Updated Footwall Zone Resource Estimate

FOR: RAMBLER METALS & MINING PLC TSX VENTURE SYMBOL: RAB AIM SYMBOL: RMM March 2, 2011 Updated Footwall Zone Resource Estimate Rambler Realizes a 21% Increase in Contained Metal LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - March 2, 2011) - Rambler Metals and Mining plc (TSX VENTURE:RAB)(AIM:RMM) ('Rambler' or the 'Company') is pleased to provide a resource update for the Lower and Upper Footwall Zones (LFZ and UFZ) at the Ming Copper-Gold Mine. RESOURCE HIGHLIGHTS ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Resource Quantity Copper Gold Silver Zinc Category (000't) (%) (g/t) (g/t) (%) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- LFZ Indicated 9,485 1.66 0.09 1.52 0.01 UFZ Indicated 365 2.73 0.22 2.67 0.05 Total Indicated 9,850 1.70 0.09 1.56 0.01 LFZ Inferred 5 1.51 0.11 1.05 0.01 UFZ Inferred 0.01 1.62 0.09 1.35 0.00 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Contained Contained Contained Contained Copper Gold Silver Zinc Resource Category (tonnes) (oz) (oz) (tonnes) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- LFZ Indicated 157,383 27,174 463,914 1,232 UFZ Indicated 9,972 2,601 31,333 173 Total Indicated 167,355 29,775 495,247 1,405 LFZ Inferred 68 16 154 0 UFZ Inferred 0.09 0.02 0.24 0 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- (i) Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. All figures are rounded to reflect the accuracy of the estimate. Cut off grade 1.25 per cent copper for both the lower and upper footwall zone based on an NSR model and metal prices of US$2.50/lb copper and US$900/oz gold, and US$15/oz silver. Zinc does not contribute to the revenues. ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Key changes from the previous reported NI43-101 Resource Estimate (dated 26 August 2010) Lower Footwall Zone - An increase of 1.63 million tonnes which represents an additional 27,375 tonnes of contained copper, 403 ounces of gold and 53,827 ounces of silver in the indicated category. This represents an overall indicated resource increase of 21% which can be attributed to improved 3D modeling for both the mineralization and mafic dykes, and more advanced resource estimation techniques. - In the context of the Lower Footwall Zone sensitivity tables, it should be noted that any increase in the copper commodity price over the long term assumption of US$2.50/lb could potentially see cut-off grades reduced with a resulting significant increase in resources. Upper Footwall Zone - No Change. Further details are available in Appendix 1 George Ogilvie, President and CEO commented: "We believe the Footwall Zones will provide Rambler with the opportunity of organic growth, once the Ming Mine is in production. The Footwall Zone could be mined as a bulk tonnage operation to benefit from the economies of scale, due to its increased size and lower grade, compared to our current mine plan. The preliminary economic assessment for the Footwall Zones will evaluate mining scenarios between 2,000 and 4,000 mtpd and target potential production of 10,000 - 20,000 tonnes of copper metal annually. We believe an improvement in grades and metal produced may be achieved by blending massive sulphide ore with the Footwall Zone. Importantly, all ore and mineralized zones in the Ming Mine are open in multiple directions providing a good opportunity to further increase the available resources with new diamond drilling." FUTURE PLANS -- Rambler is currently evaluating the possibility of utilizing gravity separation to improve the grade of the Lower Footwall Zone ore delivered to the mill and to also provide a source of paste backfill for the mining operation. If successful, this would significantly reduce the cost of transporting ore from the mine to the mill. This work is ongoing and is expected to be completed Q2 2011. -- An area of the Lower Footwall Zone can be accessed from the 1800 level. As the Ming Mine enters into commercial production, a larger bulk sample can be excavated from this area to further evaluate the zone's flotation kinetics and overall recovery. Preliminary bench scale testing has indicated that an overall copper recovery of 98% within a 5 minute reaction time can be achieved. The bulk sample program will provide a true representation of how the Footwall mineralization will behave in the new flotation circuit at Nugget Pond. -- The Lower and Upper Footwall Zones are open both in the up and down plunge directions. New diamond drill exploration programs are being designed to further improve the existing resource estimate. -- The current mine plan for the project does not include any of the resource from the Footwall Zones. The company has made plans to embark on a NI43-101 compliant preliminary economic assessment, which will evaluate the technical and economic feasibility of a bulk tonnage mining scenario for the Footwall Zones. 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 plc. All tonnes reported are dry metric tonnes. Forward Looking Statement: Some of the statements contained herein may be forward-looking statement, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. It is important to note that the Company's actual results could differ materially from those in such forward-looking statements. APPENDIX 1 Lower Footwall Zone (LFZ) The Lower Footwall Zone has been defined with a strike length of 250 meters wide, plunge length of 1,550 meters long, 200 meters thick and hosts disseminated stringer chalcopyrite and pyrrhotite. Importantly the zone is open both up and down plunge and has returned good copper grades over significant widths. The LFZ has always been considered a potential source for a low grade, bulk tonnage mining method. While the 1.25 percent copper cut-off grade was chosen based on a long term copper price of US$2.50 /lb, when considering a copper cut-off representative of today prices it is conceivable that the amount of in-situ contained copper metal will be doubled. For the Lower Footwall Zone an indicated and inferred resource was estimated, the table below summarizes the copper grade sensitivities for this zone: ---------------------------------------------------------------------------- Lower Footwall zone - ID2 ----------------------------- Sensitivity Table for Indicated Resources -------- ----------------------------------------------------------------- Interval Quantity Grades Contained metal ----------------------------------------------------------------- Above Copper Gold Silver Zinc Copper Gold Silver Zinc Cu % (000' t) % g/t g/t % tonnes oz oz tonnes -------- ----------------------------------------------------------------- -------- ----------------------------------------------------------------- 0.00 97,006 0.58 0.05 0.67 0.01 566,567 169,624 2,083,617 10,972 -------- ----------------------------------------------------------------- 0.25 66,848 0.82 0.07 0.87 0.01 545,275 145,023 1,869,475 9,283 -------- ----------------------------------------------------------------- 0.50 48,828 0.97 0.07 0.98 0.01 475,941 115,406 1,544,684 7,084 -------- ----------------------------------------------------------------- 0.75 31,249 1.17 0.08 1.14 0.01 366,961 80,491 1,143,458 4,479 -------- ----------------------------------------------------------------- 1.00 17,904 1.40 0.09 1.32 0.01 250,865 49,331 761,278 2,415 -------- ----------------------------------------------------------------- 1.25 9,485 1.66 0.09 1.52 0.01 157,383 27,174 463,914 1,232 -------- ----------------------------------------------------------------- 1.50 5,628 1.86 0.09 1.66 0.01 104,951 16,316 300,344 732 -------- ----------------------------------------------------------------- 1.75 3,143 2.06 0.09 1.81 0.01 64,735 9,345 183,115 420 -------- ----------------------------------------------------------------- 2.00 1,507 2.28 0.10 2.00 0.01 34,320 4,666 96,731 209 -------- ----------------------------------------------------------------- 2.25 636 2.50 0.10 2.17 0.01 15,865 2,133 44,426 87 -------- ----------------------------------------------------------------- 2.50 216 2.77 0.12 2.43 0.01 5,993 849 16,872 28 -------- ----------------------------------------------------------------- 5.00 -------- ----------------------------------------------------------------- Sensitivity Table for Inferred Resources -------- ----------------------------------------------------------------- Interval Quantity Grades Contained Metal ----------------------------------------------------------------- Above Copper Gold Silver Zinc Copper Gold Silver Zinc Cu % (000' t) % g/t g/t % tonnes oz oz tonnes -------- ----------------------------------------------------------------- -------- ----------------------------------------------------------------- 0.00 244 0.44 0.06 0.58 0.01 1,077 475 4,528 29 -------- ----------------------------------------------------------------- 0.25 148 0.68 0.07 0.71 0.01 1,009 321 3,397 22 -------- ----------------------------------------------------------------- 0.50 113 0.78 0.07 0.76 0.01 879 236 2,743 15 -------- ----------------------------------------------------------------- 0.75 52 0.95 0.07 0.86 0.01 497 120 1,449 5 -------- ----------------------------------------------------------------- 1.00 17 1.19 0.09 1.00 0.01 196 50 530 2 -------- ----------------------------------------------------------------- 1.25 5 1.51 0.11 1.05 0.01 68 16 154 0 -------- ----------------------------------------------------------------- 1.50 2 1.79 0.11 1.16 0.01 31 6 64 0 -------- ----------------------------------------------------------------- 1.75 1 1.91 0.11 1.34 0.01 20 4 44 0 -------- ----------------------------------------------------------------- 2.00 -------- ----------------------------------------------------------------- 2.25 -------- ----------------------------------------------------------------- 2.50 -------- ----------------------------------------------------------------- 5.00 -------- ----------------------------------------------------------------- ---------------------------------------------------------------------------- Upper Footwall Zone (UFZ) The Upper Footwall Zone is a high grade semi-massive stringer zone that sits stratigraphically between the Ming Horizon and the Lower Footwall Zone. It was first discovered in 2006 when diamond drill hole RM06-04f intersected 6.00 meters of 14.55% copper with 1.6 g/t gold. For the Upper Footwall Zone an indicated and inferred resource was estimated, the table below summarizes the copper grade sensitivities for this zone: ---------------------------------------------------------------------------- UFZ Zone - ID2 ----------------- Sensitivity Table for Indicated Resources -------- ----------------------------------------------------------------- Interval Quantity Grades Contained Metal ----------------------------------------------------------------- Above Copper Gold Silver Zinc Copper Gold Silver Zinc Cu % (000' t) % g/t g/t % tonnes oz oz tonnes -------- ----------------------------------------------------------------- -------- ----------------------------------------------------------------- 0.00 476 2.31 0.18 2.29 0.05 11,010 2,806 35,031 216 -------- ----------------------------------------------------------------- 0.25 476 2.31 0.18 2.29 0.05 11,010 2,806 35,031 216 -------- ----------------------------------------------------------------- 0.50 476 2.31 0.18 2.29 0.05 11,008 2,806 35,026 216 -------- ----------------------------------------------------------------- 0.75 465 2.35 0.19 2.33 0.05 10,936 2,790 34,773 212 -------- ----------------------------------------------------------------- 1.00 402 2.58 0.21 2.54 0.05 10,393 2,684 32,825 188 -------- ----------------------------------------------------------------- 1.25 365 2.73 0.22 2.67 0.05 9,972 2,601 31,333 173 -------- ----------------------------------------------------------------- 1.50 326 2.90 0.24 2.81 0.05 9,438 2,503 29,479 156 -------- ----------------------------------------------------------------- 1.75 268 3.17 0.27 3.08 0.05 8,491 2,339 26,575 133 -------- ----------------------------------------------------------------- 2.00 215 3.48 0.31 3.42 0.05 7,506 2,171 23,660 114 -------- ----------------------------------------------------------------- 2.25 175 3.80 0.36 3.75 0.06 6,647 2,014 21,115 99 -------- ----------------------------------------------------------------- 2.50 146 4.09 0.40 4.07 0.06 5,948 1,879 19,051 87 -------- ----------------------------------------------------------------- 5.00 32 6.49 0.79 6.66 0.09 2,072 806 6,828 27 -------- ----------------------------------------------------------------- Sensitivity Table for Inferred Resources -------- ----------------------------------------------------------------- Interval Quantity Grades Contained Metal ----------------------------------------------------------------- Above Copper Gold Silver Zinc Copper Gold Silver Zinc Cu % (000' t) % g/t g/t % tonnes oz oz tonnes -------- ----------------------------------------------------------------- -------- ----------------------------------------------------------------- 0.00 11 0.85 0.05 1.02 0.00 96 19 368 0 -------- ----------------------------------------------------------------- 0.25 11 0.85 0.05 1.02 0.00 96 19 368 0 -------- ----------------------------------------------------------------- 0.50 11 0.85 0.05 1.02 0.00 96 19 368 0 -------- ----------------------------------------------------------------- 0.75 11 0.85 0.05 1.02 0.00 95 18 365 0 -------- ----------------------------------------------------------------- 1.00 0.03 1.12 0.06 1.07 0.00 0.39 0.07 1.20 0 -------- ----------------------------------------------------------------- 1.25 0.01 1.62 0.09 1.35 0.00 0.09 0.02 0.24 0 -------- ----------------------------------------------------------------- 1.50 0.01 1.62 0.09 1.35 0.00 0.09 0.02 0.24 0 -------- ----------------------------------------------------------------- 1.75 -------- ----------------------------------------------------------------- 2.00 -------- ----------------------------------------------------------------- 2.25 -------- ----------------------------------------------------------------- 2.50 -------- ----------------------------------------------------------------- 5.00 -------- ----------------------------------------------------------------- ---------------------------------------------------------------------------- Rambler Qualification and Methodology of Resource Estimation Resource classification Mineral resources for the Ming Copper-Gold Mine have been classified according to the "CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines" (December, 2005) by Larry Pilgrim, P.Geo, an appropriate Qualified Person as defined by NI43-101. Since the Footwall Resource did not have a 100% or greater change to the original resource there was no requirement for an Independent technical report or evaluation. The resource estimation is based on a 3-D geological interpretation of the mineralized zones from 85,416 meters of RMM surface drilling (2003-2008) in 86 drill holes and 22,263 meters of RMM underground drilling (2007-2009) in 167 drill holes. The geological interpretation and modeling defined six separate but intimately related ore zones namely; the 1807 zone, the 1806 zone the Main Zone (includes North and South Ming), the Upper Footwall Zone and the Lower Footwall Zone. Only the stringer mineralization related to both Footwall Zones has been included in this new resource update. The resources of the other massive sulphide zones remain the same as those published in the project feasibility report in August 26, 2010. Density factors used to determine tonnages were 3.07 gcm3 for the semi-massive stringer Upper Footwall and 2.83 gcm(3)for the stringer style Lower Footwall Zone. The modeled resources for the Lower Footwall Zone were created using Datamine 3D modeling software with 5 x 5 x 5 m blocks. A sub-block routine was also applied with a minimum block size of 0.5x 0.5 x 0.5m. Grade estimation was conducted on data composited to 1.5 m intervals, confined within the modeled mineralized zone. Appropriate grade cappings were applied to the composited data. Block grades were estimated using inverse distance squared (ID2) grade estimation methodologies. Datamine Studio 3 was used to generate variograms for the LFZ. Traditional experimental variograms were modelled from the composited and capped dataset for the mineralized zone for copper, gold, silver and zinc for all three modelled principle directions. A two structure spherical variogram model was applied to the LFZ and where possible variography was calculated on both raw and Gaussian (normal scores) transformed data. The classified resources for the modeled mineralized zones at the Ming Mine have been tabulated for a copper cut-offs 1.25% copper for both the Upper and Lower Footwall Zones. Metal prices of US$2.50/lb copper, US$900/oz gold and US$15/oz silver were applied. Zinc is reported but does not contribute to revenues. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Rambler Metals and Mining George Ogilvie, P.Eng. President and CEO 709-532-4990 OR Rambler Metals & Mining Plc. Corporate Office +44 (0) 20 8652-2700 +44 (0) 20 8652-2719 (FAX) www.ramblermines.com OR Seymour Pierce Limited Nandita Sahgal / Jeremy Stephenson +44 (0) 20-7107-8000 OR Pelham Bell Pottinger Charles Vivian +44 (0) 20 7861 3126 OR Pelham Bell Pottinger Lorna Spears +44 (0) 20 7861 3883 OR Ocean Equities Limited Guy Wilkes +44 (0) 20-7786-4370 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. -0- Rambler Metals & Mining Plc

Companies

Rambler Metals & Mining (RMM)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today