Seeking Alpha

Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
Proactiveinvestors
My blog:
Proactiveinvestors
  • Red Mountain Mining Makes High-Grade Epithermal Gold Discovery At Batangas 0 comments
    Mar 10, 2013 6:20 PM

    Red Mountain Mining (ASX: RMX) has discovered a new high-grade epithermal gold vein from sampling at Lobo prospect within the Batangas gold project, located 100 kilometres south of Manila in the Philippines.

    A continuous 19 metre surface channel of 1 metre spaced samples along the strike of an exposed epithermal quartz-barite vein produced an intersection of 19 metres at 9.77 g/t gold including 7 metres at 23.58 g/t and including 0.8 metres at 94.78 g/t.

    Red Mountain executive chairman, Neil Warburton said:

    "The new high-grade gold vein discovery at Ulupong, within the Lobo Gold Project at Batangas is a very exciting result which opens up potential for the discovery of high-grade shoots on a completely new system.

    Extensive surface mapping and trenching will continue in this area with follow up drilling planned in the near future. This new discovery along with extensions at Pica has extended the total strike length of the Lobo epithermal veins from 10 kilometres to more than 15 kilometres."

    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.

    Background

    The vein is at the western end of an extensive zone of anomalous gold soil geochemistry at Ulupong-Sawahan that extends for more than two kilometres in a northeast-southwest direction, sub parallel to the South West Breccia and West Drift epithermal gold vein systems that host high-grade gold resources and targets respectively.

    In addition, regional mapping at Pica has located extensions to this mineralised vein structure to the northeast of the "discovery" where previous drillhole PC-02, intersected a series of epithermal quartz-barite veins including 1.5 metres at 8.53 g/t Au from 29.80 metres depth.

    The new zone links with the previously mapped Mir and Nagtoctoc zones, extending this structure for more than 3 kilometres.

    The South West Breccia shoot, and the recent discovery at Ulupong, indicate exposure of the "gold zone" at surface.

    The drilling at West Drift is delineating a preserved high grade gold zone. Further results from this program will be announced in due course.

    Background

    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 Resource of 178,000 tonnes at 7.4 g/t gold, 42,0000 ounces gold and Inferred Resource of 16,000 tonnes at 5.3 g/t gold; 3,000 ounces gold) and the new West Drift gold discovery, the subject of on-going drilling.

    Regional trenching and channel sampling is identifying new veins/lodes and high-grade targets for further drilling, as discussed in this release.

    Systematic sampling of the new Pica extensions is in progress.

    The new discoveries at Lobo take to five the number of major epithermal vein systems that have been identified at Lobo, for a total strike length of more than 15 kilometres.

    Systematic drilling has only tested a 500 metre strike length of the systems to relatively shallow depth (200 metre vertically at West Drift, 120 metre vertically at South West Breccia).

    Zonation of high gold grades is evident at West Drift and on the South West Breccia structure, where upper levels on the structures are characterised by high copper-silver grades and the high grade gold zones occur at lower elevations.

    The South West Breccia shoot, and the recent discovery at Ulupong, indicate exposure of the "gold zone" at surface.

    The drilling at West Drift is delineating a preserved high grade gold zone. Further results from this program will be announced when available.

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.