Drill Holes In Excess of 20m of +2% Copper

RNS Number : 4520P

Rambler Metals & Mining PLC

19 October 2021

 

19 October 2021

Rambler Intersects Multiple Drill Holes In Excess of 20 m of +2% Copper

London, England & Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (AIM: RMM) ("Rambler" or "the Company"), a copper and gold producer, explorer and developer provides an update to its on-going 2021 underground diamond drill program at the Ming Copper-Gold Mine, Baie Verte, Newfoundland and Labrador, Canada. This is the first release of all data presented in this announcement.

DRILL HIGHLIGHTS

Target 2: Lower Footwall Zone Drilling Program Targeting 735-760L

§ R21-620-10

· 1.71 metres at 5.32% copper (MNZ)

· 20.60 metres at 1.80% copper, including 5.30 metres at 2.98% copper and 6.30 metres at 2.13% copper

· 16.00 metres at 2.15% copper

· 4.00 metres at 3.85% copper

§ R21-620-11

· 8.50 metres at 1.08% copper

· 9.74 metres at 2.87% copper, including 6.24 metres at 3.32% copper

· 27.50 metres at 3.30% copper, including 8.00 metres at 3.71% copper and 17.50 metres at 3.43% copper

§ R21-620-12

· 23.00 metres at 2.13% copper including 7.00 metres at 3.75% copper, and 5.00 metres at 2.11% copper

· 10.00 metres at 1.78% copper

· 3.00 metres at 1.96% copper

· 4.00 metres at 1.59% copper

§ R21-620-13

· 14.48 metres at 1.42% copper

· 28.70 metres at 2.42% copper

· 7.00 metres at 1.60% copper

· 5.95 metres at 2.47% copper

§ R21-620-14

· 1.37 metres at 3.38% copper (MNZ)

· 18.79 metres at 1.69% copper

· 9.50 metres at 2.07% copper

· 11.67 metres at 1.47% copper, including 2.67 metres at 3.78% copper

§ R21-620-17

· 67.87 metres at 1.94% copper, including 7.00 metres at 2.82% copper, 9.00 metres at 2.76% copper, and 15.00 metres at 2.16% copper

· 3.00 metres at 2.52% copper

Target 3: Ming North Zone Drilling Program Targeting 785 Level and Below. Previously modeled mineralization confirmed by new intercepts of multi-percent copper over downhole widths up to 48.59 metres, including:

§ R21-785-12

· 1.03 metres at 2.37% copper

· 9.19 metres at 3.57% copper

· 3.00 metres at 1.28% copper

§ R21-785-17

· 5.00 metres at 1.93% copper

· 11.00 metres at 4.32% copper, including 5.00 metres at 8.45% copper

· 48.59 metres at 6.30% copper

PROGRAM PROGRESS

To date the team has completed 14,258 meters (94%) of the planned 15,200 meters. The program is aimed at four key target areas to further support near-term production planning (see Figure 1 below):

Target 1.  Lower Footwall Zone ("LFZ") 510-535 level: drilled from the 411 level.

Status: Drilling complete; assays complete and fully reported on 7 May 2021.

Target 2.  LFZ 735-760 level: drilled from the 620 level.

Status: Drilling complete; assays in progress; partial results reported on 2 August 2021, on 25 August 2021 and in this press release. 12 holes assayed of 18 holes drilled (67%)

Target 3.  Ming North Zone ("MNZ") 785 level.

Status: Drilled from the 785 level; drilling complete; assays in progress; partial results reported on 25 August 2021 and in this press release. 5 holes assayed of 21 holes drilled (24%)

Target 4.  Upper Footwall Zone ("UFZ") below 790 level:

Status: Planned to drill from the 620 level; scheduled in Q4 2021.

In addition to the infill drill program, as previously reported on 8 October 2021, the team has also initiated its exploration program to further grow the LFZ and Ming Massive Sulfide ("MMS") zones.  To date 1,300 metres has been completed in 5 holes. An additional 6,000 metres of drilling in 15 holes is planned for Q4. This drilling is aimed to expand the known mineralisation and build upon the encouraging high-grade intersections listed in this press release.

 

To view Figure 1: 2021 Ming Mine Drilling Program Target Areas, please click here 
http://www.rns-pdf.londonstockexchange.com/rns/4520P_1-2021-10-18.pdf

Toby Bradbury, President and CEO, commented:

"With drilling on three of the four infill targets completed, the Company has improved its confidence in near-term production plans. While we are still awaiting assays on some holes, our confidence has been bolstered by the assay results we have seen to date and by the recent development results obtained on 790L of the Upper Footwall Zone ("UFZ").

We have stated before that Ming Mine improves in scale and grade with depth and the drilling we are doing is confirming that.  In addition, our infill program is converting hitherto Inferred Resources into Indicated status which can be confidently incorporated into future mine plans.

We have also begun expanding the resource base further with 1,300 metres of step-out exploration drilling completed in 5 holes to date. Another 6,000 metres is planned in 15 holes to be completed in Q4. Associated geotechnical data being obtained by our oriented core drilling will help us optimise our mining methods while reducing operational risks.

As we proceed with the program and receive significant new copper and precious metal assays, we will continue to update the market."

Target 2: Lower Footwall Zone Drilling Program Targeting 735-760L

This portion of the drill program, drilled from the 620 level of the mine, has now confirmed and further supports the higher-grade production blocks planned on the 735 and 760 levels of the LFZ. As part of the program, some inferred mineralization, along the edge of the known deposit, was targeted and converted to an indicated confidence level. Drill intersections listed in this update are consistent with previous drill programs and support a mine plan with a feed of ~2.0% copper to the mill.  

In addition, drilling has intersected narrow (2-3m wide) high-grade mineralization in an area with no previously modelled mineral resource. This new discovery will be analyzed and modeled as further assay results are returned. We are excited by the early results and will look to build upon these high-grade intersections with future drill programs.

The status of the 760 Level drilling program is as follows:

ü Drilling is now complete (5,518m completed out of a planned 4,800m as two additional holes were drilled);

ü Core logging and sampling is complete;

ü Including the previously released results on 2 August 2021 and 25 August 2021, copper results have been received for 12 of the 18 holes drilled and logged;

ü Further assays are expected in due course.

Table 1: Previously unreported composited assay intervals from the 735-760 level Lower Footwall Zone diamond drilling program.

Hole ID	From (m)	To (m)	Width (m)	Copper (%)	Zone	Assay Lab
R21-620-10	15.43	17.14	1.71	5.32	MNZ	Nugget Pond
	219.00	226.80	7.80	1.98	LFZ	Nugget Pond
	238.70	259.30	20.60	1.80	LFZ	Nugget Pond
incl	238.70	244.00	5.30	2.98	LFZ	Nugget Pond
incl	253.00	259.30	6.30	2.13	LFZ	Nugget Pond
	270.00	286.00	16.00	2.15	LFZ	Nugget Pond
	295.00	299.00	4.00	3.85	LFZ	Nugget Pond
R21-620-11	180.00	188.50	8.50	1.08	LFZ	Nugget Pond
	209.50	219.24	9.74	2.87	LFZ	Nugget Pond
incl	213.00	219.24	6.24	3.32	LFZ	Nugget Pond
	248.00	275.50	27.50	3.30	LFZ	Nugget Pond
incl	248.00	256.00	8.00	3.71	LFZ	Nugget Pond
incl	258.00	275.50	17.50	3.43	LFZ	Nugget Pond
R21-620-12	229.00	252.00	23.00	2.13	LFZ	Nugget Pond
incl	229.00	236.00	7.00	3.75	LFZ	Nugget Pond
incl	247.00	252.00	5.00	2.11	LFZ	Nugget Pond
	275.00	285.00	10.00	1.78	LFZ	Nugget Pond
	304.00	307.00	3.00	1.96	LFZ	Nugget Pond
	313.00	317.00	4.00	1.59	LFZ	Nugget Pond
R21-620-13	200.00	214.48	14.48	1.42	LFZ	Nugget Pond
	239.30	268.00	28.70	2.42	LFZ	Nugget Pond
	290.00	297.00	7.00	1.60	LFZ	Nugget Pond
	303.00	308.95	5.95	2.47	LFZ	Nugget Pond
R21-620-14	16.23	17.60	1.37	3.38	MNZ	Nugget Pond
	256.21	275.00	18.79	1.69	LFZ	Nugget Pond
	284.00	293.50	9.50	2.07	LFZ	Nugget Pond
	330.33	342.00	11.67	1.47	LFZ	Nugget Pond
incl	330.33	333.00	2.67	3.78	LFZ	Nugget Pond
R21-620-17	216.13	284.00	67.87	1.94	LFZ	Nugget Pond
incl	218.00	225.00	7.00	2.82	LFZ	Nugget Pond
incl	244.00	253.00	9.00	2.76	LFZ	Nugget Pond
incl	267.00	282.00	15.00	2.16	LFZ	Nugget Pond
	331.00	334.00	3.00	2.52	LFZ	Nugget Pond

Notes:

-  Intercept widths are measured down-hole; true widths of reported intervals are between 70% and 85% of the down-hole width.

-  Gold assays were unavailable from the lab at the time of release.

To view Figure 2: Diamond drill results for holes R21-620-10, R21-620-11, and R21-620-17 in the 760L LFZ, with Ming North Lower Lens intercept at collar of hole R21-620-10, please click here 
http://www.rns-pdf.londonstockexchange.com/rns/4520P_2-2021-10-18.pdf

To view Figure 3: Diamond drill results for holes R21-620-12, R21-620-13, and R21-620-14 in the 760L LFZ, with Ming North Lower Lens intercept at collar of hole R21-620-14, please click here
http://www.rns-pdf.londonstockexchange.com/rns/4520P_3-2021-10-18.pdf

Figure 4 below shows the locations of the entire 18-hole program for which drilling has been completed. Twelve of these holes now have copper assays and we await the remainder of the assays in due course.

To view Figure 4: 18-hole diamond drill program targeting the 760 level Lower Footwall Zone, please click here http://www.rns-pdf.londonstockexchange.com/rns/4520P_4-2021-10-18.pdf

Target 3: Ming North Zone Drilling Program Targeting 785 Level and Below

The Ming North Zone drilling program was  conducted from the 785L access drift in early October with 3,192m completed in 21 holes out of the planned 4,000m, and follow up drilling into the zone is scheduled in Q4. The targeted Ming North Lower lens mineralization encountered in our recent drill program exceeded our expectations based on earlier block models. We believe our new drill results will improve block model grades in the next mineral resource update. The drilling has also tested the extension of the Ming North Lower zone at depth (see R21-785-17 in Figure 5) and has confirmed our interpretation of high-grade mineralization to at least the 900L.

Notably, this program also intersected the "Icing Zone" (as in the icing on a cake, with the cake being the Ming North Lower Lens) of the Ming North structural package, located in the hanging wall of the Ming North Lower lens. The Icing Zone has been sparsely drilled as focus to date has been on expanding the known mineralization at depth. A follow-up program to test the extents of the Icing Zone is planned for early 2022.

The status of the 785 Level drilling program is as follows:

ü Drilling is complete (3,192m completed out of a planned 4,000m);

ü Core logging and sampling is near 80% complete;

ü Copper results have been received for 5 of the 21 holes drilled; further assays are expected in due course.

Table 2: Composited assay intervals from the 785 level Ming North Zone diamond drilling program

Hole ID	From (m)	To (m)	Width (m)	Copper (%)	Zone	Assay Lab
R21-785-12	27.89	28.92	1.03	2.37	MNZ	Nugget Pond
	51.81	61.00	9.19	3.57	MNZ	Nugget Pond
	68.71	70.00	1.29	1.28	MNZ	Nugget Pond
R21-785-17	91.00	96.00	5.00	1.93	Ming North "Icing Zone"	Nugget Pond
	105.00	116.00	11.00	4.32	MNZ	Nugget Pond
incl	107.00	112.00	5.00	8.45	MNZ	Nugget Pond
	245.73	294.32	48.59	6.30	MNZ	Nugget Pond

Notes:

-  Intercept widths are measured down-hole; true width of reported intervals is between 70% and 85% of the down-hole width with the exception of R21-785-17, which was drilled sub-parallel with dip to confirm the high-grade mineralisation of the Ming North Zone at depth.

-  Gold assays were unavailable from the lab at the time of release.

To view Figure 5: Diamond drilling results for the 785 level Ming North Zone, please click here
http://www.rns-pdf.londonstockexchange.com/rns/4520P_5-2021-10-18.pdf

Target 4: Upper Footwall Zone ("UFZ") targeting 790 level and below, planned to drill from the 620 level in Q4 2021

The Upper Footwall Zone definition drilling program will commence in Q4 2021, targeting follow up on several high-grade intersections reported on 4 November 2019, including:

· R19-695-03 - 10.9 m (downhole) of 5.92% copper with 0.60 g/t gold and 8.56 g/t silver; and

· R19-695-11 - 9.07 m (downhole) of 4.14% copper with 0.45 g/t gold and 4.99 g/t silver.

The UFZ drill program is planned to consist of 2,000 meters of NQ sized (76 mm diameter) holes.

 

The drilling program for the Ming Mine is being run under the supervision of Mark Ross, P. Geo., who is a qualified person as defined by NI43-101.

All drilling reported in this release was completed by an independent contractor with NQ-sized diamond core (76 mm diameter). Rambler employs an Oriented Core tool which provides valuable information in terms of the orientation of mineralized stringers, dip and dip direction of structure, lithology and foliation for future modelling and geotechnical interpretation. Logging and sampling of diamond drill core is completed on site by Rambler geologists who ship samples daily, using Rambler vehicles and drivers, to the Company's own laboratory for copper assay by standard x-ray fluorescence ("XRF") methodology. As part of its QA/QC program 10% of all samples processed are sent for duplicate analysis at an accredited external lab using standard XRF methodologies. Sample pulps are later shipped, using commercial freight services, to independent laboratories for gold assaying.

Tim Sanford, P.Eng., is the Qualified Person responsible for the technical content of this release and has reviewed and approved it accordingly.  Mr. Sanford is an employee of Rambler Metals and Mining Canada Limited. Tim Sanford consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. Tim Sanford has sufficient experience, relevant to the style of mineralization and type of deposit under consideration and to the activity that he is undertaking, to qualify as a "competent person" as defined by the AIM rules.

Tonnes referenced are dry metric tonnes unless otherwise indicated; unless otherwise noted all figures are quoted in $USD.

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'), incorporated into UK law by the European Union (Withdrawal) Act 2018.  Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside is now considered to be in the public domain.

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% 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 focus is to regain its production profile at 1,350 metric tonnes per day at 2% copper in the course of 2021 and evaluate expansion opportunities from that base.

Along with the Ming Mine, Rambler also owns 100% of the former producing Little Deer and Whales Back copper mines.

Rambler is listed in London under AIM:RMM.

 

For further information, please contact:

Toby Bradbury President and CEO Rambler Metals & Mining Plc Tel No: [phone] Fax No: [phone]	Eason Chen CFO Rambler Metals & Mining Plc Tel No: [phone] Fax No: [phone]	Tim Sanford. P. Eng. Vice President and Corporate Secretary Rambler Metals & Mining Plc Tel No: [phone] Fax No: [phone]
Nominated Advisor (NOMAD)
Ewan Leggat, Caroline Rowe SP Angel Corporate Finance LLP Tel No: [phone]

Website: www.ramblermines.com

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.

 

APPENDIX 1 - Glossary of Select Geological and Mining Terms

Term   Definition

''Au''   gold

"Ag"   silver

 ''concentrate''   in general, the saleable product resulting from crushing and grinding of mined ore in a processing plant along with concentration to remove impurities. Base metal operations can produce copper, lead and/or zinc concentrates

''Cu''   copper

''cut-off''   lowest grade of mineralised material considered economic, used in the calculation of ore reserves. Also used in reserve estimation, meaning all material higher than the given grade

''down plunge''   the direction within a rock mass indicated by linear features such as mineral lineation, fold axes or direction of maximum strain caused by deformation

''Footwall Zone'' or ''LFZ''   a mineralised zone beneath a geological feature such as a fault, another mineralised zone or bed

''grade''   relative quantity or the percentage of ore mineral or metal content in an ore body

''Indicated Mineral Resource''   that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed ''massive sulphide'' occurrence of a concentrated mass of sulfide mineral such as pyrite, sphalerite or chalcopyrite in one place, as opposed to their being disseminated or occurring in vein

''Measured Mineral Resource''   that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced

''Mineral Resource''   a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form that there are reasonable prospects for eventual economic extraction. Mineral resources are sub-divided, in order of increasing confidence, into Inferred, Indicated and Measured categories

''mineralised''   containing or impregnated with minerals

''National Instrument 43-101''   provides standards of disclosure for mineral projects in Canada. It is a legal requirement in Canada for all oral and written disclosure of scientific or technical information on mineral deposits

 ''ore''   rock that can be mined and processed at a profit

 ''oz''   troy ounce (=31.103 grammes)

''Probable Mineral Reserves''   measured and/or indicated mineral resources which are not yet proven, but where technical economic studies show that extraction is justifiable at the time of the determination and under specific economic conditions

''Proven Mineral Reserves''   measured mineral resources, where technical economic studies show that extraction is justifiable at the time of the determination and under specific economic conditions

''reserve''   that part of a resource that can be mined at a profit under reasonably expected economic conditions

''resource''   mineralised body for which there is sufficient sampling information and geological understanding to outline a deposit of potential economic merit

 ''stringer''   a thin, discontinuous mineral vein or rock layer

''sulphide''   a mineral containing sulphur in its non-oxidised form

''t''   a metric tonne

 

END

 

 

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