VANCOUVER, July 10, 2017 /CNW/ - Red Eagle Mining Corporation (TSX: R, BVL: R, OTCQX: RDEMF) is pleased to announce results to date from the on-going exploration drilling program at the 100% owned 100 km2 Santa Rosa Gold Project, Antioquia, Colombia. A total of 8,268 metres have been drilled in 22 core holes from eight widely-spaced platforms spread over several new target zones within a four square kilometer area to the west of the San Ramon Gold Deposit. The new targets are all located within five kilometres of the completed Santa Rosa Mill. Highlights from the program include the following intersections:
- PL-007 – 1.00m at 42.09 g/t Au from 119.30m down hole (Luis Bran zone)
- PL-007 – 0.55m at 73.47 g/t Au from 252.15m down hole (Luis Bran zone)
- PL-018 – 0.73m at 40.16 g/t Au from 202.37m down hole (Canada Rica zone)
- PL-020 – 0.50m at 29.20 g/t Au from 225.30m down hole (Guacamaya zone)
- PL-020 – 0.50m at 36.19 g/t Au from 397.65m down hole (Guacamaya zone)
- PL-021 – 0.50m at 26.40 g/t Au from 305.40m down hole (Guacamaya zone)
Results from the exploration drilling are very encouraging and confirm the existence of numerous high-grade gold veins distributed throughout the western sector of the large Santa Rosa Gold Project, and notably within trucking distance of the Santa Rosa Mill. The gold mineralized veins are hosted in competent granodiorite and extend to surface.
For complete drilling results, please see Table 1 – Drill Hole Intersections, Table 2 – Drill Hole Specifications. Figure 1 Drill Hole Plan, and Figure 2 Cross Section are available on Red Eagle Mining's website. Drill assays were composited by length-weighted averaging into intersections using a 2 g/t Au cut-off grade. For photographs of the drill core see Red Eagle Mining's flickr.
Quality Assurance and Quality Control
All technical information for Red Eagle Mining's Santa Rosa Gold Project is obtained and reported under formal quality assurance and quality control (QA/QC) procedures and guidelines. Red Eagle Mining's procedures are designed to meet or exceed C.I.M. "Best Practices Guidelines" and National Instrument 43-101 standards of disclosure. QA/QC protocols for drill core sampling and assaying include the insertion and monitoring of appropriate reference materials (certified standards, blanks and duplicates) to validate the accuracy and precision of the assay results.
All drilling samples were collected with a diamond core drilling rig using approximately one metre sample intervals following industry standard practice. Activation Laboratories Ltd. prepared and assayed the samples at their laboratory in Medellin, Colombia. Fire Assay for Au (using a 50 gram sample) with an AAS finish was carried out routinely on all samples submitted. For all samples which returned initial Au fire assays of greater than 5 g/t, a second Fire Assay for Au was performed (also using a 50 gram sample) with a gravimetric finish.
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President Exploration, Jeff Toohey P.Eng., who is a "Qualified Person" as defined under National Instrument 43-101.
About Red Eagle Mining
Red Eagle Mining is a gold producer focused on building shareholder value through acquiring, developing and operating gold projects in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration. Red Eagle Mining owns 100% of the Santa Rosa Gold Project, where the San Ramon Gold Mine has commenced production. Red Eagle Mining also controls Red Eagle Exploration Limited which owns 100% of the Vetas Gold, California Gold and Santa Ana Silver Projects and is actively consolidating additional high grade precious metal deposits in Colombia.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although Red Eagle Mining believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE Red Eagle Mining Corporation
For further information: on Red Eagle Mining Corporation please contact: Patrick Balit, Vice President Corporate Development, Red Eagle Mining Corporation, Suite 920 - 1030 West Georgia Street, Vancouver, BC, V6E 2Y3, +1 778 372 2558, +1 604 360 5722 mobile, [email protected], www.redeaglemining.com