Red Eagle Mining Intercepts 35.5 Metres at 2.28 Grams Gold Per Tonne at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce additional assay results received from the recently completed 24 hole, 5,400m phase two core drill program at the San Ramon gold system located within the Santa Rosa gold project in Colombia. Assays have now been received for 10 holes with assays pending on 14 holes (SR-052 to SR-065). The additional results show strong gold mineralisation over significant intervals in core drill holes SR-044, SR-045A, SR-047 and SR-048, with the most significant intercept being in hole SR-045A of 35.5 metres at 2.28 grams gold per tonne. This follows an intercept of 66.9 metres at 3.06 grams gold per tonne in hole SR-042 reported in the news release dated June 13, 2012 (http://redeaglemining.com/news/?pg=1&nyy=2012&nid=35), covering assays on the first two holes of phase two.
Table 1 summarizes significant (+0.20 g/t) uncut gold intercepts from phase two core drill holes SR-041 to SR-051 [see Figure 1 (http://redeaglemining.com/siteFiles/89/files/maps-lg/Stage1_San_Ramon_Drill_Map_June_2012Large.jpg) Drill Hole Plan and Figure 2 (http://redeaglemining.com/siteFiles/89/files/maps-lg/SR_SE_Sector_Long_Section_Schematic_22June12-Large.jpg) Long Section] of which the latest assays are for holes SR-043 to SR-051. Internal dilution within intercepts is limited to the inclusion of runs of no more than 6m below cut-off.
Table 1 - San Ramon Drill Intercepts (*previously reported)
| Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) | | SR-041* | 68.40 | 75.40 | 7.00 | 1.96 | | incl. | 74.90 | 75.40 | 0.50 | 22.10 | | 113.00 | 147.60 | 34.60 | 0.63 | | incl. | 146.50 | 147.60 | 1.10 | 8.35 | | SR-042* | 138.70 | 205.60 | 66.90 | 3.06 | | incl. | 184.00 | 190.00 | 6.00 | 31.85 | | SR-044 | 213.90 | 247.90 | 34.00 | 0.71 | | SR-045A | 115.60 | 117.60 | 2.00 | 6.87 | | 147.00 | 182.50 | 35.50 | 2.28 | | incl. | 149.90 | 151.40 | 1.50 | 28.26 | | incl. | 173.90 | 175.80 | 1.90 | 14.36 | | SR-047 | 147.00 | 149.00 | 2.00 | 0.52 | | 162.00 | 168.00 | 6.00 | 0.44 | | 174.00 | 223.00 | 49.00 | 1.08 | | incl. | 180.00 | 181.00 | 1.00 | 11.70 | | incl. | 220.00 | 223.00 | 3.00 | 6.10 | | SR-048 | 114.80 | 125.90 | 11.10 | 1.77 | | incl. | 116.80 | 117.80 | 1.00 | 14.40 | | SR-049 | 127.00 | 131.80 | 4.80 | 6.14 | | SR-050 | 88.20 | 89.20 | 1.00 | 1.31 | | 95.20 | 98.60 | 3.40 | 1.21 | Holes SR-043, SR-046, SR-049 and SR-051 were drilled to test the western extent of the structure and as expected did not return economically significant results. The exception was hole SR-049, which returned an intercept of 4.8m at 6.14 g/t Au, indicating that the structure may extend along strike to the west, possibly pinching to narrower widths in places but with higher grades, which is encouraging for underground mining evaluation below and outside the potential open pit.
"Our drilling at San Ramon continues to deliver confirmation of a robust mineralised system containing numerous high grade gold intercepts and long intervals," comments Ian Slater, Chief Executive Officer. "Assays are pending on another 14 holes from phase two and phase three drilling is continuing through the summer."
The San Ramon structure trends east-west, dips 60°-70° to the north, extends over 1,800m, is up to 60m in width and is exposed at surface. Wide-spaced drilling intercepts from phase one averaged approximately 1.2 g/t Au to a vertical depth of over 250m. The mineralisation extends to surface where channel sampling has also averaged approximately 1 g/t Au. The 2012 work program for San Ramon includes the phase two core drill program (24 holes totaling 5,400m), a phase three core drill program in the near surface oxides over the entire known gold mineralisation which has just commenced (36 holes totaling an estimated 5,000m), preparation of a NI 43-101 resource and a preliminary metallurgical test work programme.
Table 3 - Drill Hole Specifications
| Hole | Easting | Northing | Elevation (m) | Azimuth | Dip | EOH (m) | | SR-041 | 857796 | 1223267 | 2445 | 180 | -45 | 178 | | SR-042 | 857796 | 1223267 | 2455 | 180 | -70 | 239 | | SR-043 | 856191 | 1223330 | 2462 | na | -90 | 194 | | SR-044 | 857907 | 1223294 | 2470 | 180 | -65 | 290 | | SR-045A | 857694 | 1223258 | 2454 | 180 | -75 | 199 | | SR-046 | 856191 | 1223330 | 2462 | 180 | -80 | 162 | | SR-047 | 857604 | 1223297 | 2450 | 180 | -70 | 264 | | SR-048 | 857918 | 1223229 | 2467 | 180 | -45 | 151 | | SR-049 | 856204 | 1223390 | 2478 | 180 | -45 | 148 | | SR-050 | 857605 | 1223231 | 2464 | 175 | -45 | 169 | | SR-051 | 856204 | 1223390 | 2478 | 180 | -75 | 227 | Quality Control and Assurance
All drill samples were collected with two diamond drill rigs using approximately one metre sample intervals 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 30g charge with an AA finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. 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 |
