RTG Announces Further High Grade Extensions with the Best Primary Intercept to Date at the Mabilo Project
/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, June 19, 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 South Mineralized Zone at the Mabilo Project in the Philippines.
Resource drilling on the South Body designed to extend the mineralised trend has successfully intersected further mineralisation at the southern end of the South Body. The intercept confirms the continuation of magnetite skarn a further 30 meters from the successful drill holes MDH-95 and MDH-94 (RTG reported ASX 14th April 2015). Additional Magnetite Skarn mineralization, currently outside the resource model, was intersected in hole MDH-100A, with 36m for 3.34 g/t Au and 3.25% Cu confirming the continuation along strike of the magnetite skarn. Exploration activity at the project is ongoing with the current resource open down dip, down plunge and along strike in both 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 -
- MDH-100A interval confirming the continuation of the mineralised system to the South with significantly higher grades than previously reported for this part of the system
36 meters at 3.34 g/t Au and 3.25% Cu from 282.00 meters downhole.
- MDH-100A includes high grade intervals containing significant bornite mineralisation.
9 meters at 6.86 g/t Au and 4.17 % Cu and 30g/t Ag from 307.00 meters downhole.
- MDH-100A also contained a one meter assay at very high grades
1 meter at 24.59 g/t Au, 8.10% Cu and 56.9 g/t Ag from 313.00 meters downhole.
The drill hole reported is from the southern-most section drilled at the Mabilo system to date, a significant step out from the previous section by approximately 30 meters. The section identified extensive high grade bornite mineralisation not previously intercepted. MDH-100A follows up on the previous section and has successfully delineated additional magnetite skarn mineralisation beyond the previous resource model (RTG ASX release 24th November 2014).
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 Body and North Body.
MDH-100A
MDH-100A (figure 3) was designed as a follow-up hole to the successful MDH-95 & MDH-94 (RTG ASX release on 14th April 2015). Targeting the strike extension of the magnetite, significant mineralisation was intersected with extensive secondary bornite mineralisation overprinting primary coarse grained chalcopyrite. Minor instances of chalcocite and lesser base metals were also observed. MDH099 drilled on the same section observed a volcanic breccia overprinting the mineral system resulting in lower grades (29 meters @ 0.66 g/t Au & 0.31% Cu). Mineralisation is present down hole as magnetite clasts within the volcanic breccia.
MDH-100A was successful in targeting mineralisation outside the previously interpreted magnetic model at significant depth. Insufficient drilling on the section has not allowed for true widths to be determined as this time, intervals are reported as down hole.
MDH-100A | From | To | Intercept (m) | Au g/t | Cu % | Ag g/t | Fe % | Mineralisation | Recovery (%) |
282.00 | 318.00 | 36.00 | 3.34 | 3.25 | 19.8 | 38.88 | Magnetite Skarn & Pyrite Breccia | 84.75 | |
including | 282.00 | 286.00 | 4.00 | 4.33 | 2.52 | 9.3 | 50.87 | Magnetite Skarn | 83.44 |
and including | 288.00 | 297.00 | 9.00 | 1.89 | 4.68 | 28.3 | 51.07 | Magnetite Skarn | 95.22 |
and including | 307.00 | 316.00 | 9.00 | 6.86 | 4.17 | 30.0 | 15.94 | Pyritic Breccia & Argilic Clay with Bornite | 91.94 |
including | 313.00 | 314.00 | 1.00 | 24.59 | 8.10 | 56.9 | 7.02 | Argilic Clay with Bornite | 100.00 |
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 | Orientation True Nth | Depth | ||||
Coordinates (UTM WGS84) | ||||||||
Prospect | East | North | RL | Dip | Azi | E.O.H (m) | ||
MDH-99 | South B | Resource | 476235 | 1559603 | 135 | -63 | 50 | 325.20 |
MDH-100** | South B | Resource | 476173 | 1559563 | 120 | -65 | 53 | 170.70 |
MDH-100A | South B | Resource | 476162 | 1559563 | 120 | -65 | 50 | 337.00 |
MDH-101* | South B | Resource | 475992 | 1559764 | 119 | -60 | 50 | 317.00 |
* No significant assay result |
**Abandoned reset MDH-100A |
MDH-101 failed to intersect significant magneite skarn.
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 |
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Drilling techniques |
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Drill sample recovery |
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Logging |
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Sub-sampling techniques and sample preparation |
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Quality of assay data and laboratory tests |
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Verification of sampling and assaying |
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Location of data points |
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Data spacing and distribution |
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Orientation of data in relation to geological structure |
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Sample security |
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Audits or reviews |
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Section 2 Reporting of Exploration Results
Criteria | JORC Code explanation | Commentary |
Mineral tenement and land tenure status |
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Exploration done by other parties |
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Geology |
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Drill hole Information |
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Data aggregation methods |
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Relationship between mineralisation widths and intercept lengths |
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Diagrams |
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Balanced reporting |
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Other substantive exploration data |
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Further work |
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SOURCE RTG Mining Inc.
Image with caption: "Figure 1. Location of drill holes and reported in this release on RTP ground magnetic image. (CNW Group/RTG Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20150618_C9662_PHOTO_EN_43564.jpg
Image with caption: "Figure 2. - Schematic long section showing isotropic copper grade shells, location of significant intercepts with intercepts highlighted in this release. (CNW Group/RTG Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20150618_C9662_PHOTO_EN_43565.jpg
Image with caption: "Figure 3 Schematic geology cross section MDH100A with intercept highlighted. (CNW Group/RTG Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20150618_C9662_PHOTO_EN_43566.jpg
Contact
ENQUIRIES
Australian Contact
President & CEO - Justine Magee
Tel: +61 8 6489 2900
Fax: +61 8 6489 2920
Email: jmagee@rtgmining.com