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Red Mountain Mining Intersects Breccia Lode At Camo

Red Mountain Mining (ASX:RMX) continues to advance exploration in the Philippines, with drilling now intersecting 12 metres down hole of sulphidic hydrothermal breccia lode at the Camo target.

Camo is part of the Lobo Prospect, within the company's Batangas Gold Project.

Red Mountain is well-funded after receiving strong demand this week in a $2 million fully committed capital raising.

The lode/breccia structure is thickening at depth, with a northeast down plunge of outcrop.

Assays are expected soon, and early drill results from shallow holes confirm high silver grades near surface.

Jon Dugdale, managing director, commented: "The intersection of thick, strongly mineralised hydrothermal breccia lode in the two step out holes at Camo confirms the model for a northeasterly plunging zone of mineralisation, thickening at depth."

The mineralisation is changing down plunge from a near surface quartz-barite-enargite lode, with high silver-copper grades, to a hydrothermal breccia lode with sulphides such as pyrite, galena, chalcopyrite and sphalerite.

Dugdale said that this looks more like the high gold grade South West Breccia lode.

"Drilling will continue to test the hydrothermal breccia lode down plunge with the objective of defining a new zone of gold mineralisation.

"We are looking forward to the results."

Drilling program results to date

Five holes for 296 metres have now been completed, with high-silver grades near surface intersected such as:

LB116: 1.65 metres at 61.2g/t silver, 0.14% copper from a 17.10 metre downhole; and LB117: 2.35 metres at 45.4g/t silver, 0.15% copper from 19.10 metres, including 1 metre at 83.2g/t silver and 0.32% copper.

A nearby trench delivered last month: 4 metres at 379g/t silver, 2.0g/t gold, 0.62% copper or 7.16g/t gold equivalent.

Analysis

Red Mountain has now intersected 12 metres down sulphidic hydrothermal breccia lode at the Camo target, with assays pending.

The intersection confirms Red Mountain's model for a thickening hydrothermal breccia lode at depth below the high silver surface outcrops.

Earlier in the week the company received a vote of confidence in its operations with $2 million fully committed in capital raisings.

These funds will be allocated to complete the Feasibility Study and Permitting.

The Batangas Gold Project has upside to expand production on further discovery and/or developing other resources.

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