Red Eagle Mining Intercepts 7.0 Metres at 41.53 Grams Gold Per Tonne at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2012) -
Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF),
is pleased to announce additional assay results received from the
recently completed 24 hole, 5,400m phase two core drill program at the
San Ramon gold system located within the Santa Rosa gold project in
Colombia. Assays have now been received for 14 holes with assays pending
on 10 holes (SR-056 to SR-065). The additional results show strong gold
mineralisation over significant intervals, with the most significant
intercept being in hole SR-053 of 7.0 metres at 41.53 grams gold per
tonne. Hole SR-053 was collared 300 metres to the west of hole SR-042
which intercepted 6.0 metres at 31.85 grams gold per tonne at a similar
depth, reported in the news release dated June 13, 2012.
Table 1 summarizes the latest significant (+0.20 g/t)
uncut gold intercepts from phase two core drill holes SR-052 to SR-055
(see Figure 1 - Drill Hole Plan and Figure 2 - Long Section). True
widths are estimated to be 70% of the intercepts and vertical depths are
estimated to be 90% of the drilled depths reported below. Internal
dilution within intercepts is limited to the inclusion of runs of no
more than 2m below cut-off. Hole SR-054 did not return economically
significant results. For pictures of the drill core see Red Eagle's
photostream on flickr.
Table 1 - San Ramon Drill Intercepts
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
SR-052
161.6
172.7
11.1
1.34
incl.
164.6
165.6
1.0
8.09
SR-053
52.5
54.5
2.0
2.37
97.7
98.2
0.5
3.76
137.6
141.6
4.0
0.67
162.8
166.7
3.9
1.00
179.2
183.2
4.0
0.63
188.2
190.2
2.0
0.39
198.3
216.0
17.7
17.14
incl.
204.0
211.0
7.0
41.53
SR-055
212.7
213.2
0.5
8.31
259.0
260.0
1.0
1.42
370.5
374.5
4.0
1.22
"Our phase two drilling at
San Ramon continues to deliver outstanding results, significantly
increasing the grade and potential scale of the system", comments Ian
Slater, Chief Executive Officer. "Assays are pending on another ten
holes from phase two, while concurrently phase three oxide drilling is
continuing through the summer, culminating in an initial NI 43-101
resource report targeted to be compiled and released by the end of
2012."
The San Ramon structure trends east-west, dips
60°-70° to the north, extends over 1,800m, is up to 60m in width and is
exposed at surface. Wide-spaced discovery drilling intercepts from phase
one averaged approximately 1.2 g/t Au to a vertical depth of over 250m.
The mineralisation extends to surface where channel sampling has also
averaged approximately 1 g/t Au. The 2012 work program for San Ramon
includes the phase two core drill program (24 holes totaling 5,400m), a
phase three core drill program in the near surface oxides over the
entire known gold mineralisation which commenced in June (36 holes
totaling an estimated 5,000m), preparation of a NI 43-101 resource and a
preliminary metallurgical test work programme.
Table 2 - Drill Hole Specifications
Hole
Easting
Northing
Elevation (m)
Azimuth
Dip
EOH (m)
SR-052
856516
1223311
2471
180
-75
209
SR-053
857493
1223275
2473
180
-75
250
SR-054
856804
1223264
2475
180
-45
133
SR-055
857402
1223391
2511
180
-70
404
Quality Control and Assurance (QC/QA)
All drill samples were collected with diamond core
drill rigs using approximately one metre sample intervals and following
standard industry practice. Acme Analytical Laboratories prepped and
screened samples in Medellin, Colombia and assayed samples in Santiago,
Chile. Gold values were determined by fire assay of a 30g charge with an
AA finish, or if over 10 g/t Au, were re-assayed and completed with a
gravimetric finish. QC/QA included the insertion and continual
monitoring of standards and blanks into 10% of the sample stream
batches, along with check assays conducted at alternate accredited
laboratories.
The scientific and technical information contained in
this news release has been reviewed and approved by Michael Johnson
P.Geo., who is a "Qualified Person" as defined under National Instrument
43-101.
About Red Eagle Mining
Red Eagle Mining Corporation is a well-financed gold
exploration and development company with an experienced exploration and
management team. Red Eagle Mining is currently exploring two gold
properties in Colombia, Santa Rosa and Pavo Real. Santa Rosa is an
intrusive hosted structurally-controlled quartz stockwork system within
the prolific Cretaceous Antioquia Batholith. Gold mining within the
Santa Rosa project pre-dates the 16th century when an
estimated 30 million tonnes were mined. Santa Rosa is located 70km north
of Medellin near the town of Santa Rosa de Osos in a region
characterized by gently rolling hills and excellent infrastructure.
Santa Rosa is also located 50km west of AngloGold Ashanti's Gramalote
gold deposit (2.5 million ounce M&I resource grading 0.8 g/t Au) and
60km east of Continental Gold's Buritica gold deposit (630,000 ounce
M&I resource grading 17.8 g/t Au). Pavo Real is an extensive project
within the Mid-Cauca gold belt containing both a sedimentary hosted
gold system and a 15km long copper/gold/silver skarn formation hosting
significant high grade brownfield mines. For further information on Red
Eagle Mining please refer to our website www.redeaglemining.com.
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.
Note: To view Figures 1 and 2, please click the following link: http://media3.marketwire.com/docs/rd0709.pdf.
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
