none. Before we do that, we just need to do the column leach test to confirm to everybody that this actually really works. We've done some really interesting early stage bottle roll tests, and I'll whiz you through that.
We put these results out in April, but they are basically multiple sample, multiple whole composite samples over the Kerry zone on the eastern side of the project. That has given us some spectacular results that has really given us the confidence to proceed with the column leach work. That work highlighted we can get 70%- 80% of the rare earths out of the acid or out of the granite using a weak acid in the pH two to two and a half range. We can also get 40%- 60% of the heavy rare earths as well, which are high value. Basically, lemon juice is pH two to three. We're putting sort of stuff that's a little bit around the strength of lemon juice on this rock and grabbing the rare earths, 70%- 80% of it.
The other advantage of using a weaker acid is you also get very low iron and aluminum impurities in your pregnant leach liquor. That has a huge benefit on the processing cost down the track. We also get the, because we're using a weaker acid, the acid consumption cost is really low. That comes down as well. When you put all this number, all this data into a break-even cost per kilogram, we'll have some very, very, we can see on that graph that we get very low, low, low break-even costs using the pH 1.7- 2.5 range. Using that pH, optimized pH range, we're now going to do the definitive test, which is run it through some rock and see what we get. We've done, in April, we drilled a bunch of diamond holes. We're about to crush those up. We've done some core scans on them.
We'll crush those up, do the column leaches over the next three to four months. When we get those results, I would be very disappointed if we don't get re-rated. Meteoric Resources has a market cap of $200 million to $300 million value. It's one of these low CapEx, low OPEX projects. We've got a market cap of $40 million. I think when we get that column leach results to the market, I think that was a good time for a re-rating. That's rare earths. While I've got you, we're also, while that column leach stuff is going on in the background, going to move ahead with a lot of our base metal and gold projects. We've got some really big ones lined up that, as luck would have it, are all going to start probably drilling in August, September.
One of the ones that really takes everyone's eye is this one. It's along strike from Hemi. We've got the ground where the dip's undercover for about 40- 50 meters. We're on the same structure, same geological setting as Hemi, and same geophysical responses as Hemi. Hemi's about a 13 million ounce drill discovery made by De Grey Mining in the Pilbara a few years ago, and it recently transacted for $6 billion with Northern Star. If we get lucky with our drilling and we can find another Hemi along trend, I'll let you decide what our share price might be. This is why we get excited. You can see on my right, your left, whatever it is, in a Hemi, there's a discrete magnetic bullseye. These reflect the sanukitoid intrusions, plus probably some of the alteration minerals in the deposit.
We see these unusual magnetic pimples in our ground along the same structural corridor as Hemi. We've done some soil sampling over that and get lots of interesting arsenic and trace element geochemistry in it. We've also, just last quarter, completed the IP and AMT surveying over it and showed some interesting chargeability zones on these targets. We've got about 8,000, 2,000 meters of drilling planned for that. That should start late August, early September, if all goes to plan. While we're in the Pilbara, we're also going to tackle our long-awaited Pulkadimata project. There we're looking for giant granite-hosted intrusion-related systems, granite intrusion-related systems with Telfer, Havieron, Winu being some of the best examples. We've also got some sedimentary Nifty style copper plays as well, which are funded by BHP. We sit along the same structural corridor as Havieron, Winu, Minyari.
When you look at the magnetics, Winu is a very discrete magnetic target, as is Havieron, and that's related to the pyrrhotite in the deposit. We've got two very discrete bullseye magnetic targets along the same gravity trend. That's the gravity on one side and the mag on the other. They're pretty compelling targets. High-resolution data that we've collected over it shows these bullseye targets. That's what Havieron and Winnow looked like before they were drilled. We're on the same structure. That big blue zone there is a big resistivity anomaly, which we think might be related to albitic alteration, which makes it even more interesting. That's re-rate number three. Re-rate number four, up in Queensland. We've got a $250,000 grant from the Queensland Government to have a crack at this one.
There we're looking for the covered extension of Ernest Henry and the IOCG terrain northwards up into the Gulf region. We're the first to apply high-resolution gravity in this part of the world, and in our early drilling are discovering hematite breccias in Queensland, just like you see in South Australia, but in Queensland. That is quite a significant point. To find these hematite systems in Queensland is rather unusual. This is an example of one of the hematite breccias here, the gray rock in that photograph. That was in target seven. We're going over to target nine because we put a first hole into that. Target nine is a five milligal gravity anomaly. It shares a similar geophysical signature and scale to what you see at Oak Dam, which is, again, about a five-milligal gravity anomaly. They've got 1.3 billion tons of copper mineralization. We haven't got anything yet.
Could be mineralization, could be a breccia, could be a gabbro, buyer beware. If we get successful on that hole, we hope to get a bit of a market re-rate as well. Number five, I promised five re-rate opportunities. This is the other one. Maronan Metals are about to, have got, our spin-out. We own 44% of them. Big, large silver play, one of the largest in Australia with silver-lead, but there's also a 30 million ton copper-gold ore body in that deposit. They're just about to put out the scoping study on the starter zone, which really only represents one-sixth of the total resource base there. That's probably due out in the next month or so. We're hoping that that'll re-rate Maronan and bring us along on the way.
A lot of information in there, but it's probably a lot easier if you come see me in my booth and have a chat about it. Please look forward to seeing you all.