Red Eagle Mining intercepts 7.5 metres at 4.24 grams gold per tonne in oxides at Santa Rosa
Thursday, Nov 15, 2012
Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce the complete assay results from the Phase Three drill programme, which targeted the shallower oxide mineralisation at the San Ramon gold system, Santa Rosa project located in Colombia. 90% of drill holes in the Phase Three drill programme intercepted significant gold mineralisation.
"Our completed Phase Three delineation drilling confirms strong gold mineralisation from surface in the oxidised material at San Ramon," comments Ian Slater, Chief Executive Officer. "With our recent $20 million financing completed we have now commenced drill testing the gold system down dip, where typically higher grades have been intercepted. Three rigs are turning with a fourth being mobilized."
The San Ramon structure trends east-west, dips 60 degrees -70 degrees to the north, extends over 1,800m, is up to 60m wide and is mineralised from surface. Phase One and Two drill intercepts from 18,000m averaged 2.1 g/t Au (using a 0.20 g/t Au lower cut and no upper cut) to a vertical depth of approximately 250m with mineralisation remaining open at depth.