Marathon Continues to Succeed with Drilling
24 March 2014
Marathon continues to succeed with drilling at the Sprite Area
2.53 g/t Au over 16.5 True Thickness, 2.24 g/t Au over 12 meters (TT)
London, England & Baie Verte, Newfoundland and Labrador - 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 announces that Marathon Gold Corp. (TSX:MOZ) ('Marathon') has provided a diamond drilling update on its 100% owned Valentine Lake Project. Rambler has a strategic investment in Marathon.
The highlights of the release have been included below. Additional information on Marathon and the Valentine Lake Project can be found on their website at www.marathon-gold.com.
TORONTO, ON - March 24, 2014 - Marathon Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) today announced the intersection of new wide intervals of near-surface QTP-gold mineralization during exploration drilling in the Sprite Area of the Valentine Lake Project (Figure 1). This latest drilling has delineated additional wide intervals of good grade in near surface gold mineralization over a strike length of more than 500 meters. Drilling is expanding the new gold mineralization at the Sprite Area which is open both along strike and down dip.
Highlights include:
· Near surface intercepts of 2.53 g/t Au over 16.5 meters (TT) including 10.92 g/t Au over 0.83 meters (TT) and 14.12 g/t Au over 1.65 meters (TT) in VL-14-549.
· Near surface intercepts of 2.24 g/t Au over 12.0 meters (TT) including 8.01 g/t Au over 2.4 meters (TT) in VL-14-551.
· Intercepts of 1.69 g/t Au over 24.0 meters (TT) including 11.04 g/t Au over 1.2 meters (TT) in VL-14-552.
· The current area of exploration step-out drilling covers 550 meters of a more than 1 kilometer long by up to 250 meter wide gold mineralized corridor which was identified during the 2013 prospecting program.
· 14 holes with assays are pending
· Planning is underway for the summer 2014 exploration program, including continued exploration and resource development at the Sprite, Frank and Marathon Areas and the Victory Gold Deposit.
"The Sprite Area was a new exploration prospect when we began drilling this year and it has already developed into both an advanced exploration and a resource development target. The Sprite area which includes the Sprite Zone adjoins the Leprechaun Gold Deposit. The Sprite Area is under-explored with respect the Leprechaun Deposit, which hosts most of the properties gold resources. The proximity of Sprite to the Leprechaun Deposit makes it an important focus for systematic exploration this year" said Phillip Walford, President and CEO of Marathon. "The Valentine Lake property has all the elements to be Newfoundland's next Gold Camp."
TABLE 1: Significant Assay Intervals from drill holes VL-14-545 to VL-14-552, Sprite Zone
|
DDH* |
Section |
From(m) |
To (m) |
Core Length (m) |
TT (m) ** |
Gold(g/t) Uncut |
|
VL-14-545 |
12370 |
47.5 |
55 |
7.5 |
6.0 |
0.60 |
|
including |
|
53.5 |
55 |
1.5 |
1.2 |
2.25 |
|
VL-14-548 |
11780 |
4.62 |
7.5 |
2.9 |
2.2 |
0.70 |
|
VL-14-549 |
11950 |
24 |
54 |
30.0 |
16.5 |
2.53 |
|
including |
|
39 |
40.5 |
1.5 |
0.8 |
10.92 |
|
including |
|
48 |
51 |
3.0 |
1.7 |
14.12 |
|
VL-14-551 |
12250 |
11 |
26 |
15.0 |
12.0 |
2.24 |
|
including |
|
18.5 |
21.5 |
3.0 |
2.4 |
8.01 |
|
VL-14-552 |
12290 |
6 |
9 |
3 |
2.4 |
1.31 |
|
|
|
28.5 |
31.5 |
3 |
2.4 |
0.55 |
|
|
|
55.5 |
58.5 |
3 |
2.4 |
0.71 |
|
|
|
67.5 |
70.5 |
3 |
2.4 |
0.92 |
|
|
|
91.5 |
94.5 |
3 |
2.4 |
3.21 |
|
|
|
112.5 |
142.5 |
30 |
24.0 |
1.69 |
|
including |
|
112.5 |
114 |
1.5 |
1.2 |
11.04 |
*No significant assay intervals in VL-14-546, 547 and 550.
** (TT) - denotes True Thickness
Figure 1: Location map of Sprite Zone showing the collar position of VL-14-545 to VL-14-552, and 2013 prospecting and channel samples, and alteration corridor.
Click on, or paste the following link into your web browser to view Figure 1:
http://www.rns-pdf.londonstockexchange.com/rns/9917C_1-2014-3-24.pdf
Sherry Dunsworth, M.Sc., P. Geo., VP of Exploration, Marathon's Qualified Person, has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.
All of the samples were fire assayed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland and Labrador, Canada.
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:
|
Peter Mercer Vice President and Corporate Secretary Rambler Metals and Mining Tel No: 709-800-1929 Fax No: 709-800-1921 |
Rambler Metals & Mining Plc Corporate Office Fax No: +44 (0) 20 8652-2719 |
|
|
|
|
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|
Stewart Dickson / Jeremy Stephenson Cantor Fitzgerald Europe Tel No: +44 (0) 20 7894 7000 |
Tim Blythe/Halimah Hussain Blythe Weigh Communications Tel No: +44 (0) 20 7138 3204 |
Guy Wilkes Ocean Equities Limited Tel No: +44 (0) 20-7786-4370 |
Website: www.ramblermines.com
Larry Pilgrim, P.Geo., is the Qualified Person for Rambler Metals and Mining plc. Mr. Pilgrim is an independent consultant contracted by Rambler Metals and Mining Canada Limited.
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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