VANCOUVER, Aug. 16, 2016 /CNW/ - Red Eagle Mining
Corporation (TSX-V: RD, OTCQX: RDEMF, SSE-V: RDCL) is pleased
to announce results from ongoing ore production stope delineation
drilling at the San Ramon Gold Mine, Santa Rosa Gold Project,
Antioquia, Colombia. The
results from the initial 5 holes (SRD-0001 to SRD-0005) were
previously announced. An additional 18 holes have been
completed (SRD-0006 to SRD-0023) with highlights including
intersections:
- SRD-0010 - 11.48m at 7.25 g/t Au from 100.50m down hole (incl.
1.89m at 19.05 g/t Au)
- SRD-0017 - 5.10m at 12.27 g/t Au from 93.90m down hole (incl.
1.46m at 29.94 g/t Au)
- SRD-0018 - 1.35m at 50.11 g/t Au from 71.85m down hole
- SRD-0020 - 10.60m at 4.22 g/t Au from 36.70m down hole (incl.
3.40m at 6.36 g/t Au)
- SRD-0021 - 0.80m at 168.91 g/t Au from 92.60m down hole
Results from the delineation drilling continue to exceed
expectations with intercepts significantly longer that the average
mining width of 3m and grades significantly higher than the reserve
grade of 5.2 g/t Au. For complete drilling results,
please see Table 1 – Drill Hole Intersections, Table 2 – Drill Hole
Specifications, Figure 1 and Figure 2 – Drill Hole Plans,
Figure 3 – Long Section and
Figure 4 and Figure 5 – Cross Sections. True widths are
estimated to be 70-90% of the intersections and vertical depths are
estimated to be 70-90% of the drilled depths reported below.
Drill assays were composited by length-weighted averaging into
intersections using a 2 g/t Au cut-off grade. Due to
the mining method and mining selectivity contemplated for the
deposit, internal dilution was included in some intersections where
considered appropriate for mining continuity. For photographs
of the drill core see Red Eagle Mining's photostream on flickr.
Quality Assurance and Quality Control
All technical information for Red Eagle Mining's Santa Rosa
Project in Antioquia, Colombia is
obtained and reported under formal quality assurance and quality
control (QA/QC) procedures and guidelines. Red Eagle Mining's
procedures are designed to meet or exceed C.I.M. "Best Practices
Guidelines" and National Instrument 43-101 standards of disclosure.
QA/QC protocols for drill core sampling and assaying include
the insertion and monitoring of appropriate reference materials
(certified standards, blanks and duplicates) to validate the
accuracy and precision of the assay results.
All drilling samples were collected with a diamond core drilling
rig using approximately one metre sample intervals following
industry standard practice. Activation Laboratories Ltd.
prepared and assayed the samples at their laboratory in
Medellin, Colombia. Fire
Assay for Au (using a 50 gram sample) with an AAS finish was
carried out routinely on all samples submitted. For all
samples which returned initial Au fire assays of greater than 5
g/t, a second Fire Assay for Au was performed (also using a 50 gram
sample) with a gravimetric finish.
The technical information contained in this news release has
been reviewed and approved by Red Eagle Mining's Vice President
Exploration, Jeff Toohey P.Eng., who
is a "Qualified Person" as defined under National Instrument
43-101.
About Red Eagle Mining
Red Eagle Mining is a well-financed gold exploration and
development corporation with an experienced mine development
team. Management is focused on building shareholder value
through discovering and developing gold projects with low costs and
low technical risks in Colombia, a
jurisdiction with prolific historic production but until recently
limited modern exploration. Red Eagle Mining owns 100% of the
Santa Rosa Gold Project, where construction is underway at the
fully permitted and fully financed San Ramon Gold Mine with
production expected to commence in the second half of 2016.
Red Eagle Mining also controls CB Gold which owns 100% of the Vetas
Gold and Santa Ana Silver Projects and is actively consolidating
additional high grade precious metal deposits in Colombia.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release includes
forward-looking statements that are subject to risks and
uncertainties. All statements within, other than statements
of historical fact, are to be considered forward looking.
Although Red Eagle Mining believes the expectations expressed
in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
There can be no assurances that such statements will prove
accurate and, therefore, readers are advised to rely on their own
evaluation of such uncertainties. We do not assume any
obligation to update any forward-looking statements. This news
release does not constitute an offer to sell or a solicitation of
an offer to sell any securities in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Red Eagle Mining Corporation