Rambler Provides Diamond Drilling Update at Its Ming Mine
13 Novembro 2013 - 4:00AM
Marketwired Canada
Rambler Metals and Mining plc, a Newfoundland copper and gold producer, explorer
and developer (AIM:RMM)(TSX VENTURE:RAB) ("Rambler" or "the Company") today
provides an update on its diamond drilling activities over the past six months
at the Ming Copper-Gold Mine, located in Newfoundland, Canada.
The bulk of the diamond drilling was focused on the 1807 Zone, a high-grade
copper zone, which has produced the majority of mined tonnes since first
declaring commercial production in November 2012. Mill feed grade from the 1807
zone over the last six months has ranged between 3.48 and 4.46 per cent copper,
along with 1.35 to 1.83 grams per tonne gold. The average recovery at the Nugget
Pond processing facility, over the same period, was 95 per cent and 63 per cent
for copper and gold respectively.
Rambler's 2014 fiscal diamond drilling program is designed to add comparable
grade to the resource/reserve base by extending the 1807 zone both up and down
plunge. An updated estimate of resources and reserves for the life of mine is
expected to be released early in 2014.
HIGHLIGHTS
COPPER
-- The Company completed 3,659 meters of diamond drilling in the 1807 Zone
and has been successful in extending the high-grade tonnes both up and
down plunge. Table 1 below shows highlights of significant
intersections.
-- The deepest drill hole completed to date has extended the resource model
210 meters (plunge length) below the deepest reserve level, 516L, while
drilling up plunge has extended the zone an additional 161 meters
(plunge length) above the shallowest reserve level, 329L.
GOLD
-- Rambler has also completed 2,098 meters of diamond drilling in the 1806
Zone, a high-grade gold zone. The new drilling intersected visible gold
in crosscutting fractures near the massive sulphide contact similar to
the intersections returned in previous drilling (see Press release 10
May 2013 with 227.15 g/t gold, 2.37 % copper and 60.17 g/t silver over
4.50 meters). Table 2 below shows highlights of significant
intersections.
George Ogilvie, P. Eng., President and CEO, said,
"We are pleased to see extensions of the known ore within the 1807 Zone outside
the current mining blocks. This should bode well for maintaining or adding to
the reserves and resources in this area.
"Throughout the remainder of fiscal 2014 we shall remain focused on further
exploration drilling with $2M being assigned to this essential activity at the
Ming Mine alone."
Extension of the Mined Copper and Gold Zones
With capital development five months ahead of the planned production levels,
over the last two quarters more of the underground resources have been available
for developing new diamond drill bays. Drilling has been mostly focused on
extending the 1807 Copper Zone in order to replenish the reserves that have been
mined since declaring Commercial Production. Additional drilling is also being
planned to test the mineralized contact to the west of the 1807 Zone on the 457L
level which remains unexplored to date. A drill bay has been established on the
457L to accommodate this pure exploration drilling.
The fiscal 2014 exploration plan for the Ming Mine includes;
-- Extending known ore zones near the underground infrastructure. Positive
results already returned from drilling up and down plunge on the 1807
zone.
-- A two-phase outward exploration program on Rambler's two mining leases
and one mineral exploration licence. Phase 1 will include compilation of
all historical data, target generation and field orientation surveys,
while Phase 2 will include detailed geophysical, geochemical and
sampling of the defined targets along with follow-up trenching and
diamond drilling if required.
Table 1: Testing of the 1807 Copper Zone
----------------------------------------------------------------------------
From To Length Cu Au Ag
BHID Type (m) (m) (m) (%) (g/t) (g/t)
----------------------------------------------------------------------------
MMUG13-116 Composite 57.35 61.14 3.79 1.95 1.53 8.13
----------------------------------------------------------------------------
MMUG13-118 Composite 70.75 72.77 2.02 3.31 1.89 13.33
----------------------------------------------------------
Including 72.23 72.77 0.54 8.75 4.86 30.30
----------------------------------------------------------------------------
MMUG13-119 Composite 56.20 60.63 4.43 2.61 2.07 15.36
----------------------------------------------------------
Including 56.20 58.20 2.00 3.35 2.89 16.80
----------------------------------------------------------------------------
MMUG13-120 Composite 55.55 57.48 1.93 3.87 2.17 16.29
----------------------------------------------------------------------------
MMUG13-123 Composite 68.55 73.1 4.55 2.78 1.34 16.22
----------------------------------------------------------
Including 70.00 73.1 3.10 3.60 1.31 15.98
----------------------------------------------------------------------------
MMUG13-124 Composite 61.69 66.04 4.35 1.95 1.65 16.35
----------------------------------------------------------------------------
MMUG13-127 Composite 99.70 101.90 2.20 7.09 3.69 24.95
----------------------------------------------------------
Including 100.69 101.90 1.21 11.87 6.39 42.10
----------------------------------------------------------------------------
MMUG13-130 Composite 91.95 99.00 7.05 2.83 1.98 16.95
----------------------------------------------------------
Including 95.00 98.00 3.00 4.91 2.86 22.61
----------------------------------------------------------------------------
MMUG13-131 Composite 82.42 89.46 7.04 2.21 1.50 10.21
----------------------------------------------------------
Including 83.78 87.24 3.46 4.04 2.05 18.01
----------------------------------------------------------------------------
MMUG13-133 Composite 112.20 115.76 3.56 3.33 9.97 16.26
----------------------------------------------------------
Including 113.13 115.76 2.63 3.38 13.27 17.02
----------------------------------------------------------------------------
MMUG13-218 Composite 147.60 149.60 2.00 1.73 1.81 52.05
----------------------------------------------------------------------------
Note: drill intersections indicated are core length which is estimated to be
between approx. 95% of true width for this zone.
Table 2: Testing of the 1806 Gold Zone
----------------------------------------------------------------------------
From To Length Cu Au Ag
BHID Type (m) (m) (m) (%) (g/t) (g/t)
----------------------------------------------------------------------------
MMUG13-136 Composite 3.00 14.43 11.43 1.63 8.05 59.38
----------------------------------------------------------
Including 12.79 13.36 0.57 8.74 76.80 140.50
----------------------------------------------------------------------------
MMUG13-137 Composite 2.00 14.00 12.00 0.20 2.68 14.26
----------------------------------------------------------
Including 9.00 14.00 5.00 0.44 4.72 26.98
----------------------------------------------------------------------------
MMUG13-140 Composite 1.00 12.53 11.53 0.06 1.32 4.37
----------------------------------------------------------
Including 8.00 12.53 4.53 0.10 1.73 5.90
----------------------------------------------------------------------------
MMUG13-141 Composite 5.00 9.90 4.90 0.35 1.89 23.71
----------------------------------------------------------
Including 9.29 9.90 0.61 1.63 9.40 120.10
----------------------------------------------------------------------------
MMUG13-142 Composite 4.00 10.45 6.45 0.21 2.53 17.41
----------------------------------------------------------
Including 8.00 10.45 2.45 0.65 3.07 24.41
----------------------------------------------------------------------------
MMUG13-143 Composite 8.00 16.04 8.04 0.08 1.24 6.83
----------------------------------------------------------
Including 8.00 10.00 2.00 0.02 1.95 5.50
----------------------------------------------------------
Including 15.18 16.04 0.86 0.64 4.25 41.88
----------------------------------------------------------------------------
MMUG13-144 Composite 0.00 11.34 11.34 0.04 0.68 1.52
----------------------------------------------------------
Including 5.00 6.00 1.00 0.02 3.43 1.40
----------------------------------------------------------------------------
Note: drill intersections indicated are core length which is estimated to be
between approx. 60-80% of true width for this zone.
The Company currently has a total stockpiled inventory of 17,000 wet metric
tonnes of copper ore available for milling at both the Ming Mine and Nugget Pond
ore pads. The grades are expected to be similar to the previous six months feed
grade. An additional 4,800 wet metric tonnes of the 1806 gold rich massive
sulphide zone ore is also available for milling through the hydromet milling
system when the opportunity becomes available.
At the time of release there was 4,427 wet metric tonnes of copper concentrate
in storage at the Goodyear's Cove shipping facility. The Company hopes to ship
its fifth shipment before the end of the calendar year. This shipment will take
Rambler's delivered concentrates to market in excess of 32,000 wet metric tonnes
since the first shipment in November 2012.
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development Company that in November 2012 brought its
first mine into commercial production. The group has a 100 per cent ownership in
the Ming Copper-Gold Mine, a fully operational base and precious metals
processing facility and year round bulk storage and shipping facility; all
located on the Baie Verte peninsula, Newfoundland and Labrador, Canada.
The Company's Vision is to be Atlantic Canada's leading mine operator and
resource developer through the expansion of the Ming Mine, discovering new
deposits and through mergers and acquisitions. Rambler listed on the London AIM
in 2005 and Toronto TSX-V in 2007.
Larry Pilgrim, P.Geo., is the Qualified Person responsible for the technical
content of this release and has reviewed and approved it accordingly. Mr.
Pilgrim is an independent consultant contracted by Rambler Metals and Mining
Canada Limited.
Tonnes referenced are dry metric tonnes unless otherwise indicated.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements:
Certain information included in this press release, including information
relating to future financial or operating performance and other statements that
express the expectations of management or estimates of future performance
constitute "forward-looking statements". Such forward-looking statements
include, without limitation, statements regarding copper, gold and silver
forecasts, the financial strength of the Company, estimates regarding timing of
future development and production and statements concerning possible expansion
opportunities for the Company. Where the Company expresses or implies an
expectation or belief as to future events or results, such expectation or belief
are based on assumptions made in good faith and believed to have a reasonable
basis. Such assumptions include, without limitation, the price of and
anticipated costs of recovery of, copper concentrate, gold and silver, the
presence of and continuity of such minerals at modeled grades and values, the
capacities of various machinery and equipment, the availability of personnel,
machinery and equipment at estimated prices, mineral recovery rates, and others.
However, forward-looking statements are subject to risks, uncertainties and
other factors, which could cause actual results to differ materially from future
results expressed, projected or implied by such forward-looking statements. Such
risks include, but are not limited to, interpretation and implications of
drilling and geophysical results; estimates regarding timing of future capital
expenditures and costs towards profitable commercial operations. Other factors
that could cause actual results, developments or events to differ materially
from those anticipated include, among others, increases/decreases in production;
volatility in metals prices and demand; currency fluctuations; cash operating
margins; cash operating cost per pound sold; costs per ton of ore; variances in
ore grade or recovery rates from those assumed in mining plans; reserves and/or
resources; the ability to successfully integrate acquired assets; operational
risks inherent in mining or development activities and legislative factors
relating to prices, taxes, royalties, land use, title and permits, importing and
exporting of minerals and environmental protection. Accordingly, undue reliance
should not be placed on forward-looking statements and the forward-looking
statements contained in this press release are expressly qualified in their
entirety by this cautionary statement. The forward-looking statements contained
herein are made as at the date hereof and the Company does not undertake any
obligation to update publicly or revise any such forward-looking statements or
any forward-looking statements contained in any other documents whether as a
result of new information, future events or otherwise, except as required under
applicable law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rambler Metals & Mining Plc
George Ogilvie, P.Eng.
President and CEO
709-800-1929 or 709-800-1921
Rambler Metals & Mining Plc
Corporate Office
+44 (0) 20 8652-2700
+44 (0) 20 8652-2719 (FAX)
www.ramblermines.com
Cantor Fitzgerald Europe
Stewart Dickson / Jeremy Stephenson
+44 (0) 20 7894 7000
Blythe Weigh Communications
Tim Blythe / Halimah Hussain
+44 (0) 20 7138 3204
Ocean Equities Limited
Guy Wilkes
+44 (0) 20-7786-4370
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