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  • Red Mountain Mining Receives More Exploration Results From Lobo Gold Project In Philippines 0 comments
    Feb 24, 2014 5:38 PM

    Red Mountain Mining (ASX:RMX) has completed further drilling at the Lobo project, part of the Philippines based Batangas Gold Project.

    A total of eight, shallow, triple-tubed diamond drillholes have been completed during the initial stages Red Mountain's ongoing exploration program, totaling 311.4 metres to date.

    The South West Breccia lode extension was confirmed returning an intersection of 1.5 metres at 8.07 g/t gold from 5.25 metres downhole.

    This also included 0.5 metres at 12 g/t gold.

    Red Mountain's managing director Jon Dugdale said, "These results are very preliminary in a much larger drilling program.

    "We are now fully funded to complete a significant body of exploration in this area, which will allow us to complete the systematic testing of all high-grade lode targets identified to date."

    More detail

    The lode intersections are approximately true width and the company is waiting for the remaining results from these holes.

    Drilling will continue to the north and south of this section with the objective of defining further gold Mineral Resources.

    Four holes have been completed at the South West Breccia Extended Zone, and four holes have been completed in the Trench 7-Trench 10 area.

    At South West Breccia Extended three drillholes were completed on section 10,110N, testing under Trench 21 (6m at 31.2 g/t Au released 12 February 2014).

    Down dip extensions of the mineralised lode, intersected by all three holes, are interpreted to be an obliquely down faulted repeat of the main South West Breccia lode to the northeast.

    The lode intersections are approximately true width and the company is waiting for the remaining results from these holes.

    Drilling will continue to the north and south of this section with the objective of defining further gold Mineral Resources.

    Results received for 6m deep Trench 20, which intersected the quartz-barite-sulphide lode half way between Japanese Tunnel and Trench 7 (Section 9,925N, 10,000E), included an incomplete intersection of 1m at 2.9 g/t Au.

    The Trench 20 result indicates a link between the Japanese Tunnel lode and the Trench 7 lode, a strike length of approximately 70m, the same strike length as the South West Breccia Mineral Resource.

    Drilling is currently being planned to systematically test the entire zone from Japanese Tunnel to Trench 7, at sufficient depth to avoid alluvial channels, with the objective of defining a gold Mineral Resource.

    Drilling is also planned to test for the continuation of the Trench 13 lode (2.6m at 28.6 g/t Au released 7 January 2014), that may continue under overlying limestone immediately to the south west.

    About the Lobo Project

    Surface trench channel sampling and drilling conducted by Red Mountain has intersected high-grade epithermal gold mineralisation in five areas on the Lobo Mineral Production Sharing Agreement.

    Mineral Resources have been defined for the SWB shoot, totaling Indicated and Inferred 194,000t at 7.2 g/t gold for 45,000 ounces of gold.

    This includes an Indicated Resource of 178,000t at 7.4 g/t Au for 42,000 ounces of gold and an Inferred Resource of 16,000 tonnes at 5.3 g/t gold for 3,000 ounces of gold.

    The Company is focussed on increasing high grade Mineral Resources through discovery of new, high grade, gold zones at Lobo.

    Drilling has commenced testing under recent, exceptionally high-grade gold trenching results from within the 500m long South West Breccia Lode south corridor on the Lobo MPSA.

    Exploration Targets have been defined for the Japanese Tunnel and Pica prospects and a continuous program of soil sampling, mapping, surface trenching and now drilling continues with the objective of defining targets for drilling to define additional high-grade Mineral Resources on the Lobo Prospect.

    Proactive Investors Australia is the market leader in producing news,articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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