Little Deer Drilling Update
22 May 2014
Rambler's JV Partner Provides an Update on
Diamond Drilling at the Little Deer Copper Deposit
London, England & Baie Verte, Newfoundland and Labrador, Canada -Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ('Rambler' or the 'Company'), a copper and gold producer operating in Newfoundland and Labrador, Canada, today provides an update on the diamond drilling at the Little Deer Project through its Joint Venture partner Thundermin Resources Inc. (TSXV:THR) ('Thundermin').
Thundermin Resources Inc. ("Thundermin") (THR:TSX-V) and 50% joint venture partner Rambler Metals and Mining Canada Limited ("Rambler") (RAB:TSX-V; RMM:AIM) announce that they have intersected 2.9% Cu over 3.4 m and 3.8% Cu over 2.0 m, 2.1% Cu over 2.6 m, and 2.3 % Cu over 6.2 m in two separate drill holes on the Little Deer Copper Deposit ("Little Deer") located approximately 10 kilometres north of Springdale in north-central Newfoundland (see Table 1 and Figure 1).
Table 1: Little Deer Drill Results (2014)
|
Hole No. |
NAD 83 UTM Zone 21 |
Dip (˚) |
Az (˚) |
From (m) |
To (m) |
Interval (m)* |
Cu (%) |
|
|
East (m) |
North (m) |
|||||||
|
LD-14-63 |
571,149 |
5,492,702 |
-58.2 |
327.5 |
800.5 |
803.9 |
3.4 |
2.9 |
|
and |
|
|
|
|
819.0 |
819.7 |
0.7 |
1.9 |
|
and |
|
|
|
|
886.6 |
887.2 |
0.6 |
1.9 |
|
|
|
|
|
|
|
|
|
|
|
LD-14-63A |
571,149 |
5,492,702 |
-58.2 |
327.5 |
763.3 |
766.3 |
3.0 |
1.0 |
|
and |
|
|
|
|
775.2 |
777.7 |
2.5 |
1.0 |
|
|
|
|
|
|
|
|
|
|
|
LD-14-64 |
571,149 |
5,492,702 |
-52.6 |
327.6 |
729.6 |
732.6 |
3.0 |
1.0 |
|
|
|
|
|
|
|
|
|
|
|
LD-14-64A |
571,149 |
5,492,702 |
-52.6 |
327.6 |
723.3 |
724.3 |
1.0 |
0.9 |
|
|
|
|
|
|
|
|
|
|
|
LD-14-65 |
571,174 |
5,492,756 |
-51.2 |
329.3 |
206.5 |
208.5 |
2.0 |
3.8 |
|
and |
|
|
|
|
414.8 |
417.4 |
2.6 |
2.1 |
|
and |
|
|
|
|
629.6 |
630.0 |
0.4 |
8.0 |
|
and |
|
|
|
|
635.3 |
641.5 |
6.2 |
2.3 |
|
|
|
|
|
|
|
|
|
|
|
LD-14-66 |
571,189 |
5,492,780 |
-57.7 |
327.9 |
409.5 |
409.8 |
0.3 |
2.4 |
|
and |
|
|
|
|
678.5 |
679.5 |
1.0 |
1.5 |
Notes:
1)* The reported copper intersections are core lengths. The true thicknesses of the various copper intersections are highly variable due to the stringer nature of the mineralization.
2) The "A" suffix in the drill hole number indicates a wedge hole.
The recently completed 3,800 metre drill program, which was designed to increase the mineral resources outlined to date and to further upgrade the inferred resources to the indicated resource category in the eastern portion of the deposit, consisted of four new holes and two wedge holes. Holes LD-14-63, 63A and 65 all intersected the Little Deer Main Zone. Hole LD-14-65 also intersected two new copper zones higher in the hole grading 3.8% Cu over 2.0 m, from 206.5 m to 208.5 m down the hole, and 2.1% Cu over 2.6 m, from 414.8 to 417.4 down the hole. These two new copper zones were intersected within a previously unknown, large chlorite alteration zone and their lateral and depth extent is unknown at the present time. Holes LD-14-64, 64A and 66 appear to have been "dyked out" as they all intersected minor amounts of copper mineralization within intensely chlorite altered mafic volcanic rocks, within the expected area of the Little Deer Main Zone, before intersecting thick sections of gabbroic dyke.
John B. Heslop, President and Chief Executive Officer of Thundermin said "we are generally pleased with the results of the current drill program and continue to define continuity of the copper mineralization between wide-spaced, historical drill holes. We have intersected various dykes in previous drilling but not generally within the copper mineralization. We are currently compiling the recent drill information and selecting additional holes to be drilled in order to improve the confidence level of the National Instrument 43-101 ("NI 43-101") compliant resources at Little Deer prior to undertaking a pre-feasibility study. In particular, we would like to confirm and expand the mineral resources in the Little Deer Footwall Zone Splay that is estimated to contain 797,000 tonnes ("t") grading 2.64% copper (see news release dated June 22, 2011).
The Little Deer Copper Project hosts the Little Deer and Whalesback copper deposits. On June 22, 2011 and July 26, 2012, NI 43-101 compliant mineral resource estimates, which were undertaken by P&E Mining Consultants Inc. ("P&E") of Toronto, Ontario, were announced for Little Deer and Whalesback, respectively. P&E estimated that Little Deer contains indicated resources of 1,911,000 t at an average grade of 2.37% Cu (99.8 million lbs. Cu) and additional inferred resources of 3,748,000 t at an average grade of 2.13% Cu (176.0 million lbs. of Cu). P&E estimated that Whalesback contains indicated resources of 797,000 t grading 1.67% Cu (29.3 million lbs. Cu) and inferred resources of 443,000 t grading 1.57% Cu (15.3 million lbs. Cu). On a combined basis, Little Deer and Whalesback are estimated to contain indicated resources of 2,708,000 t grading 2.16% Cu (129.1 million lbs. Cu) and inferred resources of 4,191,000 t grading 2.07% Cu (191.3 million lbs. Cu). A complete summary of the mineral resources outlined to date on the Little Deer Copper Project can be found on Thundermin's website, in news releases and on SEDAR.
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development Company that in November 2012 brought its first mine into commercial production. The group 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.
The Company's Vision is to be Atlantic Canada's leading mine operator and resource developer through growth and expansion of its existing assets; discovering new deposits; strategic partnerships; mergers and acquisitions. In addition to the Ming Mine, Rambler has strategic investments in the former producing Hammerdown gold mine Little Deer/ Whales Back copper mines and the advanced Valentine Lake Gold Project.
Rambler is dual listed in London under AIM:RMM and in Canada under TSX-V:RMM.
For further information, please contact:
|
Norman Williams, CA President and CEO Rambler Metals & Mining Plc Tel No: 709-800-1929 Fax No: 709-800-1921 |
Peter Mercer Corporate Secretary Rambler Metals & Mining Plc Tel No: +44 (0) 20 8652-2700 Fax No: +44 (0) 20 8652-2719 |
|
|
|
|
Stewart Dickson / Jeremy Stephenson Cantor Fitzgerald Europe Tel No: +44 (0) 20 7894 7000 |
Tim Blythe/ Camilla Horsfall Blytheweigh Tel No: +44 (0) 20 7138 3204 |
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.
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.
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
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