Red Eagle Mining Intercepts 28.4 Metres Commencing From Surface at 1.96 Grams Gold Per Tonne in Oxides at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 2012) - Red Eagle Mining Corporation (RD.V)(RDEMF) is pleased to announce additional assay results from the latest drill programme. Phase Three drilling is targeting the shallower oxide mineralisation at the San Ramon gold system, Santa Rosa project located in Colombia. Highlights from 42 holes (SR-077 to SR-118) include intercepts:
-- SR-078 - 39.6 metres at 0.41 g/t Au from surface
-- SR-080 - 38.5 metres at 0.51 g/t Au from 6.2 metres down hole
-- SR-083 - 2.6 metres at 18.01 g/t Au from 69.0 metres down hole
-- SR-093 - 5.7 metres at 3.78 g/t Au from 2.6 metres down hole
-- SR-097 - 6.9 metres at 3.09 g/t Au from 13.7 metres down hole
-- SR-103 - 2.6 metres at 6.07 g/t Au from 12.6 metres down hole
-- SR-108 - 3.4 metres at 8.75 g/t Au from 15.5 metres down hole
-- SR-109 - 19.6 metres at 2.32 g/t Au from 9.7 metres down hole
-- SR-110 - 28.4 metres at 1.96 g/t Au from surface
-- SR-111 - 22.1 metres at 2.17 g/t Au from 13.2 metres down hole
-- SR-112 - 23.7 metres at 2.09 g/t Au from 10.0 metres down hole
-- SR-113 - 18.3 metres at 1.31 g/t Au from 19.0 metres down hole
"Our recently completed Phase Three delineation drilling confirms strong gold mineralisation from surface in the oxidised material at San Ramon," comments Ian Slater, Chief Executive Officer. "With our recent financing completed we are looking forward to commencing the Phase Four drill programme to test the gold system down dip, where typically higher grades have been intercepted, and complete a resource estimate and PEA."
The San Ramon structure trends east-west, dips 60 degrees-70 degrees to the north, extends over 1,800m, is up to 60m wide and is mineralised from surface. Phase One and Two drilling intercepts averaged 2.1 g/t Au (using a 0.20 g/t Au lower cut and no upper cut) to a vertical depth of over 250m with mineralisation remaining open at depth. The Phase Three 5,000m, 74 core drill hole programme delineated shallower mineralisation on 50m centres. Assays are pending on the remaining 21 holes (SR-119 to SR-139). The work program for the remainder of 2012 and Q1 2013 includes:
-- 17,000 metre Phase Four drill programme to infill to 50m centres and
test mineralisation from 250m to 500m depth;
-- NI 43-101 compliant resource estimate (to be released December 2012);
-- Preliminary Economic Assessment (to be released Q1 2013).
Table 1 summarizes the significant (+0.20 g/t) uncut gold intercepts from Phase Three core drill holes SR-077 to SR-118 (see Figure 1 - Drill Hole Plan http://redeaglemining.com/siteFiles/89/files/maps-lg/Oxide_San_Ramon_Drill_Map_Large.jpg and Figure 2 - Long Section http://redeaglemining.com/siteFiles/89/files/maps-lg/SR_SE_Sector_Long_Section_Oxide_Large.jpg). True widths are estimated to be 70-90% of the intercepts and vertical depths are estimated to be 70-90% of the drilled depths reported below. Internal dilution within intercepts is limited to the inclusion of runs of no more than 6m below cut-off. Holes SR-106, 107, 114 and 115 did not intercept economic mineralisation. For pictures of the drill core see Red Eagle's photostream on Flickr http://www.flickr.com/photos/redeaglemining/sets/.
Table 1 - San Ramon Phase Three Drill Intercepts
---------------------------------------------------------------------------
Hole ID From (m) To (m) Interval (m) Au (g/t)
---------------------------------------------------------------------------
SR-077 0.0 29.0 29.0 0.44
---------------------------------------------------------------------------
43.0 49.0 6.0 1.07
---------------------------------------------------------------------------
59.9 63.0 3.2 4.27
---------------------------------------------------------------------------
SR-078 0.0 39.6 39.6 0.41
---------------------------------------------------------------------------
48.7 60.2 11.5 0.46
---------------------------------------------------------------------------
SR-079 0.0 4.9 4.9 0.51
---------------------------------------------------------------------------
20.2 29.2 9.0 0.85
---------------------------------------------------------------------------
47.2 48.3 1.1 0.57
---------------------------------------------------------------------------
53.7 61.4 7.6 1.07
---------------------------------------------------------------------------
75.4 80.3 4.8 0.25
---------------------------------------------------------------------------
86.1 96.0 9.9 0.81
---------------------------------------------------------------------------
101.4 102.4 1.0 0.58
---------------------------------------------------------------------------
SR-080 6.2 44.7 38.5 0.51
---------------------------------------------------------------------------
SR-081 3.8 31.5 27.8 0.35
---------------------------------------------------------------------------
39.5 70.4 30.9 0.36
---------------------------------------------------------------------------
SR-082 24.9 36.3 11.5 0.49
---------------------------------------------------------------------------
50.2 63.0 12.8 0.99
---------------------------------------------------------------------------
SR-083 46.0 52.0 6.0 1.73
---------------------------------------------------------------------------
69.0 71.6 2.6 18.01
---------------------------------------------------------------------------
89.3 93.2 3.9 2.38
---------------------------------------------------------------------------
SR-084 3.0 11.2 8.3 0.51
---------------------------------------------------------------------------
35.7 37.2 1.5 0.74
---------------------------------------------------------------------------
SR-085 0.0 16.6 16.6 0.30
---------------------------------------------------------------------------
31.0 38.0 7.0 0.44
---------------------------------------------------------------------------
56.7 67.8 11.1 0.97
---------------------------------------------------------------------------
SR-086 0.0 1.8 1.8 1.00
---------------------------------------------------------------------------
13.8 28.9 15.1 0.33
---------------------------------------------------------------------------
SR-087 1.8 5.2 3.4 1.13
---------------------------------------------------------------------------
16.6 18.0 1.5 1.21
---------------------------------------------------------------------------
SR-088 4.4 19.8 15.5 0.37
---------------------------------------------------------------------------
28.8 43.2 14.4 0.75
---------------------------------------------------------------------------
71.1 73.4 2.3 5.01
---------------------------------------------------------------------------
SR-089 0.0 24.0 24.0 0.38
---------------------------------------------------------------------------
43.4 48.8 5.4 0.36
---------------------------------------------------------------------------
SR-090 0.2 15.4 15.2 0.27
---------------------------------------------------------------------------
29.8 34.0 4.3 3.06
---------------------------------------------------------------------------
SR-091 1.6 7.6 6.0 0.58
---------------------------------------------------------------------------
40.3 44.5 4.3 1.74
---------------------------------------------------------------------------
SR-092 1.6 6.7 5.1 1.01
---------------------------------------------------------------------------
26.0 27.9 1.9 5.20
---------------------------------------------------------------------------
SR-093 2.6 8.3 5.7 3.78
---------------------------------------------------------------------------
35.5 44.9 9.4 0.39
---------------------------------------------------------------------------
SR-094 2.0 5.9 4.0 0.22
---------------------------------------------------------------------------
SR-095 4.6 17.1 12.5 0.50
---------------------------------------------------------------------------
30.8 36.0 5.2 0.74
---------------------------------------------------------------------------
SR-096 0.8 16.7 15.9 0.68
---------------------------------------------------------------------------
SR-097 4.6 5.7 1.1 0.56
---------------------------------------------------------------------------
13.7 20.6 6.9 3.09
---------------------------------------------------------------------------
incl. 15.5 16.5 1.0 14.50
---------------------------------------------------------------------------
SR-098 8.0 9.0 1.0 0.70
---------------------------------------------------------------------------
SR-099 20.5 21.6 1.1 0.80
---------------------------------------------------------------------------
36.6 42.8 6.2 0.27
---------------------------------------------------------------------------
SR-100 3.2 7.9 4.7 0.31
---------------------------------------------------------------------------
26.6 28.1 1.5 1.86
---------------------------------------------------------------------------
SR-101 6.1 7.4 1.3 1.06
---------------------------------------------------------------------------
43.4 48.0 4.6 0.43
---------------------------------------------------------------------------
53.4 56.4 3.0 1.36
---------------------------------------------------------------------------
SR-102 6.9 9.4 2.5 0.51
---------------------------------------------------------------------------
27.0 51.6 24.6 0.31
---------------------------------------------------------------------------
SR-103 12.6 15.1 2.6 6.07
---------------------------------------------------------------------------
52.7 61.0 8.3 0.31
---------------------------------------------------------------------------
SR-104 33.3 42.6 9.3 1.01
---------------------------------------------------------------------------
SR-105 6.1 12.3 6.2 0.24
---------------------------------------------------------------------------
25.4 26.4 1.0 1.02
---------------------------------------------------------------------------
41.5 45.7 4.3 0.73
---------------------------------------------------------------------------
53.4 67.7 14.3 0.67
---------------------------------------------------------------------------
SR-108 5.3 9.6 4.3 0.59
---------------------------------------------------------------------------
15.5 18.9 3.4 8.75
---------------------------------------------------------------------------
SR-109 9.7 29.3 19.6 2.32
---------------------------------------------------------------------------
SR-110 0.0 28.4 28.4 1.96
---------------------------------------------------------------------------
SR-111 13.2 35.3 22.1 2.17
---------------------------------------------------------------------------
SR-112 10.0 33.7 23.7 2.09
---------------------------------------------------------------------------
incl. 10.0 11.1 1.2 31.20
---------------------------------------------------------------------------
SR-113 19.0 37.3 18.3 1.31
---------------------------------------------------------------------------
incl. 36.3 37.3 1.0 15.70
---------------------------------------------------------------------------
SR-116 4.9 18.8 14.0 0.61
---------------------------------------------------------------------------
SR-117 2.1 18.5 16.4 0.49
---------------------------------------------------------------------------
SR-118 2.4 6.1 3.7 0.31
---------------------------------------------------------------------------
14.3 17.6 3.3 0.40
---------------------------------------------------------------------------
23.5 31.5 8.0 0.27
---------------------------------------------------------------------------
Table 2 - Drill Hole Specifications
---------------------------------------------------------------------------
Elevation
Hole Easting Northing (m) Azimuth Dip EOH (m)
---------------------------------------------------------------------------
SR-077 857763 1223146 2,470 180 -70 73
---------------------------------------------------------------------------
SR-078 857723 1223168 2,473 180 -50 70
---------------------------------------------------------------------------
SR-079 857723 1223167 2,473 180 -75 104
---------------------------------------------------------------------------
SR-080 857675 1223175 2,480 180 -50 88
---------------------------------------------------------------------------
SR-081 857675 1223176 2,480 180 -70 98
---------------------------------------------------------------------------
SR-082 857627 1223191 2,464 180 -75 98
---------------------------------------------------------------------------
SR-083 857627 1223191 2,464 180 -50 112
---------------------------------------------------------------------------
SR-084 857573 1223180 2,465 180 -50 70
---------------------------------------------------------------------------
SR-085 857573 1223181 2,465 180 -75 96
---------------------------------------------------------------------------
SR-086 857589 1223141 2,479 10 -65 47
---------------------------------------------------------------------------
SR-087 857589 1223138 2,479 190 -50 87
---------------------------------------------------------------------------
SR-088 857507 1223182 2,468 180 -50 79
---------------------------------------------------------------------------
SR-089 857507 1223182 2,468 180 -70 49
---------------------------------------------------------------------------
SR-090 857434 1223162 2,475 180 -75 64
---------------------------------------------------------------------------
SR-091 857434 1223162 2,475 180 -50 52
---------------------------------------------------------------------------
SR-092 857393 1223159 2,481 180 -50 70
---------------------------------------------------------------------------
SR-093 857393 1223160 2,481 180 -75 56
---------------------------------------------------------------------------
SR-094 857344 1223144 2,489 180 -50 61
---------------------------------------------------------------------------
SR-095 857344 1223144 2,489 180 -70 61
---------------------------------------------------------------------------
SR-096 857295 1223139 2,491 180 -50 55
---------------------------------------------------------------------------
SR-097 857295 1223139 2,491 180 -70 53
---------------------------------------------------------------------------
SR-098 857247 1223146 2,500 180 -50 73
---------------------------------------------------------------------------
SR-099 857248 1223146 2,500 180 -70 72
---------------------------------------------------------------------------
SR-100 857214 1223162 2,496 180 -50 63
---------------------------------------------------------------------------
SR-101 857214 1223162 2,496 180 -80 72
---------------------------------------------------------------------------
SR-102 857162 1223178 2,485 180 -50 61
---------------------------------------------------------------------------
SR-103 857162 1223179 2,485 180 -75 76
---------------------------------------------------------------------------
SR-104 857123 1223204 2,457 180 -50 43
---------------------------------------------------------------------------
SR-105 857123 1223205 2,458 180 -60 81
---------------------------------------------------------------------------
SR-106 857123 1223205 2,458 180 -80 55
---------------------------------------------------------------------------
SR-107 857125 1223239 2,463 180 -50 69
---------------------------------------------------------------------------
SR-108 857006 1223174 2,485 180 -50 62
---------------------------------------------------------------------------
SR-109 857006 1223174 2,485 180 -70 64
---------------------------------------------------------------------------
SR-110 857038 1223178 2,485 180 -55 58
---------------------------------------------------------------------------
SR-111 857038 1223178 2,485 180 -70 61
---------------------------------------------------------------------------
SR-112 857084 1223184 2,471 180 -50 46
---------------------------------------------------------------------------
SR-113 857083 1223185 2,471 180 -70 46
---------------------------------------------------------------------------
SR-114 856949 1223149 2,505 180 -50 59
---------------------------------------------------------------------------
SR-115 856949 1223149 2,505 180 -70 27
---------------------------------------------------------------------------
SR-116 856893 1223173 2,492 180 -50 58
---------------------------------------------------------------------------
SR-117 856893 1223173 2,492 180 -70 59
---------------------------------------------------------------------------
SR-118 856851 1223195 2,483 180 -50 58
---------------------------------------------------------------------------
Quality Control and Assurance (QC/QA)
All drill samples were collected with a diamond core drill rig using approximately one metre sample intervals of whole core 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 50g charge at 250 mesh pulp with an AAS finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. The coarse crush split reject (less than 16mm) was retained for metallurgical testwork. 10% of a range of selected assays over 0.2 g/t Au, with an average of approximately 1.0 g/t Au were taken from the middling split reject and submitted for metallic screening analysis at 150 mesh pulp followed by fire assay and both AAS and gravimetric finish. Any discrepancies were reanalysed from the remaining middling reject by gravity concentration and acid digest. 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 mine development team. Red Eagle Mining is currently developing the 390 km2 Santa Rosa gold project located in Colombia. 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 (1.6 million ounce M&I resource grading 13.6 g/t Au). Red Eagle Mining also holds an extensive package of exploration ground in Colombia, including the Pavo Real project in the Mid-Cauca gold belt.
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.
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.
Contact:
Red Eagle Mining Corporation
Ian Slater
Chief Executive Officer
+1 604 638 2545
+1 604 638 2546 (FAX)
Sequoia Partners
James Beesley
Investor Relations
+1 604 682 4600 or Toll Free +1 855 682 4600
Mobile: +1 778 389 7715
james@sequoiapartners.ca
