Rambler Provides Diamond Drilling Update
Intersected 13.18% Copper, 4.58 g/t Gold and 31.73 g/t Silver Over 5.8 Metres
LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 06/24/13 -- Rambler Metals and Mining plc, the Newfoundland copper and gold producer, explorer and developer (AIM: RMM)(TSX VENTURE: RAB) ("Rambler" or "the Company") is pleased to provide an update on its diamond drilling activities over the past three months at the Ming Copper-Gold Mine. Following the breakthrough of the main 1807 ramp system, at the end of February 2013, there has been a new focus on expanding the known resources/reserves through definition and exploration diamond drilling.
HIGHLIGHTS
COPPER
-- Diamond drill hole UG13-98, delineation drilling into the 1807 zone
down-dip, returned 5.80 metres (core length) of 13.18% copper, 4.58 g/t
gold and 31.73 g/t silver
-- Definition diamond drilling testing the up-dip extension of the 1807
zone, UG13-195, returned 8.4 metres (core length) of 5.28 % copper, 1.59
g/t gold and 11.77 g/t silver
GOLD
-- Recent exploration diamond drilling of the 1806 zone returned 6.63 g/t
Au, 1.42% Cu and 19.17 g/t Ag over 2.54 meters (core length)
-- Selective mining of the 1806 zone has been ongoing with approximately
11,135 tonnes of material drilled, blasted or stockpiled with an average
grade of 7.83 g/t gold, 96.09 g/t silver and 0.76% copper. The Company
plans to process this material through the gold hydrometallurgical
facility towards the end of June 2013 while the copper concentrator is
offline for planned maintenance
George Ogilvie, P. Eng., President and CEO, comment,
"I am pleased to see that the early diamond drilling results are positive and confirming that the 1807 zone extends beyond the known reserve block. The second half of 2013 will see an exciting period in our diamond drilling campaign as we further test the down-plunge extension of the 1807 zone.
Towards the end of June the Company will have sufficient 1806 zone material stockpiled at the mill to batch this ore through the gold hydromet plant. Having the flexibility to seamlessly switch between copper concentrate and gold dore production based on business environment factors is an option that differentiates Rambler from many other junior producers.
Production at the mill is at an all time high with copper recoveries continually reporting at 95% or better, a measurable increase over the 92.4% budgeted for the fiscal year. Backed by this momentum we hope that the rejuvenated exploration campaign will add to the successes seen to date."
A REVIVED EXPLORATION PROGRAM
COPPER
Sufficient capital infrastructure in the 1807 zone has now been developed providing access to six months of stope production. The capital development is now allowing diamond drill bays to be developed with the goal of undertaking an in-fill and exploration drilling campaign.
Diamond drilling from the 329 level drill bay has demonstrated that the 1807 zone continues up-dip, potentially beyond the known ore reserve model. The drilling has intersected significant copper and gold mineralization with development chip sampling confirming the high-grade nature and continuity of the zone. The 329 level drill bay is now being extended so that further exploration can be completed to test the horizon closer to surface.
An exploration drill bay has also been established down-dip on the 1807 zone where the massive sulphide horizon remains un-tested. Initial development chip and muck samples are encouraging and in line with previous diamond drilling in the area. The down dip extension of this high grade zone will play an important role in potentially adding to the existing resource and reserve estimates for the mine.
Table 1: Testing of the 1807 Copper Zone
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Length Cu Au Ag
BHID Type (m) (%) (g/t) (g/t)
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329 lv Drill Bay
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UG13-194 Composite 3.62 3.52 0.86 6.73
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UG13-195 Composite 8.40 5.28 1.59 11.77
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UG13-197 Composite 1.63 6.71 1.06 11.85
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329 lv Sub-Drift
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Chip 2.00 3.78 1.06 8.58
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Chip 3.80 7.18 1.62 13.33
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Chip 2.50 5.05 2.23 14.22
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485 lv Development Muck (average) 6.91 3.01 16.70
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Muck 5.16 3.77 13.50
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Muck 8.66 2.25 19.90
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485 lv Drill Bay
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UG13-98 Composite 5.80 13.18 4.58 31.73
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UG13-99 Composite 4.29 4.40 1.79 7.21
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Including 1.00 20.30 9.70 47.00
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Note: drill intersections indicated are core length which is estimated to be
between approx. 95% of true width for this zone.
GOLD
Diamond drilling of the 1806 gold zone, on the 1020 ft level, intersected significant gold and copper grades in both the massive sulphide horizon and base metal stringers immediately below. Stratigraphically this area is very similar to the up-dip of the 1806 zone which Rambler partly mined and produced approximately 14,500 ounces of gold between November 2011 and May 2012 (see Press Release dated June 12, 2012). The 1806 zone has only been partially mined and drill tested for a limited portion of its 1,100 meter plunge length. The zone remains open at depth below the historical 2200 ft level.
Rambler will further evaluate the potential of this gold zone above and below the 1020 ft level to determine if new mineable ore blocks can be added to the reserve. The table below summarizes the highlights of the recent work.
Table 2: Testing of the 1806 Gold Zone
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Length Cu Au Ag
BHID Type (m) (%) (g/t) (g/t)
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1020 ft lv Drill Bay
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UG13-73 Composite 3.11 2.48 5.57 142.51
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UG13-79 Composite 3.00 2.42 1.77 20.75
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UG13-82 Composite 7.05 0.34 3.81 4.10
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UG13-83 Composite 1.70 2.78 2.21 17.79
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2000 ft lv (extension down-plunge)
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UG13-199 Composite 16.54 0.58 1.93 10.19
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Including 3.24 1.48 5.43 23.95
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Including 2.54 1.42 6.63 19.17
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UG13-200 Composite 3.43 1.01 4.36 25.87
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UG13-201 Composite 3.03 1.85 3.21 38.56
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Note: drill intersections indicated are core length which is estimated to be
between approx. 60-80% of true width for this zone.
The Company currently has 11,135 tonnes of 1806 zone grading 7.83 g/t gold, 96.09 g/t silver and 0.76% copper available for processing. Based on the previous success of processing through the gold hydrometallurgical plant the Company is currently planning to batch this material through in a 20-day milling cycle. Further upside of this strategy allows annual maintenance in the copper concentrator to proceed with uninterrupted production.
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 plc.
Tonnes referenced are dry metric tonnes unless otherwise indicated. Analytical results for Rambler's diamond drill holes are determined at Eastern Analytical, Springdale, NL, with the muck and chip samples assayed in-house. Base metals, plus silver, are analyzed by ICP with any over limit silver and all gold by fire assay with an AA finish. The results presented in this release are based on assay data from Eastern Analytical and the In-house lab which are both strictly monitored and controlled by the Company's quality assurance / quality control program (QA/QC).
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 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 is expressed in good faith and believed to have a reasonable basis. 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 securities law.
Contacts:
Rambler Metals and Mining
George Ogilvie, P.Eng.
President and CEO
709-800-1929
709-800-1921 (FAX)
Rambler Metals & Mining Plc
Corporate Office
+44 (0) 20 8652-2700
+44 (0) 20 8652-2719 (FAX)
www.ramblermines.com
Cantor Fitzgerald Europe
Stewart Dickson
+44 (0) 20 7894 7000
Cantor Fitzgerald Europe
Jeremy Stephenson
+44 (0) 20 7894 7000
Pelham Bell Pottinger
Charles Vivian
+44 (0) 20 7861 3921
Pelham Bell Pottinger
Marcin Zydowicz
+44 (0) 20 7861 3921
Ocean Equities Limited
Guy Wilkes
+44 (0) 20-7786-4370
