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Share Name | Share Symbol | Market | Type |
---|---|---|---|
RTG Mining Inc | TSX:RTG | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.03 | 0.025 | 0.035 | 0.03 | 0.03 | 0.03 | 35,000 | 20:39:47 |
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
ANNOUNCEMENT TO THE TORONTO STOCK EXCHANGE AND AUSTRALIAN SECURITIES EXCHANGE
SUBIACO, Western Australia, July 2, 2015 /CNW/ -The Board of RTG Mining Inc. ("RTG", "the Company") (TSX Code: RTG, ASX Code: RTG) is pleased to announce significant high grade gold and copper intercepts in the North Mineralized Zone of the Mabilo Project in the Philippines.
Drilling on the North Mineralised Zone has recommenced with the initial drill holes designed to confirm the revised 3D geological interpretation. Significant insight has been gained from stratigraphic and structural logging of the initial drilling, providing strong evidence that the North Mineralised Zone is an offset continuation of the South Mineralised Zone. Such as continuation would significantly improve the potential for increased tonnes from the North Mineralised Zone and the opportunity for an increase in the oxide resource and chalcocite potential.
Previous phases of drilling were targeted using the magnetic model; however, with the significant work done in the last 12 months since taking control of the project, we have now developed a strong understanding of the stratigraphy and 3D architecture which will further enhance the targeting of drilling programs. Reported drill hole MDH-102 and ongoing drilling has confirmed the mineralisation is moderately dipping in a near identical orientation to the South Mineralised Zone and stratigraphic observations are consistent with the South Mineralised Zone.
The intercept confirms the revised exploration model and identifies a shallow high grade zone (22.35m at 3.52g/t Au and 3.06% Cu) 75 meters vertically from the surface and a lower grade interval (24.20m at 1.46g/t Au and 1.42% Cu) hosted within marble.
Exploration activity at the project is ongoing with the current resource open down dip, down plunge and along strike in multiple directions, with all mineralisation found to date being shallow enough to be amenable to open pit mining techniques.
Highlights of the ongoing drilling program include –
Drill hole MDH-102 is the first reported hole from the on-going North Mineralised Zone drilling of the Mabilo system. Drilling is continuing on regularised sections in and around previous drill holes and continues to support the revised 3D interpretation.
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 upgrading the resource classification (RTG ASX release 24th November 2014) over the South Mineralised Zone and North Mineralised Zone.
MDH-102
Drill hole MDH-102 (Figure 4) was designed to investigate stratigraphy and validate a new interpretation of the North Mineralised Zone. Drilled with a shallow inclination for maximum geological information, MDH-102 successfully intersected two zones of strongly mineralised magnetite skarn. Mineralised magnetite is characterised by strong silica-pyrite overprinting with instances of coarse grained chalcopyrite. The true width of intercepts are not reported and intercepts are only reported as downhole as this is the first hole drilled to validate and confirm the geological model.
The strike and orientation of modelled magnetite skarn is in strong agreement with the South Mineralised Zone. Stratigraphy and fault zones of the North Mineralised Zone also correlate well with the South Mineralised Zone inferring an offset continuation of the South Mineralised Zone (Figure 2). Geology intersected from multiple completed (assays awaiting) drill holes on section are in agreement with this interpretation.
The revised interpretation opens up the potential for strike extensions and off-set continuation of oxide, chalcocite mineralisation (Figure 2). Magnetite skarn hosted within marble correlates with deeper mineralisation in the Southern Mineralised zone and is observed to be at a shallow position. The revised model is consistent with the geology of the Southern Mineralised Zone with drilling beyond the magnetic model planned.
MDH- |
From |
To |
Intercept (m) |
Au |
Cu |
Ag |
Fe % |
Mineralisation |
Recovery |
100.00 |
103.00 |
3.00 |
0.15 |
0.72 |
7.4 |
9.17 |
Garnet Skarn |
100.00 | |
and |
109.10 |
131.45 |
22.35 |
3.52 |
3.06 |
11.6 |
35.34 |
Magnetite |
73.57 |
including |
114.00 |
124.40 |
10.40 |
5.41 |
4.74 |
17.6 |
35.95 |
Magnetite |
79.33 |
and |
134.80 |
138.15 |
3.35 |
1.19 |
1.10 |
4.8 |
29.31 |
Magnetite |
64.18 |
and |
189.40 |
213.60 |
24.20 |
1.46 |
1.42 |
13.8 |
33.77 |
Magnetite |
47.73* |
*Low recovery in interval due to strong argillic overprinting, intercept is indicative of geology, |
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, and 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 2014 filed with the Canadian securities regulatory authorities on the SEDAR website at sedar.com.
Appendix 1: Location of Reported Drill Holes
HOLE ID |
Location |
GPS Coordinates (UTM WGS84) |
Orientation True Nth |
Depth | ||||
Prospect |
East |
North |
RL |
Dip |
Azi |
E.O.H (m) | ||
MDH-102 |
North |
Resource |
476022 |
1560167 |
103 |
-45.00 |
30.00 |
284.70 |
MDH-103 |
North |
Resource |
476038 |
1560105 |
104 |
-58.00 |
0.00 |
232.60 |
MDH-104* |
North |
Resource |
476021 |
1560166 |
103 |
-55.00 |
50.00 |
222.00 |
MDH-105* |
North |
Resource |
476048 |
1560136 |
107 |
-55.00 |
50.00 |
185.10 |
MDH-106* |
North |
Resource |
476053 |
1560193 |
105 |
-55.00 |
50.00 |
170.80 |
MDH-107* |
North |
Resource |
476084 |
1560161 |
106 |
-55.00 |
50.00 |
163.30 |
MDH-108* |
North |
Resource |
476133 |
1560217 |
104 |
-55.00 |
50.00 |
123.60 |
MDH-109 |
North |
Resource |
476112 |
1560188 |
104 |
-55.00 |
50.00 |
on-going |
MDH-110 |
North |
Resource |
476028 |
1560091 |
106 |
-55.00 |
50.00 |
on-going |
*Awaiting Assay | ||||||||
MDH-103 did not intersect mineralisation |
All co-ordinates in UTM-WGS84 (51 N). All collars have been surveyed using handheld GPS and will be subject to professional survey pickup at a later date using DGPS system.
Appendix 1: JORC Code 2012 Edition Table 1
Section 1 Sampling Techniques and Data
Criteria |
JORC Code explanation |
Commentary |
Sampling techniques |
|
|
|
| |
|
| |
Drilling techniques |
|
|
Drill sample recovery |
|
|
|
| |
|
| |
Logging |
|
|
|
| |
|
| |
Sub-sampling techniques and sample preparation |
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
Quality of assay data and laboratory tests |
|
|
|
| |
|
| |
Verification of sampling and assaying |
|
|
|
| |
|
| |
|
| |
Location of data points |
|
|
|
| |
|
| |
Data spacing and distribution |
|
|
|
| |
|
| |
Orientation of data in relation to geological structure |
|
|
|
| |
Sample security |
|
|
Audits or reviews |
|
|
Section 2 Reporting of Exploration Results
Criteria |
JORC Code explanation |
Commentary |
Mineral tenement and land tenure status |
|
|
|
| |
Exploration done by other parties |
|
|
Geology |
|
|
Drill hole Information |
|
|
|
| |
Data aggregation methods |
|
|
|
| |
|
| |
Relationship between mineralisation widths and intercept lengths |
|
|
|
| |
|
| |
Diagrams |
|
|
Balanced reporting |
|
|
Other substantive exploration data |
|
|
Further work |
|
|
|
|
SOURCE RTG Mining Inc.
Copyright 2015 Canada NewsWire
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