Red Mountain Mining: December Quarter 2012 Report
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Red Mountain Mining: December Quarter 2012 Report
HIGHLIGHTS
• Red Mountain Mining (“Red Mountain”, “the Company”) formally completed the acquisition of key copper-gold assets in the Philippines, including a 100% direct and indirect interest in the Batangas Gold Project and a 75% direct and indirect interest in certain tenements at Tapian San Francisco,
• discovered and commenced delineation of the West Drift high-grade epithermal gold system at Lobo, Batangas,
• intersected high-grade gold at Archangel, Batangas, open to the northwest,and
• produced high-grade gold results from trenches at South West Breccia and nearby Japanese Tunnel, Lobo, Batangas.
• The Company remains in a strong financial position, with $3.3 million in cash as at 31December 2012.
BATANGAS GOLD DRILLING
• Following a review of targets on the Lobo project, a diamond drillhole program to test the West Drift epithermal lode structure commenced 27 November.
• Two drillholes were completed at West Drift during the December quarter, LB-66 and LB-67. Both drillholes produced significant intersections that confirmed the general trend of increasing gold grade with depth with the addition of high-grade copper in LB-67. The highlights were LB-67: 4.6m (at) 5.83 g/t Au, 4.11% Cu from 152.8m downhole including 2.8m (at) 7.79 g/t Au, 6.57% Cu and in LB-66: 8.60m at 2.53g/t Au from 136.6m depth downhole including 0.85m at 5.59g/t Au and 1.0m at 4.62g/t Au.
• Drilling continues at West Drift with the addition of a second rig in January 2013 to test the entire 400m+ strike length of the West Drift high-grade gold target.
• The initial drilling program at Archangel to December 2012 included 10structural diamond drill holes for a total of 1,793m. All drillholes intersected gold mineralisation, including high-grade gold in KTD 199: 2.2m at 36.53 g/t Au from 203m downhole including 1.2m at 62.09 g/t Au. The mineralisation remains open to the northwest.
COMPLETED PHILIPPINE PROJECTS ACQUSITION
• On 30 October 2012 Red Mountain formally completed the acquisition of advanced gold projects and copper gold tenements in the Philippines for a consideration of 100 million Red Mountain shares to Mindoro Resources Ltd (“Mindoro”) worth in value around A$10 million at closing.
• The acquisition includes a 100% direct and indirect interest in the Batangas Gold Project and a 75% direct and indirect interest in certain tenements at Tapian San Francisco, excluding the Tibur EPA and Canaga MPSA that are the subject of a Further Restructure Agreement.
CORPORATE
• Following completion of the Philippines projects acquisition, 100 million Red Mountain ordinary shares were issued to the vendor, Mindoro. These shares will remain in escrow for 12 months until 30 October 2013.
• An additional 50 million performance shares have been issued to Mindoro but are conditional on certain milestones being met by 30 October 2013.
• Red Mountain raised A$1 million from sophisticated investors in December and remains in a strong financial position with A$3.3 million in cash and no debt as at 31 December 2012.
Portfolio of projects in key mining districts
Figure 1: Red Mountain Mining Philippine Projects Location
http://www.redmm.com.au/files/nrteUploadFiles/312F012F201333A423A08PM.pdf
LOBO DRILLING AND TRENCHING, BATANGAS
A review of available data at Lobo, Batangas, highlighted potential for the discovery of additional high-grade gold mineralisation within the over 10 kilometres strike-length of epithermal vein-breccia structures that have been mapped at Lobo. Key initial targets are the West Drift lode structure below and along strike from the historic Lobo copper mine and Japanese Tunnel on the the South West Breccia (SWB) lode structure.
Subsequently a diamond drillhole program to test the West Drift epithermal lode structure was commenced on the 27 November 2013 and a trenching program was commenced at SWB and immediately to the south at Japanese Tunnel.
The drilling at West Drift is targeting a greater than 400m strike length of identified mineralisation below the old Lobo copper mine where limited drilling by the previous owner identified a generally increasing gold grade with depth within the structure.
Two drillholes were completed at West Drift during the December quarter, LB-66 and LB-67, for a total of 415.5m. Both drillholes produced significant intercepts that confirmed the general trend of increasing gold grade with depth with the addition ofhigh-grade copper in LB-67. The highlights were LB-67: 4.6m (at) 5.83 g/t Au, 4.11% Cu from 152.8m downhole including 2.8m (at) 7.79 g/t Au, 6.57% Cu and in LB-66: 8.60m at 2.53g/t Au
Figure 2: The Lobo Epithermal Gold Structures
http://www.redmm.com.au/files/nrteUploadFiles/312F012F201333A423A08PM.pdf
Results are summarised in Table 1 below and recent intersections shown on the longitudinal projection of the West Drift lode structure, see Figure 3 below.
Table 1: Summary of results from LB 66 and LB 67:
http://www.redmm.com.au/files/nrteUploadFiles/312F012F201333A423A08PM.pdf
The drilling program at West Drift has been accelerated in January 2013 with the deployment of an additional diamond drill rig to test the entire 400m+ strike length of the West Drift high-grade gold target.
A further three holes (LB68,LB69, LB70) in the program have now been completed and all intersected strongly mineralised lode structures. Results will be announced in due course.
Figure 3: West Drift, Lobo, Longitudinal Projection of Drilling Results
http://www.redmm.com.au/files/nrteUploadFiles/312F012F201333A423A08PM.pdf
South West Breccia Trenching
A trenching program was commenced at South West Breccia (“SWB”) and along strike to the southwest at Japanese Tunnel prospect. Channel sampling above the SWB resource was completed with samples at 1m intervals along the channels. Highlights included 9.50m at 13.53g/t Au including 1m at 41.80 g/t Au and 6m at 23.55g/t Au including 1m at 30.79 g/t Au.
In addition rock chip channel sampling at Japanese Tunnel, 150m southwest of SWB, returned results of 5m at 10.43g/t Au including 1m at 25.14g/t Au and 2m at 18.12g/t Au including 1m at 28.69g/t Au.
The trenching and outcrop sampling program has been ramped up significantly in 2013 with the addition of two crews to sample interpreted extensions of the Lobo epithermal lode structures.
ARCHANGEL DRILLING , BATANGAS
Drilling continued at Archangel during the quarter with a further four holes completed for a total of 809m. The total program at Archangel consisted of 10 drillholes for a total of 1,793m. All 10 drillholes intersected gold mineralisation. The objectives of the program were twofold: i) to better define and structurally orientate the higher grade zones for Mineral Resource estimation and ii) to extend the higher-grade zones at depth below the existing Mineral Resources.
Significant drilling results during the quarter that confirmed the continuity and structural orientation of the higher grade mineralisation, were as follows:
KTD 196: 20.55m (at) 1.66 g/t Au from 21.15m including 2m (at) 5.03 g/t Au.
KTD 195: 9.3m (at) 3.55 g/t Au, 19.21 g/t Ag from 41.1m incl. 3.95m (at) 6.27 g/t Au.
KTD 199-12: 2.20m (at) 36.53 g/t Au from 203m including 1.2m (at) 62.0g/t Au. This intersection occurs on the contact of an intrusive dyke close to the domed contact with the overlying volcanics that host the bulk of the Kay Tanda resources, and is open at depth and to the northwest.
The locations of these drillholes are shown on Figure 4 below.
All results received during the December quarter are summarised in Table 2 below.
Figure 4: Archangel Resources Area with Recent Drilling Results
http://www.redmm.com.au/files/nrteUploadFiles/312F012F201333A423A08PM.pdf
Table 2: Archangel Drill hole results for the December quarter, 2012:
http://www.redmm.com.au/files/nrteUploadFiles/312F012F201333A423A08PM.pdf
Further drilling at Archangel will be planned following a review of new Mineral Resource Estimates (released 30th January 2013) and further trenching results.
COMPANY STATUS AND OUTLOOK
The Company remains in a strong financial position, with $3.3 million in cash and no debt as at 31 December 2012. Having completed the Philippine projects acquisition, received positive results from initial drilling and strengthened the board and management team, the Company will focus on expanding the higher-grade resource base and building a platform for establishing a future standalone gold operation.
__________________________________________________________________________________
For further information about Red Mountain Mining please visit www.redmm.com.au or contact:
Company Media
Neil Warburton Kevin Skinner
Executive Chairman Field Public Relations
(+61) 408935014 (+61)414822631
(+61 8) 9226 5668 (+61 8) 82349555
About Red Mountain Mining Limited
Red Mountain Mining (ASX: RMX) is primarily a gold explorer and project acquisition company incorporated in Australia in May 2006. The Company’s strategy is to unlock the potential of ‘under-developed’ gold and polymetallic projects in the Asian region by introducing Australian mining methods and improving efficiencies to gain significant production and exploration upside.
Competent Person Statement
The information in this report relating to Exploration Results and Mineral Resources 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.
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
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Datum: 01.02.2013 - 08:10 Uhr
Sprache: Deutsch
News-ID 225300
Anzahl Zeichen: 11104
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Town:
Wien
Kategorie:
Business News
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