TSX VENTURE: RRX
CALGARY, Nov. 15 /CNW/ - Ruby Red Resources Inc. ("Ruby Red" or the
"Corporation") announces preliminary results of its drilling program in the
Cranbrook area of British Columbia. The fall drill program was completed on
the Corporation's 100% owned Zeus property (319 metres), 100% owned Jacleg
property (181 metres) and 100% owned Loose Leg property (124 metres) for a
total of 624 metres. A number of mineralized intersections were encountered on
the various properties and are summarized below.
Management of Ruby Red is extremely encouraged by the preliminary results
of this program as the geology encountered in the drill holes is consistent
with the porphyry copper gold deposit model indications previously recognized
at the Zeus property. Mineralization encountered in the drill holes completed
on the Rockies properties also are indicative of a large mineralizing system
concurrent with the structural activity recognized by the Corporation's
exploration staff. All core has been logged and the zones of interest sampled
and sent for analysis to ALS Chemex in Vancouver. Assay results are expected
to be received by Ruby Red within the next four to six weeks.
ZEUS PROPERTY (Purcell's group)
Three holes were drilled on the Zeus property as a follow up to the
initial program completed earlier this year. The initial summer drilling, the
results of which were disclosed in a news release dated September 7, 2007,
returned significant copper (Cu) mineralization (0.63% Cu over 57 metres) in a
porphyry mineralization setting located within the Palmer Bar Fault system
(PBF). A total of 320 metres was completed on the property during the fall
program. Two targets, located 500 metres southwest and 1600 metres
south-southwest of the initial diamond drill hole (DDH), were drilled to test
a Cu in soil anomaly associated with a gabbro intrusive event and a silicified
gold (Au) at surface showing, respectively. Both targets are located on shear
features associated with the Palmer Bar fault system.
DDH Z-07-02 was collared to test the Cu in soil anomaly and intersected
the PBF in the upper part of the hole. Sections of the core are strongly
silicified and a few quartz veins are present. The upper part of the gabbro is
also sheared; the lower gabbro contact has a number of quartz veins. Below the
gabbro the middle Aldridge Formation is less altered but does include a few
quartz veins. Minor Cu mineralization as bornite and chalcopyrite are present
in some quartz veins and in small vugs along with pyrite. The hole was stopped
at 160 metres.
DDH Z-07-3 and DDH Z-07-4 were drilled to test a silicified Au at surface
showing. DDH Z-07-3 was collared at -45 degrees and encountered an 8 metre
wide zone of strong silicification which appears to be increasing in intensity
with depth. The zone includes four separate narrow galena bearing quartz veins
(the galena is considered favorable for Au). Immediately below the silicous
zone is a dolomite/quartz breccia with minor associated pyrite which is
strongly developed over 6.3 metres and then more weakly developed to the end
of the hole (an additional 19 metres) which ends at 68 metres.
DDH Z-07-4 was collared at -85 degrees from the same location to test
these zones at depth. The hole encountered these same two zones; the upper
quartz vein/silicified zone and the lower dolomite-quartz breccia. The zones
appear to be continuous with depth. Within the quartz vein zone there is some
strong argillic alteration not seen in the upper hole. The dolomite quartz
breccia is more intensely developed. An interval of 7.5 metres of healed
breccia where the matrix to brecciated dolomite appears as an intense
stockwork of fine grained quartz that has been milled thus giving evidence of
repeated brecciation. The hole terminated at 91 m.
The presence of a hydrothermal Au bearing carbonate breccia and intense
silicification is consistent with the porphyry model proposed for the Zeus
property as a distal component of the intrusive mineralizing system. The
increasing alteration and intense brecciation with depth is also consistent
with this model.
JACLEG/LOOSE LEG PROPERTIES (Rockies group)
A total of four holes were drilled on the two properties totaling
305 metres. Two targets were tested within a 15 kilometre long Au in soil
anomaly located parallel to the Rocky Mountain Trench (RMT) and is entirely
controlled by Ruby Red. The targets are structurally controlled Au and Cu
associated with Cretaceous felsic intrusive events. These structural targets
are cross faults associated with a large east verging recumbent to overturned
fold structure. The fold structure is cut by thrust faults and these thrusts
are cut by the targeted cross faulting. Syenite intrusive features occur
within both fault sets.
JL-07-01 targeted a Au/Cu/Cobalt (Co) soil anomaly along a east-northeast
cross fault feature (Lewis Creek Fault). The hole was drilled 40 metres
entirely within overburden and failed to reach bedrock.
JL-07-02 was targeted to test numerous Au/Cu showings proximal to the
east-northeast striking cross fault (Lewis Creek Fault) which transects the Au
in soil anomaly at 90 degrees. The DDH encountered mineralization as
disseminated chalcopyrite within Fort Steele quartzites (FSQ) at 11 metres
continuing to 30 metres. The hole continues into clean FSQ with minor
chalcopyrite mineralization and encounters the fault at 109 metres. The hole
terminates within a gabbroic intrusive at 141 metres.
LL-07-01 targeted a single Au and base metal mineralized cross fault
which hosts an extensive quartz vein breccia associated with a syenitic
intrusive. The DDH encountered minor quartz stockwork with associated
lead (Pb)/Cu mineralization and then terminated prematurely at 77 metres due
to lost circulation.
LL-07-02 attempted to test the same feature as LL-07-01 but failed to
reach the target zone due to lost circulation and a stuck core barrel. The
hole was abandoned with the core barrel down hole at a depth of 47 metres.
Ruby Red was formed to participate in the acquisition, exploration and
development of mineral claims in the Fort Steele Mining Division of British
Columbia for the purpose of exploring for precious and base metals. Ruby Red
hold 100% working interest in 135 mineral claims (approximately
40,000 hectares), all located within 35 kilometres of Cranbrook, B.C. in the
Purcell and Rocky Mountains.
Except for statements of historical fact, this news release contains
certain "forward-looking information" within the meaning of applicable
securities law. Forward-looking information is frequently characterized by
words such as "plan", "expect", "project", "intend", "believe", "anticipate",
"estimate" and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
anticipated in the forward-looking statements, which include but are not
limited to risks inherent in the mining industry, regulatory and economic
risks, and risks associated with the Company's ability to implement its
business plan. The Company undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions should
change except as required by law. The reader is cautioned not to place undue
reliance on forward-looking statements.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED, AND DOES NOT ACCEPT
RESPONSIBILITY FOR, THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Randall Tronsgard, Vice-President, Corporate
Development of Ruby Red, at (403) 770-1346, or 1-866-257-4337