Red Mountain intersects 6.3 Metres at 8.03 g/t Gold & high-grade Silver at Flagship Philippines Project
(firmenpresse) -
Red Mountain intersects 6.3 Metres at 8.03 g/t Gold & high-grade Silver at Flagship Philippines Project
New drilling intersections on the West Drift epithermal lode system continue to define a high-grade gold shoot at Perth-based Red Mountain Mining Limited’s (ASX: RMX) (“the Company”, “Red Mountain”) Lobo prospect within the Company’s flagship Batangas gold project, located 100 kilometres south of Manila in the Philippines.
Red Mountain today announced three new drilling intersections from West Drift including LB-70 that intersected 6.3m (at) 8.03 g/t Au from 197.8m depth downhole (est. true width 5.6m) including 4m (at) 11.18 g/t Au.
This is the deepest high-grade intersection on West Drift to date, further confirming the trend of increasing gold grade with depth.
A second diamond drillhole LB-68, 25m south of LB-70, intersected 4.9m (at) 4.47 g/t Au from 177.5m depth downhole (est. true width 3.8m) including 1.55m (at) 7.37 g/t Au.
In addition, LB-68 intersected a new lode which produced a very high-grade quartzsulphide “silver lode” intersection of 1.5m (at) 499.4 g/t silver (Ag) including 0.5m (at) 1,488 g/t Ag from 43.4m down hole independent of the gold lode.
The new silver lode is shallow dipping, has now been mapped at surface and is open along strike. Sampling of the silver lode at surface and in other drillholes intersecting the lode has been completed and results are expected shortly.
Red Mountain Executive Chairman, Mr Neil Warburton:
“The high-grade gold and low copper intersection in LB-70 at West Drift, Lobo, is very significant as the results indicate the transition to a low sulphidation zone generally associated with higher-grade gold deposits. The new drilling is defining a high-grade gold-shoot that is open at depth, and to the east and west.
“Drilling will continue with two rigs to test what is now a >500m long zone that appears to plunge shallowly to the west, as the Company continues to focus on growing and increasing the grade of its resource inventory at Batangas.
“The intersection of high-grade silver at shallow levels is an exciting bonus, that will be followed up over the coming months with further sampling and drilling”.
In other new results announced today, a second drilling rig deployed early in January to test the strike extent of West Lode, centred 100m north of LB-70, produced anintersection in LB-69 of 2.05m (at) 3.51 g/t Au from 198.35m downhole.
These three new gold intersections are part of a drilling program by Red Mountain at West Drift to target high grade gold mineralization below the old Lobo copper mine and potentially convert the gold mineralisation to mineral resource inventory in accordance with the JORC Code.
Full details of drillholes LB-68, LB-69 and LB-70 are contained in Table 1 below:
To view the entire press release please follow the link:
http://www.redmm.com.au/files/nrteUploadFiles/52F022F2013113A403A54AM.pdf
All new gold intersections are shown on the longitudinal projection below, Figure 1.
To view the entire press release please follow the link:
http://www.redmm.com.au/files/nrteUploadFiles/52F022F2013113A403A54AM.pdf
BACKGROUND - LOBO GOLD PROJECT:
Over 10 kilometres strike-length of epithermal vein-breccia structures have been mapped at Lobo (see Figure 2 above). Previous drilling has only tested approximately a 500 metre strike length of the interpreted 10 kilometres strike length of mapped and interpreted lode structures at Lobo, to shallow depth of less than 150 metres. Highgrade gold shoots have been identified at South West Breccia (Indicated Resource of 178,000 t (at) 7.4 g/t Au 42,0000oz Au and Inferred Resource of 16,000 tonnes (at) 5.3 g/t Au; 3,000 oz Au) and now at West Drift prospect.
Figure 2: Plan of Lobo Epithermal Gold Structures
To view the entire press release please follow the link:
http://www.redmm.com.au/files/nrteUploadFiles/52F022F2013113A403A54AM.pdf
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 primarily a gold explorer and project acquisition company incorporated in Australia in May 2006 and 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 on a continuous basis following the successful completion of the Philippines acquisition.
Competent Person Statement
The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Jon Dugdale, who is a Fellow of The Australasian Institute of Mining and Metallurgy.
Jon Dugdale is Executive Director of Red Mountain Mining and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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’. Jon Dugdale consents to the inclusion in the report of the matters based on the 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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