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RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2013
Jan 6, 2013
65719_rns_2013-01-06_80f07a48-551b-42fe-9066-b97eed90e96c.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
7 January 2013
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MORE HIGH GRADE GOLD RESULTS FROM SURFACE SAMPLING AT LOBO
COMPANY RAMPS UP GOLD TARGET SURFACE SAMPLING PROGRAM
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Additional high-grade trench channel sampling results along strike from South West Breccia (SWB) resource including 5m at 10.43g/t Au including 1m at 25.14g/t Au and 2m at 18.12 g/t Au including 1m at 28.69g/t Au. (Figure 2)
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Review of historical rock chip samples above 2g/t Au along the epithermal vein-breccia structures adds additional targets with highest value of 72.6g/t Au at Signal prospect. ( Figure 1 )
Perth-based Red Mountain Mining Limited (ASX: RMX) (“Red Mountain” or “the Company”), is pleased to announce the results from additional surface trench channel sampling along strike from the South West Breccia gold resource at Lobo Project, Batangas in the Philippines.
The Company has now initiated a systematic program to channel sample all of the identified epithermal vein-breccia structures at Lobo as well as explore for new highgrade gold bearing structures.
LOBO GOLD PROJECT:
Over 10 kilometres strike-length of mapped epithermal vein-breccia structures and interpreted extensions have been identified at Lobo (see plan below).
A high-grade gold shoot has been identified at South West Breccia (“SWB”) and drill tested by previous owners to approximately 100m depth. Red Mountain conducted an initial surface sampling of the epithermal vein trend between SWB and surface outcrops approximately 150 metres to the south of the resource. Results to date have identified the potential for extensions to the known resource as well as additional high grade gold mineralization.
Executive Chairman and Acting CEO, Neil Warburton said, “These results strengthen the Company’s view that the Lobo epithermal vein-breccia structures will host additional high-grade gold resources. Along with the recent confirmatory gold intersection at West Drift epithermal lode ( 8.6m at 2.53g/t Au ), there are now multiple high grade gold targets to drill. The exploration team on site at Lobo is being bolstered as the Company ramps up its exploration activity on the entire 10kms of mapped epithermal veinbreccia structures. ”
Full results of the initial surface sampling program are listed in Table 1 .
ASX code: RMX COMPANY DIRECTORS ABN 40 119568106 Neil Warburton Michael Wolley Executive Chairman & Acting CEO Non-Executive Director Keith Rowe Shannon Coates Executive Director Company Secretary Jon Dugdale Executive Director
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CONTACT DETAILS RED MOUNTAIN MINING LTD Head Office Unit 1, 2 Richardson Street West Perth Western Australia 6005 www.redmm.com.au [email protected]
Additional surface sampling crews have been employed and surface channel sampling will continue to the southwest of the South West Breccia resource, northeast towards the Camo prospect, then other identified epithermal vein breccia trends and new areas including the Signal prospect, 1.5km south west of Southwest Breccia. Rock chip sampling by previous owners at Signal produced results from epithermal quartz-barite boulders of up to 72.6 g/t Au (see Figure 1 for location).
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Figure1: Plan of Lobo Epithermal Gold Structures highlighting rock chip samples >2g/t Au
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CONTACT DETAILS Michael Wolley RED MOUNTAIN MINING LTD Non-Executive Director Head Office Shannon Coates Unit 1, 2 Richardson Street Company Secretary West Perth Western Australia 6005 www.redmm.com.au [email protected]
ASX code: RMX ABN 40 119568106
COMPANY DIRECTORS Neil Warburton Executive Chairman & Acting CEO Keith Rowe Executive Director Jon Dugdale Executive Director
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Figure 2: Sampling Plan showing South West Breccia high grade resource area, depth drill target and surface trend with channel results.
_______________ For further information about Red Mountain Mining please visit www.redmm.com.au or contact:
Company Investors Media
Neil Warburton Kevin Skinner Executive Chairman Field Public Relations (+61) 408935014 (+61) 414822631 (+61 8) 9226 5668 (+61)8 82349555
About Red Mountain Mining Limited
Red Mountain Mining (ASX: RMX) is primarily a gold explorer and project acquisition company incorporated in Australia in May 2006 and which listed on the ASX in September 2011. The Company’s strategy is to unlock the potential of ‘under-developed’ gold and polymetallic projects in the greater Asian region by introducing Australian mining methods and improving efficiencies to gain significant production and exploration upside.
ASX code: RMX ABN 40 119568106
COMPANY DIRECTORS Neil Warburton Executive Chairman & Acting CEO Keith Rowe Executive Director Jon Dugdale Executive Director
Michael Wolley Non-Executive Director Shannon Coates Company Secretary
CONTACT DETAILS RED MOUNTAIN MINING LTD Head Office Unit 1, 2 Richardson Street West Perth Western Australia 6005 www.redmm.com.au [email protected]
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The Company completed the acquisition of significant gold resources and copper gold tenements in the Philippines on 30 October 2012.
Other gold opportunities will be reviewed on a continuous basis following the successful completion of the Philippines acquisition.
Competent Person Statement
The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Jon Dugdale, who is a Fellow of The Australasian Institute of Mining and Metallurgy.
Jon Dugdale is Executive Director of Red Mountain Mining and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Jon Dugdale consents to the inclusion in the report of the matters based on the information in the form and context in which it appears .
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ASX code: RMX ABN 40 119568106
COMPANY DIRECTORS Neil Warburton Executive Chairman & Acting CEO Keith Rowe Executive Director Jon Dugdale Executive Director
CONTACT DETAILS RED MOUNTAIN MINING LTD Head Office Unit 1, 2 Richardson Street West Perth Western Australia 6005 www.redmm.com.au [email protected]
Michael Wolley Non-Executive Director Shannon Coates Company Secretary
Table 1
Detailed Trenching Results at Southwest Breccia Epithermal Vein.
| TRENCH/OC NUMBER |
FROM (m) |
TO (m) |
LENGTH (m) |
Au g/t | Ag g/t | Cu ppm | Pb **ppm ** |
Zn **ppm ** |
Mo **ppm ** |
As **ppm ** |
|---|---|---|---|---|---|---|---|---|---|---|
| SWB OC3-12.A | 0.00 | 1.00 | 1.00 | 0.03 | 2.3 | 758 | 303 | 280 | 6 | 193 |
| SWB OC3-12.A | 1.00 | 2.00 | 1.00 | 0.01 | 0.8 | 171 | 222 | 377 | <5 | 51 |
| SWB OC3-12.A | 2.00 | 3.00 | 1.00 | 0.04 | 1.4 | 120 | 111 | 212 | <5 | 53 |
| SWB OC3-12.B | 3.00 | 4.00 | 1.00 | 0.03 | 2.2 | 506 | 186 | 152 | <5 | 115 |
| SWB OC3-12.B | 4.00 | 5.00 | 1.00 | 0.02 | 2.1 | 176 | 138 | 51 | <5 | 120 |
| SWB OC3-12.B | 5.00 | 6.00 | 1.00 | 0.20 | 2.2 | 113 | 94 | 90 | <5 | 206 |
| SWB OC3-12.B | 6.00 | 7.00 | 1.00 | 1.34 | 3.5 | 124 | 71 | 61 | <5 | 136 |
| SWB OC3-12.B | 7.00 | 8.00 | 1.00 | 0.94 | 1.9 | 71 | 74 | 90 | <5 | 111 |
| SWB OC3-12.B | 8.00 | 9.00 | 1.00 | 2.95 | 1.7 | 87 | 66 | 64 | 9 | 57 |
| SWB OC3-12.B | 9.00 | 10.00 | 1.00 | 0.41 | 3.2 | 95 | 289 | 507 | <5 | 59 |
| SWB OC4-12 | -1.00 | 0.00 | 1.00 | 3.26 | 7.8 | 20953 | 43 | 55 | 21 | 1474 |
| SWB OC4-12 | 0.00 | 1.00 | 1.00 | 9.76 | 5 | 6681 | 66 | 19 | 16 | 645 |
| SWB OC4-12 | 1.00 | 2.00 | 1.00 | 12.06 | 31.6 | 17997 | 81 | 42 | 98 | 2795 |
| SWB OC4-12 | 2.00 | 3.00 | 1.00 | 1.96 | 11.6 | 5817 | 122 | 35 | 31 | 690 |
| SWB OC4-12 | 3.00 | 4.00 | 1.00 | 25.14 | 13.3 | 7918 | 86 | 39 | 30 | 1769 |
| SWB OC4-12 W | 0.00 |
1.00 | 1.00 | 28.69 | 4.7 | 9854 | 40 | 29 | 8 | 496 |
| SWB OC4-12 W | 1.00 |
2.00 | 1.00 | 7.55 | 2.8 | 10677 | 83 | 26 | 13 | 583 |
| SWB OC5-12 | 0.00 | 1.00 | 1.00 | 0.06 | 2 | 299 | 430 | 335 | <5 | 61 |
| SWB OC5-12 | 1.00 | 2.00 | 1.00 | 0.04 | 1.2 | 526 | 297 | 367 | <5 | 54 |
| SWB OC5-12 | 2.00 | 3.00 | 1.00 | 0.02 | 2.9 | 374 | 306 | 426 | <5 | 43 |
| SWB OC5-12 | 3.00 | 4.00 | 1.00 | 1.16 | 1.5 | 378 | 32 | 23 | 8 | 90 |
| SWB OC5-12 | 4.00 | 5.00 | 1.00 | 0.05 | 0.9 | 1263 | 428 | 1062 | <5 | 89 |
| SWB OC6-12 | 0.00 | 1.00 | 1.00 | <0.005 | <0.5 | 86 | 19 | 263 | <5 | 23 |
| SWB OC6-12 | 1.00 | 2.00 | 1.00 | 0.01 | <0.5 | 142 | 26 | 345 | <5 | 35 |
| SWB OC6-12 | 2.00 | 3.00 | 1.00 | 0.01 | <0.5 | 201 | 40 | 335 | <5 | 52 |
| SWB OC6-12 | 3.00 | 4.00 | 1.00 | <0.005 | 0.6 | 392 | 21 | 333 | <5 | 37 |
| SWB OC6-12 | 4.00 | 5.00 | 1.00 | 0.01 | 0.8 | 114 | 57 | 237 | <5 | 122 |
| SWB OC6-12 | 5.00 | 6.00 | 1.00 | 0.01 | 2.7 | 72 | 79 | 297 | <5 | <10 |
| SWB OC6-12 | 6.00 | 7.00 | 1.00 | 0.01 | <0.5 | 91 | 34 | 476 | 6 | 92 |
| SWB OC6-12 | 7.00 | 8.00 | 1.00 | 0.05 | 1.9 | 135 | 28 | 436 | <5 | 59 |
| SWB OC6-12 | 8.00 | 9.00 | 1.00 | <0.005 | <0.5 | 49 | 71 | 652 | <5 | 20 |
| SWB OC7-12 | 0.00 | 1.00 | 1.00 | 0.08 | 3.5 | 129 | 52 | 26 | <5 | 40 |
| SWB OC7-12 | 1.00 | 2.00 | 1.00 | 0.13 | 2.4 | 102 | 85 | 16 | <5 | 79 |
| SWB OC7-12 | 2.00 | 3.00 | 1.00 | 0.04 | 4.7 | 145 | 32 | 11 | <5 | 157 |
Note: Previous (Nov 2012) results in blue font
COMPANY DIRECTORS Neil Warburton Executive Chairman & Acting CEO Keith Rowe Executive Director Jon Dugdale Executive Director
Michael Wolley Non-Executive Director Shannon Coates Company Secretary
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ASX code: RMX ABN 40 119568106
CONTACT DETAILS RED MOUNTAIN MINING LTD Head Office Unit 1, 2 Richardson Street West Perth Western Australia 6005 www.redmm.com.au [email protected]