The blue stuff is a hydrate, presumably the tetrahydrate. According to Charles Hurd in 'The pyrolysis of carbon compounds', cupric formate decomposes
at 170<sup>o</sup>C, yielding some mixture of cupric oxalate, hydrogen, elemental copper, and formaldehyde (and maybe other compounds,
it's complex ... I recommend looking at the book). At your temperatures I would expect the oxalate to decompose further. Anyway, I would expect the
red grime to be some combination of cuprous oxide and elemental copper...
The less you bet, the more you lose when you win.
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