Rambler Provides Exploration Update at its Ming Mine Operation With New Drilling Extending the High Grade Copper and Gold Zones

Transcription

1 4 June 2015 Rambler Provides Exploration Update at its Ming Mine Operation With New Drilling Extending the High Grade Copper and Gold Zones London, England & Baie Verte, Newfoundland and Labrador Rambler Metals and Mining plc, a Newfoundland copper and gold producer, explorer and developer (TSXV: RAB, AIM: RMM) ( Rambler or the Company ) today provides an update on its exploration diamond drilling activities over the past nine months at the Ming Copper-Gold Mine, located in Newfoundland and Labrador, Canada. HIGHLIGHTS - COPPER The Company completed 4,544 metres of diamond drilling in the 1807 Zone and has been successful in extending this high grade copper zone both down plunge and along strike. Table 1 below shows highlights of significant intersections. The deepest drill hole completed to date has extended the 1807 resource model an estimated 100 metres below the deepest reserve level of 630L. Drilling along strike to the west has extended the zone an estimated 40 metres beyond previous plans. The newly defined mineralisation is being modeled for inclusion in the 2016 Fiscal Budget and prefeasibility with the Lower Footwall Zone. Drilling has recently started defining a new area down plunge on the Ming North Zone ( MNZ ), below the historically mined 2,300 foot level. Assay results have confirmed the extension of the zone with copper and gold grading over a broad intersection. This area has not been previously included in the mine s resource or reserve estimates. HIGHLIGHTS - GOLD 1,457 metres of diamond drilling has been completed on the 1806 and 1805 massive sulphide zones. New drilling intersected visible gold with grades ranging up to grammes per tonne gold, 1.14 per cent copper and grammes per tonne silver over 9.51 metres (core length), including intersections of grammes per tonne gold, 1.64 per cent copper and grammes per tonne silver over 3.82 metres. Table 2 below shows highlights of significant intersections. Drilling is ongoing to further define the extents of this new discovery. Norman Williams, President and CEO, said, It is encouraging that all of the massive sulphide zones in the mine remain open at depth and have good potential for continued success under the exploration program. The massive sulphides currently being mined have been known to return some significant high grade intersections while production from these areas can produce good cash flow. Mining of these areas will continue throughout Fiscal 2016 and beyond, the planned increases in mill throughput will be made possible through the integration of Lower Footwall Zone material.

2 2 The Phase 2 pre-feasibility will aim to combine the massive sulphide ore with a larger production base from the LFZ, thereby adding further production stability to the overall operation. Phase 2 expansion should demonstrate the long-term potential of the operation. The pre-feasibility is on schedule to be released before the middle of this calendar year and will outline a phased, low capital, approach for the project s expansion at 1,250 metric tonnes per day. Extension of the 1807 Zone The 1807 Zone has produced the majority of tonnes mined since first declaring commercial production in November Underground diamond drilling has extended the high grade copper zone along strike 40 metres to the west and 100 metres below the deepest planned development level at 630 metres. A structural interpretation of the developed levels in this area has determined that a mine scale thrusting event has extended the 1807 Zone thirty to forty metres further west than previously defined. This northwest extension is of significantly higher grade and locally thicker than the current resource shape. Fiscal planning is underway and will include planning for this new area which will likely be developed during Q Table 1 below shows highlights of the significant intersections. Extension of the Ming North Zone ( MNZ ) Recent drilling of the MNZ, approximately 50 metres below the historically mined 2,300 foot level, has confirmed the continuation of this ore zone at depth. While this area is not presently included in any resource shape the new drilling has intersected high grade copper in massive sulphides. Importantly, this drilling has also highlighted the presence of a broad stringer zone below the massive sulphides. The addition of this area could potentially increase the tonnes of reserve per vertical meters allowing for more efficient mining. Surface exploration drilling in 2003 and 2005 intersected the Ming North Zone 620 metres down plunge of this new drilling, see Figure 1 below. Once the 2,450 foot level drill bay is extended, infill drilling will be completed with the hope that this material can be included in a future resource and reserve estimates. Further drilling and interpretation is ongoing to define the mining potential of this area. Table 1 below shows highlights of the significant intersections from the drill program. Table 1: Testing of the 1807 and MNZ Copper Zone RMUG Composite RMUG Composite Composite RMUG Including Including RMUG Composite RMUG Composite London, England: Salatin House 19 Cedar Road Sutton, Surrey SM2 5DA T F

3 3 RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMUG RMUG Composite Including Composite Including RMUG Composite RMUG Composite MNZ Including MNZ RMUG Composite MNZ Note: Drill intersections indicated are core length with true width estimated to be between ~70-90% of core length for this zone. Gold Rich 1805 and 1806 Zones The 1805 and 1806 Zones are gold rich massive sulphides that occur on the mineralised hangingwall/footwall contact and exist laterally between the 1807 zone and the MNZ. Drilling from ramp drill bays have determined that significant localised sulphide accumulations can occur adjacent to the 1807 ramp. Diamond drill assays from these zinc and copper rich sulphides have returned high grade gold associated with visible gold electrum. More drilling is being planned to determine the extent and mining potential of the new sulphides. Table 2 below shows highlights of the significant intersections from the drill program. Table 2: Testing of the 1805 and 1806 Gold Zone RMUG Composite RMUG Composite RMUG Composite RMAD Composite Including RMAD Composite Including RMAD Composite Note: Drill intersections indicated are core length with true width estimated to be between ~60-80% of core length for this zone. London, England: Salatin House 19 Cedar Road Sutton, Surrey SM2 5DA T F

4 4 Rambler s 2015 fiscal diamond drilling program was designed to add comparable grade material to the resource and reserve by extending ore zones both along strike and down plunge. The fiscal 2015 exploration program has been successful in: Further defining areas of high grade copper and gold near underground infrastructure. New mineralisation has been outlined further down plunge and to the west for the 1807 Zone. Extending the historically mined Ming North Zone ( MNZ ) down plunge. Discovering new areas of gold rich massive sulphides in the 1806 and 1805 Zones. Infilling the lateral gap between the 1807 Zone and the Ming South Zone with additional ore sources, such as the MNZ, 1806, and 1805 zones, should allow for more efficient and cost effective infrastructure design and production sequencing for the massive sulphides. An updated estimate of resources and reserves for the project is expected to be released mid-calendar year with the completion of the ongoing pre-feasibility evaluating the integration of Lower Footwall Zone material into the life of mine production stream through a staged, low capital, expansion program. Analytical services for drill core assaying were completed by Eastern Analytical, an accredited assay laboratory in Springdale, Newfoundland and Labrador. The diamond drilling was completed by White Wulf Drilling based in Baie Verte, NL. Link to Figure 1: Isometric view of the Ming Mine Looking South West London, England: Salatin House 19 Cedar Road Sutton, Surrey SM2 5DA T F

5 5 ABOUT RAMBLER METALS AND MINING Rambler is a mining and development Company that in November 2012 brought its first mine into commercial production. The group 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. The Company s Vision is to be Atlantic Canada s leading mine operator and resource developer through growth and expansion of its existing assets; discovering new deposits; strategic partnerships; mergers and acquisitions. In addition to the Ming Mine, Rambler has strategic investments in the former producing Hammerdown gold mine, the Little Deer/ Whales Back copper mines and the advanced Valentine Lake Gold Project. Rambler is dual listed in London under AIM:RMM and in Canada under TSX-V:RMM. For further information, please contact: Norman Williams, CPA, CA President and CEO Rambler Metals & Mining Plc Tel No: Fax No: Stewart Dickson / Jeremy Stephenson Cantor Fitzgerald Europe Tel No: +44 (0) Peter Mercer Vice President and Corporate Secretary Rambler Metals & Mining Plc Tel No: +44 (0) Fax No: +44 (0) Tim Blythe/ Megan Ray Blytheweigh Tel No: +44 (0) Website: 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. 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. 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. London, England: Salatin House 19 Cedar Road Sutton, Surrey SM2 5DA T F

6 6 APPENDIX 1 Fiscal 2015 Exploration Diamond Drilling RMUG Composite RMUG N/S 1807 RMUG Composite RMUG Composite Composite RMUG Including Including RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMUG N/S 1807 RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMUG Assay RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMUG NSI 1807 RMUG Composite RMUG Assay RMUG N/S 1807 RMUG NSI 1807 RMUG Composite RMUG NSI 1807 RMUG Composite RMUG N/S 1807 RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMUG Composite Including RMUG Composite Including RMUG Assay London, England: Salatin House 19 Cedar Road Sutton, Surrey SM2 5DA T F

7 7 RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMAD Composite RMAD Composite Composite RMAD Including RMAD Composite RMAD Composite Composite RMAD Including RMAD Composite RMUG NSI 1805 RMUG NSI 1805 RMUG Composite RMUG Composite NA RMUG NSI 1805 RMUG Assay RMUG Assay RMUG NSI 1806 RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMUG Composite RMUG N/S 1806 RMUG N/S 1806 RMUG Composite MNDP Including MNDP RMUG Composite MNDP Note: Drill intersections indicated are core length. N/S= no sample taken NS= sample taken no significant intersection Assay= single sample not a composite London, England: Salatin House 19 Cedar Road Sutton, Surrey SM2 5DA T F