Rambler Metals & Mining PLC Exploration Update (2108J)

TIDMRMM

RNS Number : 2108J

Rambler Metals & Mining PLC

27 June 2017

27 June 2017

Rambler Commences Exploration Drill Program

Targeting Depth Extension & Mine Exploration Update

London, England - Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ("Rambler" or "the Company"), a copper and gold producer, explorer, and developer is pleased to announce the commencement of a surface diamond drilling program targeting the depth extension of both the Lower Footwall Zone ('LFZ') and high grade Ming Massive Sulphides ('MMS'). In addition, the Company is providing an update on its in-mine exploration activities since August 2016.

Exploration Update

-- A directional surface drilling program has been initiated on the Company's Lower Footwall Zone ('LFZ'). This program will test up to one kilometer beyond the current known mineralized trend. The new drill program will test the down plunge trend of the LFZ between depths of 1,200 meters and 1,800 meters below sea level.

-- Drilling contractors have been mobilized onsite with the program expected to continue over the next six to eight months.

-- Since August 2016 the Company has completed 5,680 meters of new drilling in the Ming Massive Sulphide ('MMS').

-- New drilling into the Ming North Zone ('MNZ') has shown continued mineralization at depth. This zone was the primary mining horizon for the historic operation; however, it remains largely unexplored at depth. This zone, while part of the MMS package, is not included in any of the Company's mineral resource or reserve estimates and with more drilling could potentially be a new source of high grade massive sulphides for the operation. Ming North Zone drilling highlights include (See Table 1 and Note 1 below for further details):

R17-675-04: 4.00 m of 3.17% Cu with 6.56 g/t Au

R17-675-05: 21.00 m of 3.10% Cu with 1.13 g/t Au

R17-675-07: 17.97 m of 2.79% Cu with 1.73 g/t Au

Norman Williams, President and CEO, commented:

"The Ming mine's exploration drilling strategy is twofold. Primarily, there is a focus to replace high grade massive sulphide reserves mined during a given year. To date, we have been successful in maintaining this reserve replacement; however, we are now fortunate to be developing into new areas of the mine that are directly down plunge from historical mining fronts. With further development and exploration these areas could potentially prove to become a source of high grade material along the same horizon as other lenses now being mined.

"The next exploration strategy includes a focused diamond drilling program from surface targeting six intercepts along the Lower Footwall Zone mineralized trend. The goal of this surface drill program is to extend the plunge length of the Lower Footwall Zone by one kilometer while targeting an inferred mineral resource. This exploration will also provide further insight as the Company continues to work on a potential Phase III production scenario. The planned drill program is anticipated to continue over the remainder of the year and project updates will be provided as information becomes available."

Lower Footwall Zone Surface Exploration

A directional surface drilling program has been initiated with six holes to test approximately one kilometer of the Lower Footwall Zone's ('LFZ') mineralized trend, down-plunge. Previous exploration by Rambler has shown that the LFZ is open at depth with grades and thickness improving with depth. The new surface drill program will test the LFZ between depths of 1,200 meters and 1,800 meters below sea level.

With the LFZ surface exploration program we also anticipate intersections of high grade massive sulphides down plunge of currently planned mining areas of the Ming South Zone ('MSZ'). If all new surface drill holes are successful, the MSZ could potentially be extended up to 600 meters. The MSZ was the last mining front for the historic operation, however, up until now there has been little new mining in this area by Rambler. A significant extension to this zone could further strengthen the Company's ongoing blending strategy for the operation.

The drilling contractors have been mobilized onsite with the first diamond drill hole down approximately 500 meters. The drill program, as planned, is expected to continue over a six to eight month period with the first LFZ intersection planned between 1,200 to 1,400 meters down hole.

MING Massive Sulphide EXPLORATION

Massive sulphide exploration within the mine is designed to replace any reserves extracted during a given year. Since August 2016, the Company has completed 5,680 meters of new drilling in the MMS which has extended the 1807 Zone by an additional 200 meters down plunge. Since commercial production in 2012 Rambler has been mining the 1807 Zone, almost exclusively, through the replacement of any material mined through exploration. The 2017 exploration drill program has again been successful in achieving this goal with the 1807 Zone still open at depth.

New drilling into the Ming North Zone down dip has confirmed the continuation of copper rich massive sulphides at depth. Chalcopyrite and sphalerite stringers were also noted in the footwall immediately below the massive sulphides. This zone was the primary mining horizon for the historic operation however remains largely underexplored at depth. A surface drill program in 2003, interpreted to be the extension of the previously mined MNZ, intersected mineralization in RM03-02 at 1,140 meters, returning 4.1 meters of 3.0 % Cu with 2.8 g/t Au. The recent drilling is adjacent to existing development and covered an area approximately 90 meters along strike by 90 meters down dip. However, the distance from the deepest 2017 drill hole to the RM03-02 intersection is approximately 450 meters down dip. This zone is not currently included in any of the Company's mineral resource or reserve estimates and could potentially be a new source for high grade massive sulphides. Having access to multiple zones of high grade material could be transformational for the operation while adding new flexibility for the blending strategy. With further underground development in the area, new diamond drilling will be planned to test the extents of the zone. Further exploration updates will be provided over the coming months as information becomes available.

Table 1 - Highlighted Significant Assay Results During 2017

(See Note 1 below for further details)

 
 Drill Hole       ZONE       From      To     Length   Copper    Gold 
                              (m)      (m)      (m)      (%)     (g/t) 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-660-01    1807 Zone     98.28   100.60     2.32     2.10     5.78 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-660-02    1807 Zone     87.90    97.40     9.50     1.83     4.08 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-660-03    1807 Zone     84.70    91.00     6.30     2.81     4.94 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-660-05    1807 Zone    161.00   164.84     3.84     1.28     3.35 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-660-07    1807 Zone    175.24   194.10    18.86     1.46     2.56 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-660-10    1807 Zone     71.90    73.72     1.82     3.57     2.17 
------------  -----------  -------  -------  -------  -------  ------- 
 
 R17-660-11    1807 Zone     48.63    49.83     1.20     2.31     6.90 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-660-14    1807 Zone     66.45    69.02     2.57     3.02     2.80 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-660-16    1807 Zone    126.10   128.13     2.03     2.78     4.03 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-660-18    1807 Zone    153.31   155.89     2.58     1.92     2.31 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-660-19    1807 Zone    160.96   164.56     3.60     2.06     3.55 
------------  -----------  -------  -------  -------  -------  ------- 
 
 R17-675-01       MNZ        26.00    27.60     1.60     4.67     0.95 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-675-04       MNZ        15.00    19.00     4.00     3.17     6.56 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-675-05       MNZ        44.00    65.00    21.00     3.10     1.13 
------------  -----------  -------  -------  -------  -------  ------- 
 Including        MNZ        57.90    64.00     6.10     7.30     1.93 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-675-06       MNZ        22.00    25.50     3.50     3.85     3.82 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-675-07       MNZ        66.15    84.12    17.97     2.79     1.73 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-675-08       MNZ        34.00    45.20    11.20     2.72     0.78 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-675-09       MNZ        31.00    34.06     3.06     1.96     2.43 
------------  -----------  -------  -------  -------  -------  ------- 
 R17-675-10       MNZ        46.70    48.11     1.41     6.70     8.07 
------------  -----------  -------  -------  -------  -------  ------- 
 

ABOUT RAMBLER METALS AND MINING

Rambler is a mining and development company that in November 2012 brought its first mine into commercial production. Rambler has a 100 per cent ownership in the Ming Copper-Gold Mine, a fully operational base and precious metals processing facility and year round bulk storage and shipping facility; all located on the Baie Verte peninsula, Newfoundland and Labrador, Canada.

Rambler's ongoing Phase II plans are to increase mine and mill production to 1,250 mtpd by mid calendar 2017. This initial expansion has been fully funded through CEII's investment. Rambler will also continue advancing engineering studies on ore pre-concentration (DMS) and shaft rehabilitation with a view to further increase production to 2,000 mtpd at the Ming Mine. In addition, Rambler has initiated a detailed study at the mill with a goal to increase the gold recovery and production rate in the copper concentrator.

Along with the Ming Mine, Rambler also owns 100 per cent of the former producing Little Deer/ Whales Back copper mines and has strategic investment in the former producing Hammerdown gold mine.

Rambler is dual listed in London under AIM:RMM and in Canada under TSX-V:RAB.

For further information, please contact:

 
  Norman Williams,         Peter Mercer 
   CPA,CA                   Vice President, Corporate 
   President and CEO        Secretary 
   Rambler Metals &         Rambler Metals & Mining 
   Mining Plc               Plc 
   Tel No: 709-800-1929     Tel No: +44 (0) 20 
   Fax No: 709-800-1921     8652-2700 
                            Fax No: +44 (0) 20 
                            8652-2719 
 
   Nominated Advisor        Investor Relations 
   (NOMAD) 
  David Porter, Craig      Nicole Marchand Investor 
   Francis                  Relations 
   Cantor Fitzgerald        Tel No: 416- 428-3533 
   Europe                   [e-mail] 
   Tel No: +44 (0) 
   20 7894 7000 
 

Website: www.ramblermines.com

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 Canada Limited. Tonnes referenced are dry metric tonnes unless otherwise indicated.

Note 1: Results reported are accurate and reflective as of the date of release. The Company performs regular auditing and reconciliation reviews on its processes following which past results may be adjusted to reflect any changes. Core lengths can vary depending on the angle the drill hole intersects the mineralized body. True widths are estimate to range between 40% - 80% of core lengths.

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.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

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 copper, gold and silver forecasts, 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 are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. 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 security law

This information is provided by RNS

The company news service from the London Stock Exchange

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June 27, 2017 02:00 ET (06:00 GMT)