Rambler and Thundermin Commence Drilling
6 February 2014
Rambler and Thundermin Commence Diamond
Drilling at the Little Deer Copper Project
London, England & Baie Verte, Newfoundland and Labrador - Rambler Metals and Mining plc, a Newfoundland copper and gold producer, explorer and developer (TSXV: RAB, AIM: RMM) ('Rambler' or 'the Company') today announces, with its 50/50 joint venture partner Thundermin Resources Inc. ('Thundermin')(TSXV:THR), that an initial 3,800 metre diamond drilling program has commenced on the Little Deer Copper Deposit ('Little Deer') located in north-central Newfoundland, Canada.
The primary purpose of this drill program, which will focus on the higher grade, eastern portion of the Little Deer deposit, is to increase the mineral resources outlined to date and to further upgrade the inferred resources to the indicated resource category. Improving the confidence level of the National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for Little Deer is required prior to undertaking a pre-feasibility study.
Certain holes in the current program will be targeted to expand the mineral resources in the Little Deer Footwall Zone Splay, estimated to contain 797,000 tonnes grading 2.64 per cent copper (46.4 million lbs of the total 129.1 million lbs of contained copper in the deposit, see NI43-101 Technical report dated 26 July 2012).
Norman Williams, President and CEO, commented:
"We are pleased to have the diamond drills now turning on this exciting prospect with our new joint venture partner Thundermin. While the project itself boasts a healthy 129.1 million pounds of contained copper metals it is important that the infill diamond drilling be completed before advancing the project through more detailed engineering and economic analysis.
"With Thundermin being the operators of the Little Deer project it allows us to continue focusing our own time and resources on delivering revenue and cash flow from the Ming Mine operation."
ABOUT LITTLE DEER & WHALESBACK
The Little Deer copper Project, located in north-central Newfoundland, is a 50-50 joint venture with Thundermin, the project operator. Since 2007 approximately CAD$8 million has been invested into the property including 55,000 metres of diamond drilling, scoping level metallurgical test work, NI43-101 mineral resource estimates and a Preliminary Economic Assessment ("PEA").
The project includes the past-producing Little Deer and Whalesback underground copper mines which operated during the 1960's and 1970's. A Cornerstone and Thundermin press release, dated 26 July 2012, outlined a NI43-101 resource estimate for Little Deer and Whalesback containing combined Indicated Resources of 2,708,000 tonnes grading 2.16 per cent copper (129.1 million pounds of copper) and Inferred Resources of 4,191,000 tonnes grading 2.07 per cent copper (191.3 million pounds of copper).
The planned work program consists of infill diamond drilling to upgrade any Inferred Resources to an Indicated or Measured Resource category in order to further advance the project's engineering studies. Good opportunities also exist to expand the mineral resources at both deposits.
The Little Deer Project is located less than 140 kilometres from the Company's Nugget Pond base and precious metals processing facility and only 30 kilometres from the Goodyear's Cove Port Facility.
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. Rambler has strategic investments in Maritime Resources Corp. (TSXV:MAE), Marathon Gold Corporation (TSX:MOZ) and has a 50/50 joint ventured partnership Thundermin Resources Inc. (TSXV:THR) on the Little Deer Project.
Rambler is dual listed in London under AIM:RMM and in Canada under TSX-V:RMM.
For further information, please contact:
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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 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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