Red Eagle Exploration Limited (TSX-V:XR)
(“
XR”) is pleased to announce new high-grade gold
and silver discoveries at the Los Andes Zone of the California Gold
Project in Santander, Colombia.
- Prospecting and sampling has identified three new exploration
targets;
- Vein samples averaged 25.32 g/t Aueq over 0.39 meters at Mina
Los Andes and 8.37 g/t Au, 1,081 g/t Ag (22.38 g/t Aueq) and 0.88%
Cu over 0.85 meters at the Jesus Garcia tunnel;
- Mineralization continues into the wallrock;
- Only tested with a single drill hole historically; and
- Located 450 metres southeast of Mubadala’s Soto Norte Project’s
Pie De Gallo Zone and 700 metres southwest of their La Mascota
Zone.
|
Table 1 - Results by Mineralization Style |
Area |
Style |
Samples |
HorizontalWidth (m) |
Au (g/t) |
Ag (g/t) |
Aueq* |
Cu (%) |
Zn (%) |
Mina Los Andes |
All |
33 |
Unknown |
3.30 |
149 |
5.24 |
NSR |
0.23 |
|
Vein |
7 |
0.39 |
15.07 |
791 |
25.32 |
NSR |
0.82 |
|
Wallrock |
26 |
Unknown |
1.15 |
31 |
1.56 |
NSR |
0.12 |
Los Andes Sur |
All |
11 |
Unknown |
6.80 |
226 |
9.75 |
NSR |
0.58 |
|
Vein |
2 |
0.85 |
8.37 |
1,081 |
22.38 |
0.88 |
1.11 |
Santa Catalina Sur |
All |
3 |
Unknown |
4.41 |
61 |
5.21 |
NSR |
NSR |
*Aueq calculated assuming $17.50 per ounce Ag and
$1,300 per ounce Au |
|
At La Mina de Los Andes all underground channel
sampling returned a length-weighted average grade of 5.24 g/t Aueq.
Seven samples from zones of quartz veining returned an
average grade of 25.32 g/t Aueq over 0.39 meters with the wallrock
returning an average grade of 1.56 g/t Aueq. See Figure 1 for
sample locations. A previous operator, Galway Resources, may
have intercepted the continuation of this zone along strike in
drill hole GWY234 which returned 8.33 g/t Aueq over 5 metres at a
depth of 224.5 metres. The true width of this reported
intercept is unknown.
At Los Andes Sur sample results averaged 9.75
g/t Aueq. A composite of two channel samples across a
sulphide bearing vuggy quartz-alunite vein returned average grades
of 8.37 g/t Au, 1,081 g/t Ag (22.38 g/t Aueq) and 0.88% Cu over
0.85 meters. In addition, a surface chip sample returned 32.7
g/t Aueq. The gold mineralization is hosted in typical
high-sulphidation epithermal veins.
Santa Catalina Sur was located by prospecting an
area with known artisanal mine workings. Three chip samples
averaged 5.21 g/t Aueq.
All three exploration targets are open along
strike and at depth. XR is carrying out trenching and soil
sampling to better define the mineralized zones, prioritizing
targets for underground diamond drilling as soon as possible.
The true thicknesses of the mineralized zones are unknown as
insufficient work has been completed to interpret their
geometry.
Underground and surface rock chip samples were
collected in panels 15-20 centimetres wide and of variable vertical
extent over areas determined by styles of mineralization (vein or
silicified wall-rock breccia). Underground samples were
collected from the vein material in the back of the underground
drift with footwall and hangingwall samples collected on either
side of the vein wherever possible.
Sample preparation was performed at the
Asomineros sample preparation laboratory in Vetas, Colomiba. The
sample preparation laboratory has been audited by Actlabs and XR.
Analytical work was performed by ActLabs of Medellin, Colombia a
certified commercial laboratory. During sampling, quality control
standards, field duplicates and blanks were inserted in to the
sample batches to monitor analytical and sample preparation
laboratory performance; all consistent with industry best
practice. Rock chip samples have undergone sample preparation
consisting of crushing to 80% passing 10 mesh, and pulverization to
85% passing 200 mesh. Gold analyses are conducted via Fire Assay
Fusion with AA finish, and gravimetric analyses are completed for
over-limit (> 5g/t) samples. Silver assays are conducted via
Agua Regia digest with an ICP finish.
The technical information contained in this news
release has been reviewed and approved by XR’s Vice President
Exploration, David G. Thomas, P. Geo., who is a “Qualified Person”
as defined under NI 43-101.
About the California Gold Project
The California Gold Project comprises 250
hectares within the prolific California-Vetas Gold District,
Santander, Colombia, which also contains the multi-million ounce La
Mascota, La Bodega and Angostura gold deposits. The
gold-silver-copper mineralization in the California Gold Project is
part of the same large mineralizing system localized along a
regional northeast-trending fault zone. Mineralization occurs
in northeast, northwest and east-west striking, generally steeply
dipping fault structures containing high grade veins up to two
metres in width. Vein mineralogy includes enargite, pyrite,
chalcopyrite and sphalerite. Elevation ranges from 2,400 to
2,700 metres above sea level, far below the Paramo boundaries.
The Machuca and Los Andes Zones are located
approximately 300 to 450 metres south and southeast of the Pie De
Gallo Zone which hosts an Indicated mineral resource of 2.4 Mt
grading 5.5 g/t Au containing 425,000 ounces gold and an Inferred
mineral resource of 3.85 Mt grading 5.4 g/t Au containing 670,000
ounces gold1 and 700 to 850 metres southwest of the La Mascota zone
which hosts an Inferred mineral resource of 18.7 Mt grading 4 g/t
Au containing 2.4 million ounces of gold.2 Both the Pie De
Gallo and La Mascota Zones are part of Mubadala’s Soto Norte
Project which was originally purchased from Ventana Gold, Calvista
Gold and Galway Resources.
XR is advancing the California Gold Project
toward economic feasibility by the delineation of high-grade vein
resources exploitable by modern underground mining methods.
Underground mapping of existing mine workings and underground
channel sampling are currently underway, prioritizing targets for
underground diamond drilling as soon as possible.
About Red Eagle Exploration
XR is a precious metals exploration and
development corporation majority owned by gold producer Red Eagle
Mining Corporation. XR has an experienced exploration and
mine development team focused on building shareholder value through
acquiring and de-risking high grade gold and silver projects with
low costs and low technical risks in Colombia, a jurisdiction with
prolific historic production but until recently limited modern
exploration. XR owns 100% of the Vetas Gold, California Gold
and Santa Ana Silver Projects, which consist of numerous historic
and existing mines and where exploration is currently underway to
delineate high-grade vein resources exploitable by modern
underground mining.
For further information, please contact David
Thomas, Vice President Exploration or:
Patrick BalitVice President Corporate DevelopmentSuite 2348 –
666 Burrard StreetVancouver, BC, V6C 2X8+1 778 372
2558balit@redeaglemining.com
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1 Technical Report “Resources California Gold-Silver Project“
dated October 25, 2012 available under Galway Resources Ltd.’s
SEDAR profile.
2 Technical Report “Preliminary Assessment La Bodega Project”
dated November 8, 2010 available under Ventana Gold Corp.’s SEDAR
profile.
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