RTG Announces Further High Grade Oxide Gold Intercepts at The Mabilo Project
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ANNOUNCEMENT TO THE TORONTO STOCK EXCHANGE AND AUSTRALIAN SECURITIES EXCHANGE
SUBIACO, Western Australia, Nov. 20, 2014 /CNW/ - The Board of RTG Mining Inc. ("RTG", "the Company") (TSX Code: RTG, ASX Code: RTG) is pleased to announce significant high grade gold oxide intercepts in the South Mineralized Zone at the Mabilo Project in the Philippines.
Resource drilling designed to define extents of oxide mineralisation has intersected spectacular gold grades at the Eastern limit of the South Mineralised Zone, including one of the highest grade gold intercepts drilled to date from MDH-074 30.20m for 7.25 g/t Au from shallow downhole depths below volcanic overburden.
Highlights of the ongoing drilling program include -
- MDH-074 High grade Gold Oxide Zone & Oxide Copper Zone.
30.20 meters at 7.25 g/t Au from 30.80 meters downhole.
- MDH-076 High grade Gold Oxide Zone.
11.40 meters at 8.16 g/t Au from 36 meters downhole.
- MDH-081 High Grade Gold Oxide Zone, including a broad downhole intercept better than previously encountered on section.
26.55 meters at 4.12g/t Au from 29.65 meters downhole.
The intervals reported above are significant in that they are targeted using new 3d modelling techniques and depart from the previously targeted magnetic model in this part of the system. Further near surface oxide gold potential exists in multiple directions and is the focus of ongoing work.
The drill holes contained within this report support the differentiation of the oxide mineralisation into two parts. A gold rich copper depleted oxide zone is defined as copper below 0.5% Cu which lies above a copper-gold oxide zone. These two zones combined with a high grade Chalcocite Copper zone make up the areas to be targeted in the initial oxide mining program.
ABOUT MABILO
The Mabilo Project is located in Camarines Norte Province, Eastern Luzon, Philippines. It comprises one granted Exploration Permit (EP-014-2013-V) of approximately 498 ha and Exploration Permit Application EXPA-000188-V of 2,820 ha. The Project area is relatively flat and is easily accessed by 15 km of all-weather road from the highway at the nearby town of Labo.
Drilling is ongoing and currently focused on infilling the down dip extent of the South Mineralised Zone and is targeting further the oxide and potential to the North of the South Mineralised Zone.
MDH-074
MDH-074 is an angled resource drill hole designed to test east of the previous drill hole MDH-001 (Figure 2). The oxide mineralisation intercepted is characterised by a gold rich copper depleted zone and an oxide copper zone which also contains significant gold mineralisation. The oxide gold zone includes the highest grade assay received to date for the South Mineralised Zone with 0.60m @ 46.00 g/t Au from downhole depth of 41.40 meters. Mineralisation remains open to the east. Oxidation of primary magnetite skarn is lateral in extent and penetrative vertically, all true thicknesses reported in this release are therefore considered vertical in nature and modelling is supportive of this. True thickness of the Oxide Gold zone is approximately 11 meters from the overburden to the top of Oxide Copper Zone with true thickness of the oxide copper zone being approximately 18 meters.
MDH- 074 | From | To | Intercept (m) | Au ppm | Cu % | Ag ppm | Fe % | Mineralisation | Recovery % |
30.80 | 61.00 | 30.20 | 7.25 | 1.61 | 7.3 | 35.35 | Oxide Gold Zone & Oxide Copper Zone | 81.00 | |
including | 30.80 | 45.00 | 14.20 | 7.24 | 0.07 | 0.2 | 41.73 | Oxide Gold Zone | 81.00 |
and including | 30.80 | 40.00 | 9.20 | 5.36 | 0.04 | BDL | 45.04 | Oxide Gold Zone | 85.00 |
and including | 41.40 | 45.00 | 3.60 | 14.09 | 0.12 | 0.9 | 25.84 | Oxide Gold Zone | 84.00 |
including | 41.40 | 42.00 | 0.60 | 46.00 | 0.07 | 3.8 | 22.44 | Oxide Gold Zone | 86.00 |
and including | 45.00 | 61.00 | 16.00 | 7.25 | 2.98 | 13.6 | 29.68 | Oxide Copper Zone | 82.00 |
including | 49.00 | 61.00 | 12.00 | 5.71 | 3.44 | 16.39 | 28.1 | Oxide Copper Zone | 83.00 |
MDH-076
Drilled from approximately the same collar location as MDH-074 & MDH-001, MDH-076 (Figure 3) is an angled resource hole designed to further test between previously reported drilling MDH-001 and MDH-015 (Sierra Resources ASX release 11 July 2013 & 14th October 2013) drilled towards the east. MDH-076 intersected 11.40 meter wide high grade oxide gold zone of mineralisation, one of the highest grade gold intercepts drilled within the oxide gold zone at Mabilo. True thickness of Oxide Gold zone is approximately 9 meters, true thickness is not determined within the Oxide Copper zone due to low order copper grades in this part of the system.
MDH- 076 | From | To | Intercept (m) | Au ppm | Cu % | Ag ppm | Fe % | Mineralisation | Recovery % |
36 | 47.40 | 11.40 | 8.16 | 0.16 | 0.5 | 48.84 | Oxide Gold Zone | 83.00 |
MDH-081
MDH-081 (Figure 4) is designed to test the southern extent modelled oxide gold potential, MDH081 was inclined to the north east. An oxide gold interval grading 26.55 meters down hole for 4.11g/t confirmed that the system continues to produce wide intervals (22 meters true thickness) of near surface oxide gold material at the southern end of the South Mineralised Zone. The oxide gold mineralisation remains open in multiple directions and is the subject of ongoing drilling. Note in weighted average in Figure 4 MDH-033 has been re-calculated from previous reported (Sierra Resources ASX release 3rd April 2014) to reflect the Oxide Gold and Oxide Copper.
MDH- 081 | From | To | Intercept (m) | Au ppm | Cu % | Ag ppm | Fe % | Mineralisation | Recovery (%) |
29.65 | 56.20 | 26.55 | 4.12 | 0.11 | 0.4 | 57.47 | Oxide Gold zone | 76.01 | |
including | 37.00 | 43.60 | 6.60 | 8.46 | 0.15 | 0.3 | 56.81 | Oxide Gold zone | 65.91 |
and | 56.20 | 62.36 | 6.16 | 0.57 | 0.73 | 8.4 | 60.41 | Magnetite Skarn | 98.05 |
and | 114.00 | 117.00 | 3.00 | 0.60 | 1.25 | 3.4 | 8.12 | Garnet / Calc- silicate skarn | 100.00 |
and | 129.00 | 131.00 | 2.00 | 1.60 | 0.66 | 1.0 | 5.01 | Calc Silicate | 95.00 |
and | 167.00 | 167.87 | 0.87 | 1.11 | 0.71 | 1.7 | 7.37 | Calc Silicate | 100.00 |
QUALIFIED PERSON AND COMPETENT PERSON STATEMENT
The information in this report that relates to Exploration Results at the Mabilo Project is based upon information prepared by or under the supervision of Robert Ayres BSc (Hons), who is a Qualified Person and a Competent Person. Mr Ayres is a member of the Australian Institute of Geoscientists and a full-time employee of Mt Labo Exploration and Development Company, a Philippine mining company, an associate company of RTG Mining Limited. Mr Ayres has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Ayres has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in the release. Mr. Ayres consents to the inclusion in the report of the matters based on his information in the form and the context in which it appears.
ABOUT RTG MINING INC
RTG Mining Inc. is a mining and exploration company listed on the main board of the Toronto Stock Exchange and Australian Securities Exchange Limited. RTG is focused on developing the high grade copper/gold/magnetite Mabilo Project and advancing exploration on the highly prospective Bunawan Project, both in the Philippines, while also identifying major new projects which will allow the Company to move quickly and safely to production.
RTG has an experienced management team (previously responsible for the development of the Masbate Gold Mine in the Philippines through CGA Mining Limited), and has B2Gold as one of its major shareholders in the Company. B2Gold is a member of both the S&P/TSX Global Gold and Global Mining Indices.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. Accuracy of mineral resource and mineral reserve estimates and related assumptions and inherent operating risks, are forward-looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from RTG's expectations include uncertainties related to fluctuations in gold and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the development of RTG's mineral projects; the need to obtain additional financing to develop RTG's mineral projects; the possibility of delay in development programs or in construction projects and uncertainty of meeting anticipated program milestones for RTG's mineral projects and other risks and uncertainties disclosed under the heading "Risk Factors" in RTG's Annual Information Form for the year ended 31 December 2013 filed with the Canadian securities regulatory authorities on the SEDAR website at sedar.com.
Appendix 1: Location of Reported Drill Holes
HOLE ID | Location | DGPS Coordinates (UTM WGS84) | Orientation True Nth | Depth | ||||
Prospect | East | North | RL | Dip | Azi | E.O.H (m) | ||
MDH-74 | South A | Resource | 476067 | 1559976 | 108 | -60 | 50 | 114.80 |
MDH-76 | South A | Resource | 476068 | 1559974 | 108 | -60 | 90 | 83.00 |
MDH-81 | South A | Resource | 476082 | 1559930 | 109 | -65 | 50 | 174.40 |
All co-ordinates in UTM-WGS84 (51 N). All collars have been professionally surveyed using differential GPS system (DGPS).
Appendix 2: JORC Code 2012 Edition Table 1
Section 1 Sampling Techniques and Data
Criteria | JORC Code explanation | Commentary | |
Sampling techniques |
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Drilling techniques |
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Drill sample recovery |
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Logging |
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Sub-sampling techniques and sample preparation |
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Quality of assay data and laboratory tests |
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Verification of sampling and assaying |
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Location of data points |
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Data spacing and distribution |
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Orientation of data in relation to geological structure |
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Sample security |
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Audits or reviews |
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Section 2 Reporting of Exploration Results
Criteria | JORC Code explanation | Commentary |
Mineral tenement and land tenure status |
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Exploration done by other parties |
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Geology |
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Drill hole Information |
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Data aggregation methods |
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Relationship between mineralisation widths and intercept lengths |
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Diagrams |
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Balanced reporting |
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Other substantive exploration data |
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Further work |
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Section 3 Estimation and Reporting of Mineral Resources
Criteria | JORC Code explanation | Commentary | |
Database integrity |
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Site visits |
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Geological interpretation |
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Dimensions |
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Estimation and modelling techniques |
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Moisture |
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Cut-off parameters |
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Mining factors or assumptions |
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Metallurgical factors or assumptions |
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Environmental factors or assumptions |
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Bulk density |
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Classification |
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Audits or reviews |
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Discussion of relative accuracy/ confidence |
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SOURCE RTG Mining Inc.
Image with caption: "Figure 1 -Location of drill holes reported in this release on RTP ground magnetic image. (CNW Group/RTG Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20141120_C9774_PHOTO_EN_43219.jpg
Image with caption: "Figure 2 MDH-074 with two intervals reported from the Oxide Gold Zone and Oxide Copper Zone, with previously reported MDH-001. (CNW Group/RTG Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20141120_C9774_PHOTO_EN_43220.jpg
Image with caption: "Figure 3 MDH-076 high-grade Oxide Gold Interval, with previously reported MDH-001 and MDH-013 (Sierra Resources ASX release 11 July 2013 & 14th October 2013 respectively). (CNW Group/RTG Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20141120_C9774_PHOTO_EN_43221.jpg
Image with caption: "Figure 4 MDH-081 high grade Oxide Gold Mineralisation, with previously reported drill holes MDH-033 and MDH-035 (Sierra Resources ASX release 3rd April 2014). (CNW Group/RTG Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20141120_C9774_PHOTO_EN_43222.jpg
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Contact
ENQUIRIES
Australian Contact
President & CEO - Justine Magee
Tel: +61 8 6489 2900
Fax: +61 8 6489 2920
Email: jmagee@rtgmining.com