New High-Grade Mineralization
13 January 2022
Rambler Discovers New High-Grade Mineralization in the Lower Footwall Zone
London, England & Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (AIM: RMM) ("Rambler" or "the Company"), a copper and gold producer, explorer and developer provides an update to its on-going underground diamond drill program at the Ming Copper-Gold Mine, Baie Verte, Newfoundland and Labrador, Canada.
The current 510L drill program is testing a previous intersection in an under-drilled area outside of the "low-grade" shell of the interpreted Lower Footwall Zone ("LFZ"). Following an initial discovery hole (R21-510-01) returning 42 meters grading greater than 2% copper, six more holes were added to further define the extent of the mineralization. See Figure 1 for a plan view of the new drilling, Figure 2 for a drill section and Table 1 for complete new assay results. Going forward, this new zone east of the main LFZ zone has been named the LP East zone ("LPEZ").
DRILL "HIGHLIGHTS":
LP East Zone ("LPEZ") Drilling Program Targeting 510-585 LFZ
§ R21-510-01
· 42.00m @ 2.07% Cu - LP East
· 4.00m @ 2.45% Cu - LP East
§ R21-510-02
· 13.00m @ 1.52% Cu - LP East
§ R21-510-03
· 5.00m @ 1.84% Cu - LP East
§ R21-510-04
· 23.92m @ 3.44% Cu - LP East
· 5.64m @ 2.31% Cu - LP East
§ R21-510-05
· 31.09m @ 2.87% Cu - LFZ/LP East
§ R21-510-06
· 16.00m @ 1.88% Cu - LP East
§ R21-510-07
· 14.00m @ 1.54% Cu - LP East
Toby Bradbury, President and CEO, commented:
"The continued success of our exploration and infill drilling programs provides additional confidence in the resource we have in the ground at the Ming Mine. The diamond drilling completed throughout 2021 has now infilled all production areas for the next 18 months, giving us some breathing room to test exploration targets in addition to continuing the on-going infill drill program.
It is particularly important that the new discovery described in this release, the LP East zone, while lying outside the previously interpreted high-grade shell of the LFZ, is very close to current workings. The discovery opens up new targets for exploration all along the currently modelled zone, both up dip and down dip. The LP East zone has the potential to add flexibility and optionality to the near-term production profile of the mine for minimal capital development time and cost.
This relatively limited drilling program further highlights the exploration potential that exists at Ming Mine. We have a series of further exploration targets which we aim to advance in 2022."
The 510-585L LP East Zone
To date, the LPEZ program has discovered and defined a new mineralized zone with a vertical height of approximately 100 meters ("m") and a horizontal width of approximately 80 m. The recent drilling has shown significant potential to continue expanding the zone both up and down plunge. R21-510-07 is particularly encouraging as it demonstrates the new potential for mineralization outside of even the low-grade limit of the modelled LFZ resource shape. Rambler is excited by these initial drill results and will continue to drill this zone and explore for others like it during 2022.
To view Figure
1: Plan view of LP East Zone drilling from 510L, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/3840Y_1-2022-1-13.pdf
To view Figure
2: 510L LP East Zone drilling intersections, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/3840Y_2-2022-1-13.pdf
Table 1: Details of 510l LP East Zone drilling intersections
|
Hole ID |
From (m) |
To (m) |
Width (m) |
Copper (%) |
Zone |
Assay Lab |
|
R21-510-01 |
33.00 |
75.00 |
42.00 |
2.07 |
LP East |
Nugget Pond |
|
incl |
33.00 |
40.00 |
7.00 |
4.64 |
LP East |
Nugget Pond |
|
and |
62.00 |
66.00 |
4.00 |
2.45 |
LP East |
Nugget Pond |
|
and |
69.00 |
73.00 |
4.00 |
2.45 |
LP East |
Nugget Pond |
|
|
|
|
|
|
|
|
|
R21-510-02 |
29.00 |
34.00 |
5.00 |
1.76 |
LP East |
Nugget Pond |
|
|
44.00 |
57.00 |
13.00 |
1.52 |
LP East |
Nugget Pond |
|
incl |
44.00 |
46.00 |
2.00 |
3.43 |
LP East |
Nugget Pond |
|
|
|
|
|
|
|
|
|
R21-510-03 |
17.00 |
19.00 |
2.00 |
1.65 |
LP East |
Nugget Pond |
|
|
22.00 |
27.00 |
5.00 |
1.84 |
LP East |
Nugget Pond |
|
|
31.00 |
33.00 |
2.00 |
2.03 |
LP East |
Nugget Pond |
|
|
51.00 |
55.00 |
4.00 |
1.65 |
LP East |
Nugget Pond |
|
|
|
|
|
|
|
|
|
R21-510-04 |
19.42 |
47.92 |
28.50 |
3.23 |
LP East |
Nugget Pond |
|
incl |
19.42 |
22.00 |
2.58 |
3.23 |
LP East |
Nugget Pond |
|
and |
24.00 |
34.00 |
10.00 |
3.14 |
LP East |
Nugget Pond |
|
and |
36.00 |
47.92 |
11.92 |
4.20 |
LP East |
Nugget Pond |
|
|
|
|
|
|
|
|
|
R21-510-05 |
16.91 |
48.00 |
31.09 |
2.87 |
LFW/LP East |
Nugget Pond |
|
incl |
23.00 |
36.00 |
13.00 |
3.89 |
LFW/LP East |
Nugget Pond |
|
|
97.00 |
100.00 |
3.00 |
1.60 |
LP East |
Nugget Pond |
|
|
|
|
|
|
|
|
|
R21-510-06 |
10.00 |
14.00 |
4.00 |
1.24 |
LP East |
Nugget Pond |
|
|
20.00 |
36.00 |
16.00 |
1.88 |
LP East |
Nugget Pond |
|
|
|
|
|
|
|
|
|
R21-510-07 |
21.00 |
35.00 |
14.00 |
1.54 |
LP East |
Nugget Pond |
|
incl |
26.00 |
28.00 |
2.00 |
2.84 |
LP East |
Nugget Pond |
|
and |
32.00 |
35.00 |
3.00 |
2.05 |
LP East |
Nugget Pond |
|
|
75.00 |
79.00 |
4.00 |
1.26 |
LP East |
Nugget Pond |
|
|
85.00 |
92.58 |
7.58 |
2.34 |
LP East |
Nugget Pond |
|
incl |
91.00 |
92.58 |
1.58 |
4.53 |
LP East |
Nugget Pond |
|
|
111.00 |
113.00 |
2.00 |
1.94 |
LP East |
Nugget Pond |
Notes:
- Intercept widths are measured down-hole; true width of reported intervals is between 70% and 85% of the down-hole width, except for holes 4 & 5 for which true widths range from 45 - 55% of the downhole widths.
The drilling program for the Ming Mine is being run under the supervision of Mark Ross, P. Geo., who is a qualified person as defined by NI43-101.
All drilling reported in this release was completed by an independent contractor with BQ-sized diamond core (36.5 mm diameter). Logging and sampling of diamond drill core is completed on site by Rambler geologists who ship samples daily, using Rambler vehicles and drivers, to the Company's own laboratory for copper assay by standard x-ray fluorescence ("XRF") methodology. As part of its QA/QC program 10% of all samples processed are sent for duplicate analysis at an accredited external lab using standard XRF methodologies. >5% of all assays complete by the Nugget Pond Lab are sent to external labs for third party confirmation.
Tim Sanford, P.Eng., is the Qualified Person responsible for the technical content of this release and has reviewed and approved it accordingly. Mr. Sanford is an employee of Rambler Metals and Mining Canada Limited. Tim Sanford consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. Tim Sanford has sufficient experience, relevant to the style of mineralization and type of deposit under consideration and to the activity that he is undertaking, to qualify as a "competent person" as defined by the AIM rules.
Tonnes referenced are dry metric tonnes unless otherwise indicated; unless otherwise noted all figures are quoted in $USD.
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'), incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside is now considered to be in the public domain.
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% 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 focus is to regain its production profile at 1,350 metric tonnes per day at 2% copper in the course of 2021 and evaluate expansion opportunities from that base.
Along with the Ming Mine, Rambler also owns 100% of the former producing Little Deer and Whales Back copper mines.
Rambler is listed in London under AIM:RMM.
For further information, please contact:
Toby Bradbury President and CEO Rambler Metals & Mining Plc Tel No: +1 (709) 800 1929 Fax No: +1 (709) 800 1921 | Eason Chen CFO Rambler Metals & Mining Plc Tel No: +1 (709) 800 1929 Fax No: +1 (709) 800 1921 | Tim Sanford, P. Eng. VP & Corporate Secretary Rambler Metals & Mining Plc Tel No: +1 (709) 532 5736 Fax No: +1 (709) 800 1921 |
Nominated Advisor (NOMAD) |
|
|
Ewan Leggat, Caroline Rowe SP Angel Corporate Finance LLP Tel No: +44 (0) 20 3470 0470 |
|
|
|
|
|
Website: www.ramblermines.com
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.
APPENDIX 1 - Glossary of Select Geological and Mining Terms
Term Definition
''Au'' gold
"Ag" silver
''concentrate'' in general, the saleable product resulting from crushing and grinding of mined ore in a processing plant along with concentration to remove impurities. Base metal operations can produce copper, lead and/or zinc concentrates
''Cu'' copper
''cut-off'' lowest grade of mineralised material considered economic, used in the calculation of ore reserves. Also used in reserve estimation, meaning all material higher than the given grade
''down plunge'' the direction within a rock mass indicated by linear features such as mineral lineation, fold axes or direction of maximum strain caused by deformation
''Footwall Zone'' or ''LFZ'' a mineralised zone beneath a geological feature such as a fault, another mineralised zone or bed
''grade'' relative quantity or the percentage of ore mineral or metal content in an ore body
"Inferred Mineral Resource" that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. It has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
''Indicated Mineral Resource'' that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed ''massive sulphide'' occurrence of a concentrated mass of sulfide mineral such as pyrite, sphalerite or chalcopyrite in one place, as opposed to their being disseminated or occurring in vein
''Measured Mineral Resource'' that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced
''Mineral Resource'' a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form that there are reasonable prospects for eventual economic extraction. Mineral resources are sub-divided, in order of increasing confidence, into Inferred, Indicated and Measured categories
''mineralised'' containing or impregnated with minerals
''National Instrument 43-101'' provides standards of disclosure for mineral projects in Canada. It is a legal requirement in Canada for all oral and written disclosure of scientific or technical information on mineral deposits
''ore'' rock that can be mined and processed at a profit
''oz'' troy ounce (=31.103 grammes)
''Probable Mineral Reserves'' measured and/or indicated mineral resources which are not yet proven, but where technical economic studies show that extraction is justifiable at the time of the determination and under specific economic conditions
''Proven Mineral Reserves'' measured mineral resources, where technical economic studies show that extraction is justifiable at the time of the determination and under specific economic conditions
''reserve'' that part of a resource that can be mined at a profit under reasonably expected economic conditions
''resource'' mineralised body for which there is sufficient sampling information and geological understanding to outline a deposit of potential economic merit
''stringer'' a thin, discontinuous mineral vein or rock layer
''sulphide'' a mineral containing sulphur in its non-oxidised form
''t'' a metric tonne
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