TIDMRMM
RNS Number : 6010S
Rambler Metals & Mining PLC
17 November 2021
17 November 2021
Rambler Continues to Intersect High Grade Copper in Underground
Infill Drilling at its Producing Ming Mine
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 2021 underground infill diamond
drill program at the Ming Copper-Gold Mine, Baie Verte,
Newfoundland and Labrador, Canada.
NEW RESULTS HIGHLIGHTS
Target 2: Lower Footwall Zone ("LFZ") Drilling Program Targeting
735-760L
-- R21-620-16
-- 9.45m @ 3.54% Cu - Ming North ("MNZ") Icing Zone
-- 12.00m @ 2.41% Cu, incl 3.45m @ 5.83% Cu
-- 11.67m @ 2.26% CuR21-620-15
-- 3.94m @ 4.16% Cu - MNZ Icing Zone
-- 15.82m @ 1.87% Cu, incl 5.82m @ 2.48% Cu
-- R21-620-04
-- 18.10m @ 1.41% Cu
-- R21-620-06
-- 29.00m @ 1.75% Cu, incl 13.00m @ 2.06% Cu
-- 12.00m @ 1.75% Cu, incl 3.00m @2.57% Cu
-- R21-620-07
-- 11.90m @ 1.78% Cu, incl 4.00m @ 2.31% Cu
-- 7.50m @ 2.02% Cu
Target 3: Ming North Zone Drilling Program Targeting 785 Level
and Below
-- R21-785-05
-- 12.45m @ 2.62% Cu - Icing Zone
-- 2.25m @ 1.79% Cu
-- R21-785-06
-- 4.61m @ 3.75% Cu - Icing Zone
-- R21-785-09
-- 11.69m @ 1.38% Cu
-- R21-785-16
-- 7.20m @ 7.01 % Cu
-- 4.71m @ 2.57% Cu
-- 3.48m @ 7.85% Cu
Toby Bradbury, President and CEO, commented:
"The positive assay results received in the program so far
provide confidence in our near-term production outlook, having
confirmed the earlier block model based on wider-spaced drilling in
the target areas. In addition, the new, high-grade intersections
through the recently discovered "Icing Zone" further enlarges the
Icing Zone in an area near current underground infrastructure. This
has created an opportunity for additional near-term high-grade
production.
"Due to the delay receiving backlogged copper assay samples from
our drilling, we paused drilling during October and are resuming
drilling in November now that additional assays have been received
and new interpretations to guide the positioning of the next holes
have been completed. We look forward to re-commencing the drill
program, in which will target the UFZ in Q4 2021 and the Ming North
Icing Zone in 2022."
THE PROGRAM
To date, the mine has completed drilling 14,798 meters (97%) of
the planned 15,200 meters. The program is aimed at infill drilling
four key target areas to further support near-term production
planning (see Figure 1 below). Current status of work on each
target includes:
-- Target 1 . Lower Footwall Zone ("LFZ") 510-535 level: drilled from the 411 level;
o Drilling complete;
o Copper assays complete and fully reported on 7 May 2021.
-- Target 2 . LFZ 735-760 level: drilled from the 620 level;
o Drilling complete;
o Copper assays have been received for 16 of the 18 holes in
this program;
o Copper results reported on 2 August 2021, on 25 August 2021,
on 14 October 2021 and in this release.
-- Target 3 . Ming North Zone ("MNZ") 785 level; Drilled from the 785 level;
o Drilling complete;
o Copper assays have been received for 9 of the 21 holes;
o Copper results reported on 25 August 2021, on 14 October 2021
and in this release.
-- Target 4. Upper Footwall Zone ("UFZ") below 790 level; drilled from the 620 level;
o Drilling scheduled in Q4 2021.
To date, no gold assays have been received on intercepts through
any of the targets.
To view Figure 1: 2021 Ming Mine Drilling Program Target Areas,
please click here
http://www.rns-pdf.londonstockexchange.com/rns/6010S_1-2021-11-16.pdf
Table 2 : Previously unreported composited assay intervals on
Target 2 from the 735-760 level Lower Footwall Zone diamond
drilling program.
Hole ID From To Width Copper Zone Assay Lab
(m) (m) (m) (%)
MNZ - Icing Nugget
R21-620-15 18.67 22.61 3.94 4.16 Zone Pond
------- ------- ------ ------- ------------ ----------
Nugget
223.63 227.00 3.37 1.87 LFZ Pond
------- ------- ------ ------- ------------ ----------
Nugget
263.00 278.82 15.82 1.87 LFZ Pond
------- ------- ------ ------- ------------ ----------
Nugget
incl 273.00 278.82 5.82 2.48 LFZ Pond
------- ------- ------ ------- ------------ ----------
MNZ - Icing Nugget
R21-620-16 19.55 29.00 9.45 3.54 Zone Pond
------- ------- ------ ------- ------------ ----------
Nugget
182.00 184.30 2.30 3.17 LFZ Pond
------- ------- ------ ------- ------------ ----------
Nugget
206.00 210.00 4.00 1.93 LFZ Pond
------- ------- ------ ------- ------------ ----------
Nugget
219.00 231.00 12.00 2.41 LFZ Pond
------- ------- ------ ------- ------------ ----------
Nugget
incl 227.50 231.00 3.45 5.83 LFZ Pond
------- ------- ------ ------- ------------ ----------
Nugget
271.78 283.45 11.67 2.26 LFZ Pond
------- ------- ------ ------- ------------ ----------
R21-620-04 151.90 170.00 18.10 1.41 LFZ Actlabs
------- ------- ------ ------- ------------ ----------
176.00 178.60 2.60 2.30 LFZ Actlabs
------- ------- ------ ------- ------------ ----------
R21-620-06 172.00 201.00 29.00 1.75 LFZ Actlabs
------- ------- ------ ------- ------------ ----------
incl 172.00 185.00 13.00 2.06 LFZ Actlabs
------- ------- ------ ------- ------------ ----------
251.00 263.00 12.00 1.75 LFZ Actlabs
------- ------- ------ ------- ------------ ----------
incl 253.00 256.00 3.00 2.57 LFZ Actlabs
------- ------- ------ ------- ------------ ----------
R21-620-07 104.50 107.00 2.50 2.28 LFZ Actlabs
------- ------- ------ ------- ------------ ----------
177.00 186.70 9.70 1.76 LFZ Actlabs
------- ------- ------ ------- ------------ ----------
215.10 227.00 11.90 1.78 LFZ Actlabs
------- ------- ------ ------- ------------ ----------
incl 215.10 221.00 5.95 1.78 LFZ Actlabs
------- ------- ------ ------- ------------ ----------
incl 223.00 227.00 4.00 2.31 LFZ Actlabs
------- ------- ------ ------- ------------ ----------
257.00 261.20 4.20 1.90 LFZ Actlabs
------- ------- ------ ------- ------------ ----------
263.50 271.00 7.50 2.02 LFZ Actlabs
------- ------- ------ ------- ------------ ----------
Notes:
- Intercept widths are measured down-hole; true widths of
reported intervals are between 70% and 85% of the down-hole
width.
- Gold assays were unavailable from the lab at the time of release.
To view Figure 2 : Diamond drill results for Target 2 holes
R21-620-4, R21-620-6, and R21-620-7 in the 760L LFZ, please click
here
http://www.rns-pdf.londonstockexchange.com/rns/6010S_2-2021-11-16.pdf
To view Figure 3 : Diamond drill results for Target 2 holes
R21-620-15 and R21-620-16 in the 760L LFZ, with Ming North Lower
Lens intercepts at collar of both holes please click here
http://www.rns-pdf.londonstockexchange.com/rns/6010S_3-2021-11-16.pdf
Figure 4 below shows the locations of the entire 18-hole Target
2 program for which drilling has been completed. Sixteen of these
holes now have copper assays and we await the remainder of the
assays in due course.
To view Figure 4 : 18-hole Target 2 diamond drill program
targeting the 760 level Lower Footwall Zone, please click here
http://www.rns-pdf.londonstockexchange.com/rns/6010S_4-2021-11-16.pdf
Table 3 : Composited assay intervals from the Target 3 785 level
Ming North Zone diamond drilling program
Hole ID From To Width Copper Zone Assay Lab
(m) (m) (m) (%)
R21-785-05 81.69 94.14 12.45 2.62 "Icing Zone" Nugget Pond
------- ------- ------ ------- ------------- ------------
152.25 154.50 2.25 1.79 MNZ Nugget Pond
------- ------- ------ ------- ------------- ------------
R21-785-06 76.40 81.01 4.61 3.75 "Icing Zone" Nugget Pond
------- ------- ------ ------- ------------- ------------
R21-785-09 109.31 121.00 11.69 1.38 MNZ Nugget Pond
------- ------- ------ ------- ------------- ------------
R21-785-16 143.00 150.20 7.20 7.01 MNZ Nugget Pond
------- ------- ------ ------- ------------- ------------
154.29 159.00 4.71 2.57 MNZ Nugget Pond
------- ------- ------ ------- ------------- ------------
194.00 197.48 3.48 7.85 MNZ Nugget Pond
------- ------- ------ ------- ------------- ------------
Notes:
- Intercept widths are measured down-hole; true width of
reported intervals is between 70% and 85% of the down-hole width
with the exception of R21-785-16, which was drilled sub-parallel
with dip to confirm the high-grade mineralisation of the Ming North
Zone at depth.
- Gold assays were unavailable from the lab at the time of release.
To view Figure 5: Diamond drilling results for the Target 3 785
level Ming North Zone please click here
http://www.rns-pdf.londonstockexchange.com/rns/6010S_5-2021-11-16.pdf
Target 4: Upper Footwall Zone ("UFZ") targeting 790 level and
below, planned to drill from the 620 level in Q4 2021
The Upper Footwall Zone definition drilling program will
commence in Q4 2021, targeting follow up on several high-grade
intersections reported on 4 November 2019, including:
-- R19-695-03 - 10.9 m (downhole) of 5.92% copper with 0.60 g/t gold and 8.56 g/t silver; and
-- R19-695-11 - 9.07 m (downhole) of 4.14% copper with 0.45 g/t gold and 4.99 g/t silver.
The UFZ drill program is planned to consist of 2,000 meters of
NQ sized (76 mm diameter) holes.
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 NQ-sized diamond core (76 mm diameter).
Rambler employs an Oriented Core tool which provides valuable
information in terms of the orientation of mineralized stringers,
dip and dip direction of structure, lithology and foliation for
future modelling and geotechnical interpretation. 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. Sample pulps are later shipped, using commercial
freight services, to independent laboratories for gold
assaying.
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 Eason Chen T im Sanford. P. Eng.
President and CEO CFO VP and Corporate Secretary
Rambler Metals & Mining Rambler Metals & Mining Rambler Metals & Mining
Plc Plc Plc
Tel No: +1 (709) 800 Tel No: +1 (709) 800 Tel No: +1 (709) 532
1929 1929 5736
Fax No: +1 (709) 8 00 Fax No: +1 (709) 800 Fax No: +1 (709) 800
1921 1921 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 .
APPIX 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
"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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