Red Eagle Mining (RD.V) Intercepts 7.5 Metres at 4.24 Grams Gold Per Tonne in Oxides at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce the complete assay results from the Phase Three drill programme, which targeted the shallower oxide mineralisation at the San Ramon gold system, Santa Rosa project located in Colombia. 90% of drill holes in the Phase Three drill programme intercepted significant gold mineralisation. Highlights from the final 21 drill holes (SR-119 to SR-139) include intercepts:
•SR-120 - 15.4 metres at 1.67 g/t Au from 17.0 metres down hole
•SR-133 - 7.5 metres at 4.24 g/t Au from 45.6 metres down hole
•SR-135 - 4.7 metres at 3.12 g/t Au from 72.1 metres down hole
"Our completed Phase Three delineation drilling confirms strong gold mineralisation from surface in the oxidised material at San Ramon," comments Ian Slater, Chief Executive Officer. "With our recent $20 million financing completed we have now commenced drill testing the gold system down dip, where typically higher grades have been intercepted. Three rigs are turning with a fourth being mobilized."
Highlights from the previously released 53 holes (SR-066 to SR-118) from the Phase Three drill programme include intercepts:
•SR-068 - 11.6 metres at 2.74 g/t Au from 46.4 metres down hole
•SR-069 - 11.7 metres at 4.96 g/t Au from 68.4 metres down hole
•SR-071 - 29.2 metres at 0.80 g/t Au from 37.6 metres down hole
•SR-072 - 47.4 metres at 1.34 g/t Au from surface
•SR-073 - 16.0 metres at 1.71 g/t Au from 35.8 metres down hole
•SR-076 - 35.0 metres at 0.58 g/t Au from 5.2 metres down hole
•SR-080 - 38.5 metres at 0.51 g/t Au from 6.2 metres down hole
•SR-083 - 2.6 metres at 18.01 g/t Au from 69.0 metres down hole
•SR-093 - 5.7 metres at 3.78 g/t Au from 2.6 metres down hole
•SR-097 - 6.9 metres at 3.09 g/t Au from 13.7 metres down hole
•SR-108 - 3.4 metres at 8.75 g/t Au from 15.5 metres down hole
•SR-109 - 19.6 metres at 2.32 g/t Au from 9.7 metres down hole
•SR-110 - 28.4 metres at 1.96 g/t Au from surface
•SR-111 - 22.1 metres at 2.17 g/t Au from 13.2 metres down hole
•SR-112 - 23.7 metres at 2.09 g/t Au from 10.0 metres down hole
•SR-113 - 18.3 metres at 1.31 g/t Au from 19.0 metres down hole
The San Ramon structure trends east-west, dips 60°-70° to the north, extends over 1,800m, is up to 60m wide and is mineralised from surface. Phase One and Two drill intercepts from 18,000m averaged 2.1 g/t Au (using a 0.20 g/t Au lower cut and no upper cut) to a vertical depth of approximately 250m with mineralisation remaining open at depth. News flow over the coming months includes:
•Results from the current 17,000 metre Phase Four drill programme;
•NI 43-101 resource estimate (to be released December 2012); and
•Preliminary Economic Assessment (to be released Q1 2013).
Table 1 summarizes the significant (+0.20 g/t) uncut gold intercepts from Phase Three core drill holes SR-066 to SR-139 (see Figure 1 - Drill Hole Plan and Figure 2 - Long Section). Holes SR-066 to SR-118 have been previously released. True widths are estimated to be 70-90% of the intercepts and vertical depths are estimated to be 70-90% of the drilled depths reported below. Internal dilution within intercepts is limited to the inclusion of runs of no more than 6m below cut-off. Holes SR-66, 106, 107, 114, 115 and 125-127 did not intercept economic mineralisation. For pictures of the drill core see Red Eagle's photostream on flickr.
Table 1 - San Ramon Phase Three Drill Intercepts
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
SR-067
36.0
37.0
1.0
16.80
54.0
56.0
2.0
3.47
112.0
123.0
11.0
0.31
SR-068
46.4
58.0
11.6
2.74
SR-069
68.4
80.1
11.7
4.96
SR-070
0.0
3.0
3.0
0.86
41.0
58.0
17.0
1.02
SR-071
37.6
66.8
29.2
0.80
SR-072
0.0
47.4
47.4
1.34
incl.
43.2
44.0
0.9
20.70
SR-073
0.0
9.6
9.6
1.02
35.8
51.8
16.0
1.71
SR-074
0.0
16.4
16.4
0.54
33.7
42.2
8.5
0.50
SR-075
0.0
24.4
24.4
0.60
35.1
38.2
3.1
0.56
SR-076
5.2
40.2
35.0
0.58
SR-077
0.0
29.0
29.0
0.44
43.0
49.0
6.0
1.07
59.9
63.0
3.2
4.27
SR-078
0.0
39.6
39.6
0.41
48.7
60.2
11.5
0.46
SR-079
0.0
4.9
4.9
0.51
20.2
29.2
9.0
0.85
47.2
48.3
1.1
0.57
53.7
61.4
7.6
1.07
75.4
80.3
4.8
0.25
86.1
96.0
9.9
0.81
101.4
102.4
1.0
0.58
SR-080
6.2
44.7
38.5
0.51
SR-081
3.8
31.5
27.8
0.35
39.5
70.4
30.9
0.36
SR-082
24.9
36.3
11.5
0.49
50.2
63.0
12.8
0.99
SR-083
46.0
52.0
6.0
1.73
69.0
71.6
2.6
18.01
89.3
93.2
3.9
2.38
SR-084
3.0
11.2
8.3
0.51
35.7
37.2
1.5
0.74
SR-085
0.0
16.6
16.6
0.30
31.0
38.0
7.0
0.44
56.7
67.8
11.1
0.97
SR-086
0.0
1.8
1.8
1.00
13.8
28.9
15.1
0.33
SR-087
1.8
5.2
3.4
1.13
16.6
18.0
1.5
1.21
SR-088
4.4
19.8
15.5
0.37
28.8
43.2
14.4
0.75
71.1
73.4
2.3
5.01
SR-089
0.0
24.0
24.0
0.38
43.4
48.8
5.4
0.36
SR-090
0.2
15.4
15.2
0.27
29.8
34.0
4.3
3.06
SR-091
1.6
7.6
6.0
0.58
40.3
44.5
4.3
1.74
SR-092
1.6
6.7
5.1
1.01
26.0
27.9
1.9
5.20
SR-093
2.6
8.3
5.7
3.78
35.5
44.9
9.4
0.39
SR-094
2.0
5.9
4.0
0.22
SR-095
4.6
17.1
12.5
0.50
30.8
36.0
5.2
0.74
SR-096
0.8
16.7
15.9
0.68
SR-097
4.6
5.7
1.1
0.56
13.7
20.6
6.9
3.09
incl.
15.5
16.5
1.0
14.50
SR-098
8.0
9.0
1.0
0.70
SR-099
20.5
21.6
1.1
0.80
36.6
42.8
6.2
0.27
SR-100
3.2
7.9
4.7
0.31
26.6
28.1
1.5
1.86
SR-101
6.1
7.4
1.3
1.06
43.4
48.0
4.6
0.43
53.4
56.4
3.0
1.36
SR-102
6.9
9.4
2.5
0.51
27.0
51.6
24.6
0.31
SR-103
12.6
15.1
2.6
6.07
52.7
61.0
8.3
0.31
SR-104
33.3
42.6
9.3
1.01
SR-105
6.1
12.3
6.2
0.24
25.4
26.4
1.0
1.02
41.5
45.7
4.3
0.73
53.4
67.7
14.3
0.67
SR-108
5.3
9.6
4.3
0.59
15.5
18.9
3.4
8.75
SR-109
9.7
29.3
19.6
2.32
SR-110
0.0
28.4
28.4
1.96
SR-111
13.2
35.3
22.1
2.17
SR-112
10.0
33.7
23.7
2.09
incl.
10.0
11.1
1.2
31.20
SR-113
19.0
37.3
18.3
1.31
incl.
36.3
37.3
1.0
15.70
SR-116
4.9
18.8
14.0
0.61
SR-117
2.1
18.5
16.4
0.49
SR-118
2.4
6.1
3.7
0.31
14.3
17.6
3.3
0.40
23.5
31.5
8.0
0.27
SR-119
19.9
23.0
3.1
3.36
31.6
40.6
9.0
0.28
SR-120
17.1
32.5
15.5
1.67
SR-121
30.0
30.9
0.9
1.13
SR-122
1.5
10.0
8.5
0.57
20.1
24.4
4.3
0.47
SR-123
15.9
19.1
3.2
0.54
33.0
35.3
2.3
0.23
45.3
50.9
5.6
0.24
SR-124
8.1
10.7
2.6
4.23
SR-128
9.1
22.5
13.4
0.37
29.4
41.4
12.1
0.23
SR-129
10.9
25.6
14.7
1.00
SR-130
4.1
5.1
1.0
4.41
10.3
12.3
2.1
0.36
26.3
29.8
3.5
0.31
34.1
35.6
1.5
1.43
38.9
44.4
5.5
0.19
SR-131
22.9
27.2
4.3
0.42
38.1
50.2
12.1
1.55
SR-132
2.2
6.3
4.1
0.65
35.6
38.1
2.6
1.84
SR-133
12.2
13.5
1.3
2.43
45.6
53.1
7.5
4.24
SR-134
19.8
22.8
3.0
0.43
48.8
59.4
10.7
0.68
SR-135
31.4
32.8
1.4
1.05
61.5
62.7
1.2
1.60
72.1
76.9
4.8
3.12
SR-136
19.2
20.2
1.0
5.51
43.5
65.8
22.3
0.35
SR-137
18.0
24.8
6.9
0.53
46.4
47.5
1.1
1.55
SR-138
11.8
12.7
0.9
3.22
27.9
29.1
1.2
2.55
SR-139
16.3
23.3
7.0
0.28
Table 2 - Drill Hole Specifications
Hole
Easting
Northing
Elevation (m)
Azimuth
Dip
EOH (m)
SR-066
857972
1223165
2,498
180
-50
88
SR-067
857972
1223165
2,498
180
-75
127
SR-068
857928
1223151
2,473
180
-50
65
SR-069
857928
1223151
2,473
180
-75
85
SR-070
857870
1223160
2,469
180
-50
64
SR-071
857829
1223168
2,468
180
-50
70
SR-072
857876
1223133
2,476
180
-75
55
SR-073
857876
1223133
2,476
180
-90
52
SR-074
857478
1223121
2,518
0
-60
54
SR-075
857478
1223121
2,518
0
-75
61
SR-076
857764
1223149
2,478
180
-50
67
SR-077
857763
1223146
2,470
180
-70
73
SR-078
857723
1223168
2,473
180
-50
70
SR-079
857723
1223167
2,473
180
-75
104
SR-080
857675
1223175
2,480
180
-50
88
SR-081
857675
1223176
2,480
180
-70
98
SR-082
857627
1223191
2,464
180
-75
98
SR-083
857627
1223191
2,464
180
-50
112
SR-084
857573
1223180
2,465
180
-50
70
SR-085
857573
1223181
2,465
180
-75
96
SR-086
857589
1223141
2,479
10
-65
47
SR-087
857589
1223138
2,479
190
-50
87
SR-088
857507
1223182
2,468
180
-50
79
SR-089
857507
1223182
2,468
180
-70
49
SR-090
857434
1223162
2,475
180
-75
64
SR-091
857434
1223162
2,475
180
-50
52
SR-092
857393
1223159
2,481
180
-50
70
SR-093
857393
1223160
2,481
180
-75
56
SR-094
857344
1223144
2,489
180
-50
61
SR-095
857344
1223144
2,489
180
-70
61
SR-096
857295
1223139
2,491
180
-50
55
SR-097
857295
1223139
2,491
180
-70
53
SR-098
857247
1223146
2,500
180
-50
73
SR-099
857248
1223146
2,500
180
-70
72
SR-100
857214
1223162
2,496
180
-50
63
SR-101
857214
1223162
2,496
180
-80
72
SR-102
857162
1223178
2,485
180
-50
61
SR-103
857162
1223179
2,485
180
-75
76
SR-104
857123
1223204
2,457
180
-50
43
SR-105
857123
1223205
2,458
180
-60
81
SR-106
857123
1223205
2,458
180
-80
55
SR-107
857125
1223239
2,463
180
-50
69
SR-108
857006
1223174
2,485
180
-50
62
SR-109
857006
1223174
2,485
180
-70
64
SR-110
857038
1223178
2,485
180
-55
58
SR-111
857038
1223178
2,485
180
-70
61
SR-112
857084
1223184
2,471
180
-50
46
SR-113
857083
1223185
2,471
180
-70
46
SR-114
856949
1223149
2,505
180
-50
59
SR-115
856949
1223149
2,505
180
-70
27
SR-116
856893
1223173
2,492
180
-50
58
SR-117
856893
1223173
2,492
180
-70
59
SR-118
856851
1223195
2,483
180
-50
58
SR-119
856851
1223196
2,483
180
-70
67
SR-120
856808
1223210
2,473
180
-50
59
SR-121
856808
1223210
2,473
180
-70
71
SR-122
856772
1223220
2,467
180
-50
70
SR-123
856772
1223220
2,467
180
-70
79
SR-124
856718
1223210
2,455
180
-50
55
SR-125
856718
1223210
2,455
180
-70
50
SR-126
856674
1223219
2,449
180
-50
72
SR-127
856674
1223219
2,449
180
-70
53
SR-128
856603
1223206
2,472
180
-50
53
SR-129
856603
1223206
2,472
180
-70
71
SR-130
856554
1223210
2,491
180
-50
66
SR-131
856554
1223211
2,491
180
-70
71
SR-132
856509
1223215
2,514
180
-50
73
SR-133
856509
1223215
2,514
180
-70
56
SR-134
856458
1223228
2,527
180
-50
81
SR-135
856458
1223228
2,527
180
-70
91
SR-136
856406
1223228
2,524
180
-50
73
SR-137
856406
1223228
2,524
180
-70
67
SR-138
856360
1223243
2,491
180
-50
61
SR-139
856360
1223243
2,491
180
-70
61
Quality Control and Assurance (QC/QA)
All drill samples were collected with a diamond core drill rig using approximately one metre sample intervals of whole core and following standard industry practice. Acme Analytical Laboratories prepped and screened samples in Medellin, Colombia and assayed samples in Santiago, Chile. Gold values were determined by fire assay of a 50g charge at 250 mesh pulp with an AAS finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. The coarse crush split reject (<16mm) was retained for metallurgical testwork. 10% of a range of selected assays over 0.2 g/t Au, with an average of approximately 1.0 g/t Au were taken from the middling split reject and submitted for metallic screening analysis at 150 mesh pulp followed by fire assay and both AAS and gravimetric finish. Any discrepancies were reanalysed from the remaining middling reject by gravity concentration and acid digest. QC/QA included the insertion and continual monitoring of standards and blanks into 10% of the sample stream batches, along with check assays conducted at alternate accredited laboratories.
The scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson P.Geo., who is a "Qualified Person" as defined under National Instrument 43-101.
About Red Eagle Mining
Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced mine development team. Red Eagle Mining is currently developing the 390 km² Santa Rosa gold project located in Colombia. Santa Rosa is an intrusive hosted structurally-controlled quartz stockwork system within the prolific Cretaceous Antioquia Batholith. Gold mining within the Santa Rosa project pre-dates the 16th century when an estimated 30 million tonnes were mined. Santa Rosa is located 70km north of Medellin near the town of Santa Rosa de Osos in a region characterized by gently rolling hills and excellent infrastructure. Santa Rosa is also located approximately 30km west of AngloGold Ashanti's Gramalote gold deposit (2.5 million ounce M&I resource grading 0.8 g/t Au) and 40km east of Continental Gold's Buritica gold deposit (1.6 million ounce M&I resource grading 13.6 g/t Au). Red Eagle Mining also holds an extensive package of exploration ground in Colombia, including the Pavo Real project in the Mid-Cauca gold belt.
