Red Back (RBI.TO) drills 15.8m 15.2g/t gold at Akwaaba
2006-03-21 13:27 ET - News Release
Mr. Richard Clark reports
Red Back Mining Inc. has completed a nine-hole, 2,385-metre drill program at Akwaaba, the southernmost of the planned Chirano open pits. The program targeted a high-grade, north-plunging shoot that has the potential to provide easily accessible, high-grade material that could be introduced early into the existing mine schedule.
To date, drilling has identified high-grade gold mineralization extending 225 metres down-plunge from the base of the proposed open pit. Mineralization remains open.
Results of the remaining four holes to be reported (holes CHRC725D to CHRC728D) are in the following table. Highlights include hole CHRC728D, which returned 15.8 metres grading 15.2 grams per tonne (g/t) Au including 5.45 metres grading 31.19 g/t Au. For completeness, the table contains the previously reported results as well (news in Stockwatch dated Jan. 6, 2006).
AKWAABA DRILL RESULTS
Hole ID From To Interval Grade
(metres) (g/t Au)
Previously
reported
CHRC709D 181 197.6 16.60 5.70
incl. 183 189 6.00 9.40
CHRC710D 199.4 203 3.60 7.00
212 225.8 13.80 3.64
CHRC711D 188 189.8 1.90 11.20
204 209.5 5.50 10.20
CHRC712D 224 239 15.00 2.40
incl. 237 239 2.00 8.30
CHRC713D 200.7 210.1 9.40 4.50
incl. 206.1 208.1 2.00 12.10
224 246 22.00 7.66
incl. 241 246 5.00 17.48
New results
CHRC725D 258 262 4.00 4.70
266.9 273 6.10 5.48
CHRC726D 235 248 13.0 7.22
263 267 4.00 1.45
275 295 20.0 4.75
CHRC727D 261 265 4.00 5.63
268.2 270.1 2.90 1.84
284.8 291.7 6.90 7.98
308.8 318 9.20 6.16
320 338 18.0 5.36
CHRC728D 158.5 174.3 15.8 15.20
incl. 168 173.45 5.45 31.19
A further program of 7,000 metres of infill reverse-circulation (precollars) and diamond drilling has now commenced at Akwaaba, with a preliminary underground resource evaluation targeted for mid-2006. This will form the basis of a scoping study to assess the timing and parameters of a shallow underground mining operation at Akwaaba.
Commenting on the results at Akwaaba, Richard Clark, president and chief executive officer of the company, stated: "This latest drill program has confirmed that Akwaaba has the real potential to deliver high-grade underground ounces to the Chirano operation. These ounces could materially affect the economics of the mine and mine life. Consequently, the early development of underground production at Akwaaba is a high priority for the company. With the success at Akwaaba, we have commenced a program to test the other Chirano open pits for high-grade mineralization at depth."
Elsewhere at Chirano, follow-up drilling has commenced on the Abodoabo prospect, five kilometres north of the plant site, where drilling in January, 2006, returned up to 23 metres grading 2.8 g/t gold. This initial drilling intersected mineralization over a strike length of 750 metres. The current program will continue toward establishing a resource definition.
The technical contents of this release have been reviewed by Hugh Stuart, BSc, MSc, a qualified person pursuant to National Instrument 43-101. Mr. Stuart is the exploration manager of the company. Selected samples from this lab are check assayed each month. Samples are prepared and analyzed by fire assay using a 50-gram charge at the Analabs facility in Bibiani, Ghana, in compliance with industry standards. Field duplicate samples are taken and blanks and standards are added to every batch submitted. Selected samples from this lab are check assayed each month at other Analabs laboratories worldwide. True widths are not accurately known at this time; in some cases they may be less than the core lengths reported.
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