VANCOUVER, Dec. 3, 2015 /CNW/ - Red Eagle Mining
Corporation (TSX-V: RD, OTCQX: RDEMF, SSE-V: RDCL) is pleased
to highlight the past exploration work at the Vetas Gold Project
("Vetas") located in Santander, Colombia, conducted by CB Gold Inc. ("CB
Gold") between 2009 and 2013. Red Eagle Mining holds 51%
of CB Gold which owns 100% of the Vetas Gold Project. All the
directors and officers of CB Gold have recently been replaced by
Red Eagle Mining appointees.
Past diamond drilling results from Vetas highlight the excellent
potential for high-grade gold and silver vein mineralization,
including, among a multitude of other highly encouraging
intersections:
- 325 g/t (9.5 oz/t) Au over 2.09 metres;
- 507 g/t (14.8 oz/t) Au over 0.74 metres;
- 370 g/t (10.8 oz/t) Au over 0.82 metres;
- 228 g/t (6.7 oz/t) Au over 1.13 metres;
- 104 g/t (3.0 oz/t) Au over 2.45 metres; and
- 235 g/t (6.9 oz/t) Au over 1.03 metres.
Vetas lies within the prolific Vetas-California gold province, a
belt of low to intermediate sulphidation epithermal gold-silver
occurrences. The project is located near the village of
Vetas, an historic mining community, approximately 45 kilometres
northeast of the city of Bucaramanga. The deposits at the
Vetas Gold Project comprise several systems of narrow high-grade
Au-Ag veins striking northeast and northwest, with moderate to
steep dips. The area has a long history of gold mining dating
back to at least the seventeenth century, however there was no
modern exploration at Vetas prior to that commenced by CB Gold in
September 2009.
Between November 2010 and
November 2013 CB Gold completed a
total of 71,035 metres of diamond drilling in 162 holes from
surface platforms. Highly encouraging results were returned
from several of the known vein systems distributed throughout the
project area, including:
- 177 intersections with grades in excess of 5 g/t (0.15 oz/t)
Au;
- 100 intersections with grades in excess of 10 g/t (0.3 oz/t)
Au; and
- 33 intersections with grades in excess of 30 g/t (0.9 oz/t) Au.
For the 177 intersections with grades in excess of 5 g/t Au, the
length-weighted average grades are 30 g/t (0.9 oz/t) Au combined
with 52 g/t (1.5 oz/t) Ag. Individual intersections range in
length from 0.30 metres up to 3.87 metres and notably average 1.03
metres. Due to the steep topographic relief, multiple fanned
drill holes were collared from each of several individual platforms
and in most holes the intersected lengths may not represent true
vein thicknesses.
Red Eagle Mining plans to advance the Vetas Gold Project toward
economic feasibility by the delineation of high-grade vein
resources exploitable by underground mining methods. This
work will initially involve compiling existing data, detailed
underground mapping of existing mine workings, detailed underground
channel sampling and prioritizing targets for subsequent drifting
and underground diamond drilling.
Table 1 – Vetas Drill Intersections > 30 g/t Au
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
AR-062
|
162.32
|
163.06
|
0.74
|
506.69
|
89.70
|
AR-068
|
199.00
|
200.00
|
1.00
|
34.75
|
46.70
|
AR-070
|
245.05
|
245.70
|
0.65
|
79.00
|
19.80
|
RM-003
|
90.30
|
90.92
|
0.62
|
35.10
|
61.10
|
RM-005
|
200.20
|
201.16
|
0.96
|
30.90
|
10.05
|
RM-006
|
232.37
|
233.37
|
1.00
|
33.50
|
4.70
|
RM-006
|
247.15
|
247.83
|
0.68
|
33.90
|
2360.00
|
RM-017
|
135.63
|
136.60
|
0.97
|
109.00
|
15.05
|
RM-022
|
277.00
|
277.80
|
0.80
|
34.60
|
21.40
|
RM-031A
|
198.88
|
200.82
|
1.94
|
42.25
|
11.71
|
RM-042
|
50.15
|
51.08
|
0.93
|
66.79
|
21.90
|
RM-046
|
31.32
|
33.41
|
2.09
|
325.11
|
26.20
|
RM-046
|
143.83
|
145.23
|
1.40
|
80.24
|
1.75
|
RM-049
|
32.00
|
33.52
|
1.52
|
56.76
|
7.70
|
RM-053
|
214.88
|
215.73
|
0.85
|
40.12
|
38.40
|
RM-056
|
147.70
|
148.99
|
1.29
|
96.63
|
0.05
|
RM-064
|
429.18
|
429.93
|
0.75
|
42.45
|
200.00
|
RM-075
|
30.80
|
31.83
|
1.03
|
81.94
|
12.60
|
RM-075
|
44.38
|
45.20
|
0.82
|
369.94
|
44.60
|
RM-081
|
231.83
|
235.70
|
3.87
|
35.86
|
17.88
|
RM-088
|
82.42
|
83.15
|
0.73
|
49.09
|
17.00
|
RM-091
|
405.10
|
405.96
|
0.86
|
93.55
|
41.10
|
RM-097
|
167.64
|
169.07
|
1.43
|
36.41
|
19.40
|
RM-119
|
98.20
|
99.33
|
1.13
|
227.56
|
31.70
|
RM-119
|
124.33
|
125.39
|
1.06
|
35.86
|
8.30
|
RM-119
|
264.63
|
265.66
|
1.03
|
234.88
|
33.60
|
RM-121
|
217.90
|
220.35
|
2.45
|
104.26
|
28.10
|
RM-128
|
62.90
|
64.17
|
1.27
|
32.41
|
5.40
|
RM-128
|
100.90
|
101.90
|
1.00
|
175.90
|
22.00
|
RM-135
|
71.25
|
72.45
|
1.20
|
82.92
|
12.40
|
RM-143
|
100.95
|
102.10
|
1.15
|
57.99
|
10.70
|
RM-156
|
271.52
|
272.70
|
1.18
|
57.10
|
4.80
|
SI-080
|
167.30
|
168.18
|
0.88
|
72.34
|
43.90
|
Quality Assurance and Quality Control
CB Gold used industry standard best practice quality control
procedures during collection of drill core data, including the
insertion of commercial certified control samples, sample blanks,
and duplicates to monitor the accuracy and precision of their
analytical results.
From October 29, 2009 until
July 25, 2011 samples were sent to
ALS laboratories sample preparation laboratory in Bogota, Colombia, where they were dried,
crushed, split and pulverized. Subsequently, 250g pulps were
sent to ALS' laboratory in Lima,
Peru, for analyses. From August
28, 2011 to July 24, 2013
samples were sent to the ACME laboratories sample preparation
laboratory in Medellin, Colombia
where they were dried, crushed, split and pulverized.
Subsequently, 250g pulps were sent to ACME's laboratory in
Vancouver, British Columbia, for
analyses.
The drill core samples were analyzed for a 34 element suite,
including Au and Ag, by ICP-MS. All samples with Au results
in excess of 0.075 ppm were sent for full metallic screen fire
assay. Samples identified by the logging geologists to
contain visible gold or otherwise thought to contain high-grade
mineralization were automatically sent for full metallic screen
fire assay with an AA finish. If the metallic screen minus
fraction was in excess of 10 ppm Au, then a gravimetric finish was
also completed.
ACME and ALS Chemex are independent laboratories accredited to
ISO 17025 by the Standards Council of Canada for a number of specific test
procedures, including: fire assay for gold and silver with atomic
absorption and gravimetric finish; multi-element inductively
coupled plasma optical emission spectroscopy; and atomic absorption
assays for silver, copper, lead and zinc.
The technical information contained in this news release has
been reviewed and approved by Red Eagle Mining's Vice President of
Exploration, Jeff Toohey P.Eng., who
is a Qualified Person as defined under NI 43-101.
About the Vetas Gold Project
Vetas lies within the prolific Vetas-California gold province, a
belt of low to intermediate sulphidation epithermal gold-silver
occurrences. The project is located near the village of
Vetas, approximately 45 kilometres northeast of the city of
Bucaramanga, comprising of ten mining titles totaling an area of
352 hectares.
The geological setting of Vetas is the Santander Massif in the
Eastern Cordillera of the Colombian Andes. The rocks that
comprise the Santander Massif are amphibolite grade gneisses,
migmatites, and meta-sediments of the Precambrian Bucaramanga
Formation. Vetas is underlain predominately by orthogneiss of
the Bucaramanga formation, cross-cutting felsic dykes, stocks of
variable composition, and intrusive fingers of granitic rocks
related to the Santander Igneous Complex. The Santander
Massif hosts a number of important epithermal gold occurrences
including Eco Oro Minerals Corp.'s Angostura deposit and AUX
Resources Corp.'s La Bodega, La Mascota, Pie de Gallo, La Baja, San
Celestino, Callejón Blanco and Buenavista deposits. All of these
deposits are focused along the northeast trending Vetas Fault.
The deposits at the Vetas Gold Project comprise several systems
of narrow high-grade Au-Ag veins striking northeast and northwest,
with moderate to steep dips. They exhibit multiple phases of quartz
vein emplacement and reactivation associated with intense argillic
alteration and sulphide mineralization. The vein gangue is
comprised of equal proportions of chalcedonic quartz and feldspar,
and the main sulphide constituent is pyrite (5% to 15%) with lesser
galena, sphalerite and chalcopyrite. Fine to medium-grained visible
gold is occasionally observed in association with pyrite. Higher
grade mineralization often occurs within steeply plunging ore
shoots controlled by vein wall flexures and structural
intersections.
About Red Eagle Mining
Red Eagle Mining is a well-financed gold exploration and
development corporation with an experienced mine development
team. Management is focused on building shareholder value
through discovering and developing gold projects with low costs and
low technical risks in Colombia, a
jurisdiction with prolific historic production but until recently
limited modern exploration. Red Eagle Mining owns 51% of the
Vetas Gold Project and 100% of the Santa Rosa Gold Project, where
construction is underway at the fully permitted and fully financed
San Ramon Gold Mine with production expected to commence during the
second half of 2016.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. 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 the Company 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