Red Mountain Mining: New Mineral Resource Estimate Boosts Grade of Batangas
(firmenpresse) - Red Mountain Mining: New Mineral Resource Estimate Boosts Grade of Batangas
Wednesday , 30 Jan 2013 Red Mountain Mining Limited
Perth-based Red Mountain Mining Limited (ASX:RMX) (“the Company”, “Red Mountain”) is pleased to announce new Mineral Resource Estimates at significantly higher grades across the Company’s flagship wholly-owned Batangas gold project, located 100 kilometres south of Manila in the Philippines.
The new Mineral Resource Estimates of total Inferred and Indicated Resources: 5.78m tonnes at an average grade of 2.2 grams per tonne gold (g/t Au) containing 408,000 ounces are based on the results of fresh drilling by Red Mountain at Batangas since August 2012, surface channel sampling at South West Breccia (SWB), Lobo and a revision and reinterpretation of all previous historical data.
The results directly reflect the success of the Company’s strategy to transition Batangas’ historic low grade bulk gold tonnages to higher grade resources supported by a focus on proving up and developing the project’s known high grade targets.
Significantly, the upgraded Mineral Resource Estimates use a higher grade gold cut-off (0.85g/t Au) for the Indicated and Inferred Mineral Resource Estimates for both the Archangel and South West Breccia (Lobo) gold mineralisation within the Batangas project area.
The new Mineral Resource Estimates for Batangas, using a 0.85 g/t Au cut-off grade are summarized in Table 1 below:
Please follow this link to view the entire news including tables and figures:
http://www.redmm.com.au/files/nrteUploadFiles/302F012F2013123A363A43PM.pdf
Red Mountain Executive Chairman, Mr Neil Warburton:
“Since we acquired the gold project in October 2012, our focus has been to ‘high grade’ the existing known large tonnage low grade resources and explore for new higher grade prospects. We are very pleased with the significant increase in grade of the Batangas Gold Project Mineral Resource Estimates based on using a 0.85g/t Au cut off grade and including results from the additional drilling conducted at Archangel last year.
“The Company will now focus on expanding the higher grade gold resource base with drilling in progress testing epithermal lode structures at Lobo to replicate the South West Breccia resource grade of plus 7g/t Au. The Company is very confident that further additional high grade gold resources can be added to the new resource inventory announced today based on our initial drilling results at West Drift, Lobo and other recent results obtained from surface trenching.”
The new Mineral Resource Estimates have been produced following a complete revision and interpretation of historical data and parameters, inclusion of results from Red Mountain’s own 10 diamond drillhole program at Archangel completed in late 2012 and further surface trenching results at South West Breccia, Lobo.
The previous Batangas Mineral Resource Estimates were Indicated: 10.15mt (at) 1.2 g/t Au for 393,000oz Au and Inferred: 3.8mt (at) 0.88 g/t Au for 108,000oz Au for a total of 13.95mt (at) 1.1 g/t Au for 501,000oz Au using a 0.3g/t Au cut off for oxide and 0.5g/t Au for transitional and fresh material.
Appendix 1 to this release includes the criteria used and the geological evidence and knowledge used to support the new Mineral Resource Estimates.
Appendix 2 to this release contains the new Batangas Mineral Resource Estimates at different cut-off grades of 0.3 g/t Au, 0.5 g/t Au, 0.85 g/t Au and 1.0 g/t Au.
For further information about Red Mountain Mining please visit www.redmm.com.au or contact:
Company Investors
Neil Warburton
Executive Chairman
(+61) 408935014
(+61) 8 9226 5668
Media
Kevin Skinner
Field Public Relations
(+61) 414822631
(+61)8 82349555
About Red Mountain Mining Limited
Red Mountain Mining (ASX: RMX) is a gold explorer and development company which listed on the ASX in September 2011. The Company’s strategy is to unlock the potential of ‘under-developed’ gold and polymetallic projects in the greater Asian region by introducing Australian mining methods and improving efficiencies to gain significant production and exploration upside.
The Company completed the acquisition of significant gold resources and copper gold tenements in the Philippines on 30 October 2012.
Other gold opportunities will be reviewed and assessed on a continuous basis to add to the existing gold inventory and create value for shareholders.
Competent Person Statement
The information in this report relating to Exploration Results is based on information compiled by Mr Jon Dugdale who is a Fellow of the Australasian Institute of Mining and Metallurgy and has sufficient exploration experience which is relevant to the various styles of mineralisation under consideration to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Dugdale is a full time employee and Executive Director of Red Mountain Mining Ltd. Mr Dugdale consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report relating to Mineral Resources is based on information compiled by Mr Ted Coupland who is a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the various styles of mineralisation under consideration to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Coupland is a full time employee of Cube Consulting Pty Ltd. Mr Coupland consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Leseranfragen:
Red Mountain Mining Ltd.
Unit 1, 2 Richardson St
West Perth, Western Australia 6005
Neil Warburton
Executive Chairman
(+61) 408935014
(+61) 8 9226 5668
Datum: 30.01.2013 - 12:53 Uhr
Sprache: Deutsch
News-ID 224395
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contact information:
Town:
Wien
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Business News
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