Bluebird Merchant Ventures Limited Kochang -Further Access & Gubong -Surface Samping (7415G)

TIDMBMV

RNS Number : 7415G

Bluebird Merchant Ventures Limited

06 March 2018

6 March 2018

Bluebird Merchant Ventures Ltd

(the "Company" or "Bluebird")

Further Access To Kochang And Surface Sampling Results At Gubong

Bluebird Merchant Ventures (EPIC: BMV), the Asian focused resource development group, is pleased to announce that it has made further advances at the Kochang Mine and has received more surface sampling assay results from the Gubong Mine.

Highlights:

   --      Access gained to the next level of the Kochang Mine 

-- Visible ore in situ and pillars, remnant areas and broken ore discovered at old production areas

   --      Excellent ground conditions 
   --      Gubong tailings samples return significant value 
   --      Surface 'waste' rockpiles at Gubong yield assay results of up to 10.5 g/t 

Having gained access to the main adit and lowest production level (RL245) a week ago to the Kochang Mine, the team were able to get up a raise to the next level (RL265) to examine it. The team found an old production area with pillars, remnant areas and broken ore left above pillars and in the ore drive itself. Spans (distances between pillars) of over 10 metres were observed and no timber support could be seen; all confirming the excellent ground conditions first observed on the lower level. The contact between the vein and footwall is very planar and smooth which greatly facilitates cleaning after a blast.

Further encouraging results were obtained from surface sampling at the Gubong Mine. Two augured scout holes were drilled on the tailings dam area and returned significant value; all the more significant given they were so shallow (less than 1 metre). A full study of the tailings will be carried out later this year to determine the economic feasibility.

The surface area covered by the Gubong Mine hill has vast quantities of broken rock strewn over it, mostly assumed to be waste. Bluebird took six samples from various positions on the hill and five returned values in excess of 1g/t (see table below). Based on these results, Bluebird intends to document the occurrences of these rock piles in an attempt to quantify this inexpensive resource.

 
  Sample     Sample    Sample Position    Au 
    No.        Type 
----------  ---------  ----------------  ----- 
                                         (ppm) 
----------  ---------  ----------------  ----- 
                       Tailings 
KRS350001   Tailings    Dam #1           1.15 
----------  ---------  ----------------  ----- 
                       Tailings 
KRS350002   Tailings    Dam #2           0.80 
----------  ---------  ----------------  ----- 
                       Old Coarse 
KRS350003     Grab      Ore Bin          2.09 
----------  ---------  ----------------  ----- 
KRS350004     Grab     Nursery Area      2.07 
----------  ---------  ----------------  ----- 
                       Near Incline 
KRS350005     Grab      Shaft            10.50 
----------  ---------  ----------------  ----- 
                       Waste Stockpile 
KRS350008     Grab      #2               1.24 
----------  ---------  ----------------  ----- 
 

Charles Barclay, COO, commented:

"I am pleased with the progress at Kochang which is aided by the excellent ground conditions. When reopening old mines, the initial targets are broken ore and remnant pillars within old production areas. We are seeing this at Kochang. The mine closed when the gold price was USD 140/oz so we would expect that what was unpayable ore then is now economic. The results at Gubong of the tailings are most exciting and they certainly warrant a full program to determine the viability of reworking them. The results obtained from rock piles at Gubong announced today indicate that they could be a very cheap resource and we will be working on this over the coming weeks."

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")

Enquiries:

 
 Bluebird Merchant Ventures 
  Ltd                           [phone] 
 Jonathan Morley-Kirk, 
  Non-Executive Chairman 
  SP Angel Corporate Finance 
   LLP 
   Ewan Leggat 
   Smaller Company Capital 
   Ltd 
   Rupert Williams/Jeremy        + 44 (0) 20 3470 0470 
   Woodgate                       [phone] 
 
 Blytheweigh                    [phone] 
 Tim Blythe / Camilla 
  Horsfall 
 

www.bluebirdmv.com

@BluebirdIR

This information is provided by RNS

The company news service from the London Stock Exchange

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March 06, 2018 02:00 ET (07:00 GMT)