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Red Mountain Mining Has Hit Gold, Grading 14 Grams Per Tonne At Pica, Philippines

Red Mountain Mining (ASX:RMX) has intersected high grade gold at its Pica epithermal target at the Batangas project in Philippines.

Diamond drilling intercepted a steeply dipping epithermal quartz-barite-sulphide vein, producing an assay of 2.5 metres at 9.2 grams per tonne gold, 28.4g/t silver and 8.6% Zinc from 97.9 metres.

Within this, a 1 metre zone was encountered at 14.2g/t gold, 38.6g/t silver and 9.5% zinc.

"This is the best gold result achieved to date from the Pica target, and partially confirms the Exploration Target," managing director Jon Dugdale said.

"Further drilling along strike will aim to extend the mineralisation prior to defining a high-grade vein resource."

Previous surface mapping has traced the Pica structure over a 2 kilometres strike length.

An exploration target of 45,000 to 75,000 gold ounces equivalent has been estimated for the Pica and nearby Japanese Tunnel prospects, grading 3.6 to 5.3g/t gold equivalent from 400,000 to 700,000 tonnes of ore.

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