Red Mountain Mining Limited: Additional High Grade Gold and Silver Results Extend Ulupong Discovery at Lobo, Batangas Gold Project
(firmenpresse) -
Red Mountain Mining Limited: Additional High Grade Gold and Silver Results Extend Ulupong Discovery at Lobo, Batangas Gold Project
Perth-based Red Mountain Mining Limited (ASX: RMX) (“the Company”, “Red Mountain”) is pleased to announce new high-grade gold surface sample results from the Ulupong gold discovery, at the Lobo prospect within the Company’s flagship Batangas Gold Project, located 120 kilometres south of Manila in the Philippines.
The results include 6.63 g/t gold (Au) and 67.4 g/t silver (Ag) from sub-cropping quartzsulphide boulders in the Bigaan-Ulupong area, which is located approximately 800m along strike to the northeast of the ULOC 4 trench where a recent result of 1.4m (at) 1.26 g/t Au including 0.3m (at) 5.3 g/t Au was produced across northern extensions of the ULOC 4 vein. Previous sampling across the vein at ULOC 4 intersected 0.45m (at) 23.39 g/t Au and sampling along the vein produced results of 19m (at) 9.77 g/t Au including 7m(at) 23.58 g/t Au.
The channel sampling results, combined with new soil sampling geochemistry, have defined a greater than one kilometre (km) long corridor of mineralisation at the south-western end of the >2 km long Ulupong structure (see Figure 1 below). Drilling is now planned to test the highgrade veins and soil anomalies at Ulupong as part of the next phase of drilling, which is expected to be funded by the Rights Issue announced on 15 May 2013.
Red Mountain Managing Director, Mr Jon Dugdale, commented: “The Ulupong discovery is starting to look very significant. High-grade gold, in outcropping veins, is supported by strong soil anomalies over a one kilometre strike length. We are excited at the prospect of drilling this new discovery, along with the other high grade, near surface targets at Pica and Japanese Tunnels.”
To view the entire press release please follow the link:
http://www.redmm.com.au/files/nrteUploadFiles/232F052F2013103A593A20AM.pdf
BACKGROUND - LOBO GOLD PROJECT:
At Lobo, a series of epithermal lodes and breccias have now been mapped over a combined strike length of more than 15 kilometres. Previous drilling has only tested approximately a 500 metre strike length of the interpreted lode structures,to shallow depth of less than 200 metres. High-grade gold shoots have been identified at South West Breccia (Indicated and Inferred Mineral Resource of 194,000 t (at) 7.2 g/t Au 45,000oz Au) and the new West Drift gold discovery. Regional trenching and channel sampling has identified new veins/lodes and highgrade gold targets for further drilling at Ulupong, Pica and Japanese Tunnels . Prospecting and sampling of new epithermal veins continues.
To view the entire press release please follow the link:
http://www.redmm.com.au/files/nrteUploadFiles/232F052F2013103A593A20AM.pdf
For further information about Red Mountain Mining please visit www.redmm.com.au or
contact:
Company Investors
Jon Dugdale
Managing Director Field
(+61) 402 298026
(+61) 8 9226 5668
Media
Kevin Skinner
Public Relations
(+61) 414 822631
(+61)8 8234 9555
About Red Mountain Mining Limited
Red Mountain Mining (ASX: RMX) is primarily a gold explorer and project acquisition 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 holds direct and indirect interests in tenements in the Philippines that contain significant gold resources and several high-quality copper-gold prospects. The company has focussed on upgrading the Batangas resources through discovery of new, high grade, gold zones at Archangel, and Lobo (eg West Drift, Pica, Ulupong). The company will continue drilling with the objective of increasing the size and grade of JORC compliant Mineral Resources at Batangas then completing a scoping study to demonstrate the viability of a potential highmargin gold project development. The majority of the copper-gold prospects are available for joint venture.
Other gold opportunities will be reviewed on a continuous basis.
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 2004 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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