TIDMRMM
RNS Number : 2108J
Rambler Metals & Mining PLC
27 June 2017
27 June 2017
Rambler Commences Exploration Drill Program
Targeting Depth Extension & Mine Exploration Update
London, England - Newfoundland and Labrador, Canada - Rambler
Metals and Mining plc (TSXV: RAB, AIM: RMM) ("Rambler" or "the
Company"), a copper and gold producer, explorer, and developer is
pleased to announce the commencement of a surface diamond drilling
program targeting the depth extension of both the Lower Footwall
Zone ('LFZ') and high grade Ming Massive Sulphides ('MMS'). In
addition, the Company is providing an update on its in-mine
exploration activities since August 2016.
Exploration Update
-- A directional surface drilling program has been initiated on
the Company's Lower Footwall Zone ('LFZ'). This program will test
up to one kilometer beyond the current known mineralized trend. The
new drill program will test the down plunge trend of the LFZ
between depths of 1,200 meters and 1,800 meters below sea
level.
-- Drilling contractors have been mobilized onsite with the
program expected to continue over the next six to eight months.
-- Since August 2016 the Company has completed 5,680 meters of
new drilling in the Ming Massive Sulphide ('MMS').
-- New drilling into the Ming North Zone ('MNZ') has shown
continued mineralization at depth. This zone was the primary mining
horizon for the historic operation; however, it remains largely
unexplored at depth. This zone, while part of the MMS package, is
not included in any of the Company's mineral resource or reserve
estimates and with more drilling could potentially be a new source
of high grade massive sulphides for the operation. Ming North Zone
drilling highlights include (See Table 1 and Note 1 below for
further details):
R17-675-04: 4.00 m of 3.17% Cu with 6.56 g/t Au
R17-675-05: 21.00 m of 3.10% Cu with 1.13 g/t Au
R17-675-07: 17.97 m of 2.79% Cu with 1.73 g/t Au
Norman Williams, President and CEO, commented:
"The Ming mine's exploration drilling strategy is twofold.
Primarily, there is a focus to replace high grade massive sulphide
reserves mined during a given year. To date, we have been
successful in maintaining this reserve replacement; however, we are
now fortunate to be developing into new areas of the mine that are
directly down plunge from historical mining fronts. With further
development and exploration these areas could potentially prove to
become a source of high grade material along the same horizon as
other lenses now being mined.
"The next exploration strategy includes a focused diamond
drilling program from surface targeting six intercepts along the
Lower Footwall Zone mineralized trend. The goal of this surface
drill program is to extend the plunge length of the Lower Footwall
Zone by one kilometer while targeting an inferred mineral resource.
This exploration will also provide further insight as the Company
continues to work on a potential Phase III production scenario. The
planned drill program is anticipated to continue over the remainder
of the year and project updates will be provided as information
becomes available."
Lower Footwall Zone Surface Exploration
A directional surface drilling program has been initiated with
six holes to test approximately one kilometer of the Lower Footwall
Zone's ('LFZ') mineralized trend, down-plunge. Previous exploration
by Rambler has shown that the LFZ is open at depth with grades and
thickness improving with depth. The new surface drill program will
test the LFZ between depths of 1,200 meters and 1,800 meters below
sea level.
With the LFZ surface exploration program we also anticipate
intersections of high grade massive sulphides down plunge of
currently planned mining areas of the Ming South Zone ('MSZ'). If
all new surface drill holes are successful, the MSZ could
potentially be extended up to 600 meters. The MSZ was the last
mining front for the historic operation, however, up until now
there has been little new mining in this area by Rambler. A
significant extension to this zone could further strengthen the
Company's ongoing blending strategy for the operation.
The drilling contractors have been mobilized onsite with the
first diamond drill hole down approximately 500 meters. The drill
program, as planned, is expected to continue over a six to eight
month period with the first LFZ intersection planned between 1,200
to 1,400 meters down hole.
MING Massive Sulphide EXPLORATION
Massive sulphide exploration within the mine is designed to
replace any reserves extracted during a given year. Since August
2016, the Company has completed 5,680 meters of new drilling in the
MMS which has extended the 1807 Zone by an additional 200 meters
down plunge. Since commercial production in 2012 Rambler has been
mining the 1807 Zone, almost exclusively, through the replacement
of any material mined through exploration. The 2017 exploration
drill program has again been successful in achieving this goal with
the 1807 Zone still open at depth.
New drilling into the Ming North Zone down dip has confirmed the
continuation of copper rich massive sulphides at depth.
Chalcopyrite and sphalerite stringers were also noted in the
footwall immediately below the massive sulphides. This zone was the
primary mining horizon for the historic operation however remains
largely underexplored at depth. A surface drill program in 2003,
interpreted to be the extension of the previously mined MNZ,
intersected mineralization in RM03-02 at 1,140 meters, returning
4.1 meters of 3.0 % Cu with 2.8 g/t Au. The recent drilling is
adjacent to existing development and covered an area approximately
90 meters along strike by 90 meters down dip. However, the distance
from the deepest 2017 drill hole to the RM03-02 intersection is
approximately 450 meters down dip. This zone is not currently
included in any of the Company's mineral resource or reserve
estimates and could potentially be a new source for high grade
massive sulphides. Having access to multiple zones of high grade
material could be transformational for the operation while adding
new flexibility for the blending strategy. With further underground
development in the area, new diamond drilling will be planned to
test the extents of the zone. Further exploration updates will be
provided over the coming months as information becomes
available.
Table 1 - Highlighted Significant Assay Results During 2017
(See Note 1 below for further details)
Drill Hole ZONE From To Length Copper Gold
(m) (m) (m) (%) (g/t)
------------ ----------- ------- ------- ------- ------- -------
R17-660-01 1807 Zone 98.28 100.60 2.32 2.10 5.78
------------ ----------- ------- ------- ------- ------- -------
R17-660-02 1807 Zone 87.90 97.40 9.50 1.83 4.08
------------ ----------- ------- ------- ------- ------- -------
R17-660-03 1807 Zone 84.70 91.00 6.30 2.81 4.94
------------ ----------- ------- ------- ------- ------- -------
R17-660-05 1807 Zone 161.00 164.84 3.84 1.28 3.35
------------ ----------- ------- ------- ------- ------- -------
R17-660-07 1807 Zone 175.24 194.10 18.86 1.46 2.56
------------ ----------- ------- ------- ------- ------- -------
R17-660-10 1807 Zone 71.90 73.72 1.82 3.57 2.17
------------ ----------- ------- ------- ------- ------- -------
R17-660-11 1807 Zone 48.63 49.83 1.20 2.31 6.90
------------ ----------- ------- ------- ------- ------- -------
R17-660-14 1807 Zone 66.45 69.02 2.57 3.02 2.80
------------ ----------- ------- ------- ------- ------- -------
R17-660-16 1807 Zone 126.10 128.13 2.03 2.78 4.03
------------ ----------- ------- ------- ------- ------- -------
R17-660-18 1807 Zone 153.31 155.89 2.58 1.92 2.31
------------ ----------- ------- ------- ------- ------- -------
R17-660-19 1807 Zone 160.96 164.56 3.60 2.06 3.55
------------ ----------- ------- ------- ------- ------- -------
R17-675-01 MNZ 26.00 27.60 1.60 4.67 0.95
------------ ----------- ------- ------- ------- ------- -------
R17-675-04 MNZ 15.00 19.00 4.00 3.17 6.56
------------ ----------- ------- ------- ------- ------- -------
R17-675-05 MNZ 44.00 65.00 21.00 3.10 1.13
------------ ----------- ------- ------- ------- ------- -------
Including MNZ 57.90 64.00 6.10 7.30 1.93
------------ ----------- ------- ------- ------- ------- -------
R17-675-06 MNZ 22.00 25.50 3.50 3.85 3.82
------------ ----------- ------- ------- ------- ------- -------
R17-675-07 MNZ 66.15 84.12 17.97 2.79 1.73
------------ ----------- ------- ------- ------- ------- -------
R17-675-08 MNZ 34.00 45.20 11.20 2.72 0.78
------------ ----------- ------- ------- ------- ------- -------
R17-675-09 MNZ 31.00 34.06 3.06 1.96 2.43
------------ ----------- ------- ------- ------- ------- -------
R17-675-10 MNZ 46.70 48.11 1.41 6.70 8.07
------------ ----------- ------- ------- ------- ------- -------
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development company that in November
2012 brought its first mine into commercial production. Rambler has
a 100 per cent ownership in the Ming Copper-Gold Mine, a fully
operational base and precious metals processing facility and year
round bulk storage and shipping facility; all located on the Baie
Verte peninsula, Newfoundland and Labrador, Canada.
Rambler's ongoing Phase II plans are to increase mine and mill
production to 1,250 mtpd by mid calendar 2017. This initial
expansion has been fully funded through CEII's investment. Rambler
will also continue advancing engineering studies on ore
pre-concentration (DMS) and shaft rehabilitation with a view to
further increase production to 2,000 mtpd at the Ming Mine. In
addition, Rambler has initiated a detailed study at the mill with a
goal to increase the gold recovery and production rate in the
copper concentrator.
Along with the Ming Mine, Rambler also owns 100 per cent of the
former producing Little Deer/ Whales Back copper mines and has
strategic investment in the former producing Hammerdown gold
mine.
Rambler is dual listed in London under AIM:RMM and in Canada
under TSX-V:RAB.
For further information, please contact:
Norman Williams, Peter Mercer
CPA,CA Vice President, Corporate
President and CEO Secretary
Rambler Metals & Rambler Metals & Mining
Mining Plc Plc
Tel No: 709-800-1929 Tel No: +44 (0) 20
Fax No: 709-800-1921 8652-2700
Fax No: +44 (0) 20
8652-2719
Nominated Advisor Investor Relations
(NOMAD)
David Porter, Craig Nicole Marchand Investor
Francis Relations
Cantor Fitzgerald Tel No: 416- 428-3533
Europe Nicole@nm-ir.com
Tel No: +44 (0)
20 7894 7000
Website: www.ramblermines.com
Larry Pilgrim, P.Geo., is the Qualified Person responsible for
the technical content of this release and has reviewed and approved
it accordingly. Mr. Pilgrim is an independent consultant contracted
by Rambler Metals and Mining Canada Limited. Tonnes referenced are
dry metric tonnes unless otherwise indicated.
Note 1: Results reported are accurate and reflective as of the
date of release. The Company performs regular auditing and
reconciliation reviews on its processes following which past
results may be adjusted to reflect any changes. Core lengths can
vary depending on the angle the drill hole intersects the
mineralized body. True widths are estimate to range between 40% -
80% of core lengths.
Neither TSX Venture Exchange nor its Regulation Service Provider
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via Regulatory Information Service
('RIS'), this inside information is now considered to be in the
public domain.
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including
information relating to future financial or operating performance
and other statements that express the expectations of management or
estimates of future performance constitute "forward-looking
statements". Such forward-looking statements include, without
limitation, statements regarding copper, gold and silver forecasts,
the financial strength of the Company, estimates regarding timing
of future development and production and statements concerning
possible expansion opportunities for the Company. Where the Company
expresses or implies an expectation or belief as to future events
or results, such expectation or belief are based on assumptions
made in good faith and believed to have a reasonable basis. Such
assumptions include, without limitation, the price of and
anticipated costs of recovery of, copper concentrate, gold and
silver, the presence of and continuity of such minerals at modeled
grades and values, the capacities of various machinery and
equipment, the availability of personnel, machinery and equipment
at estimated prices, mineral recovery rates, and others. However,
forward-looking statements are subject to risks, uncertainties and
other factors, which could cause actual results to differ
materially from future results expressed, projected or implied by
such forward-looking statements. Such risks include, but are not
limited to, interpretation and implications of drilling and
geophysical results; estimates regarding timing of future capital
expenditures and costs towards profitable commercial operations.
Other factors that could cause actual results, developments or
events to differ materially from those anticipated include, among
others, increases/decreases in production; volatility in metals
prices and demand; currency fluctuations; cash operating margins;
cash operating cost per pound sold; costs per ton of ore; variances
in ore grade or recovery rates from those assumed in mining plans;
reserves and/or resources; the ability to successfully integrate
acquired assets; operational risks inherent in mining or
development activities and legislative factors relating to prices,
taxes, royalties, land use, title and permits, importing and
exporting of minerals and environmental protection. Accordingly,
undue reliance should not be placed on forward-looking statements
and the forward-looking statements contained in this press release
are expressly qualified in their entirety by this cautionary
statement. The forward-looking statements contained herein are made
as at the date hereof and the Company does not undertake any
obligation to update publicly or revise any such forward-looking
statements or any forward-looking statements contained in any other
documents whether as a result of new information, future events or
otherwise, except as required under applicable security law
This information is provided by RNS
The company news service from the London Stock Exchange
END
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