Red Eagle Mining Discovers New Mineralised Area at Pavo Real
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/08/13 -- Red Eagle Mining Corporation (TSX VENTURE: RD)(OTCQX: RDEMF) is pleased to announce that results of recent surface rock channel sampling at the Pavo Real Gold Project located in Colombia have identified a new area of mineralisation. Highlights include 33.7 grams gold per tonne, greater than 100 grams silver per tonne, 0.23% copper and 0.23% zinc over 0.50 metres and are presented in Table 1 below.
The current exploration campaign is targeting the potential for large Au-bearing breccia bodies and the potential for related porphyry Au systems at depth. This most recent rock channel sampling programme was carried out in an area of high-level vein and hydrothermal breccia mineralisation associated with dykes of rhyodacite porphyry, where MMI soil sampling returned strong coincident Au, Ag and Cu anomalies. Highlights of relatively shallow drilling adjacent to this target area in 2012 included 7.1 metres averaging 1.54 g/t Au and 0.54 metres averaging 9.37 g/t Au in two separate drill holes (news release dated ). This initial 2012 drill programme, conducted prior to the MMI soil sampling, was designed to determine structural controls to quartz vein and veinlet systems in sedimentary host rocks and hydrothermal breccias, and did not effectively test the MMI anomalies nor the potential for deeper porphyry Au mineralisation.
The 14,370 hectare Pavo Real Gold Project consists of 100% owned concessions and a joint-venture with Miranda Gold Corp. (TSX VENTURE: MAD) which Red Eagle Mining is currently earning-in to 70%. Pavo Real is located within the mid-Cauca gold belt, which is host to numerous porphyry and epithermal gold deposits. The Project is host to a Triassic-Jurassic sedimentary sequence made up of sandstones, siltstones, conglomerates, shales and limestones, overlain by a volcanic sequence of tuffs, agglomerates, and lavas. The sedimentary and volcanic sequences are intruded by various bodies of diorite, granite and rhyodacite porphyry, and cut by hydrothermal breccias and a large number of quartz veins and veinlet stockworks, all related to sericitic alteration. Red Eagle Mining is exploring a number of significant Au-bearing breccia, skarn and vein targets spread over a broad area at Pavo Real, with an emphasis on testing the potential for related porphyry Au systems. The Project is situated within the Department of Tolima, 20 kilometres south of the city of Ibague and 45 kilometres south-east of AngloGold Ashanti's La Colosa project (26.8 million ounce Inferred Resource grading 0.92 g/t Au).
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey P.Eng., who is a Qualified Person as defined under NI 43-101.
About Red Eagle Mining
Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced mine-development team. Management is focused on building shareholder value through discovering and developing gold projects with low costs and low technical risks in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration. Red Eagle Mining is developing the 320 km2 historic Santa Rosa Gold Project located in the Antioquia Batholith. Development will initially commence with the San Ramon deposit where a positive Preliminary Economic Assessment supports project advancement. Feasibility and permitting are currently underway.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Contacts:
Red Eagle Mining Corporation
Ian Slater
Chief Executive Officer
+1 604 638 2545
Red Eagle Mining Corporation
James Beesley
Investor Relations
+1 604 682 4600 or toll free: +1 855 682 4600
Mobile: +1 778 389 7715
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Datum: 08.10.2013 - 09:00 Uhr
Sprache: Deutsch
News-ID 303569
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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