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TOPIC: Red Eagle Mining Commences Oxide Drilling Program at Santa Rosa

6 years 10 months ago #3037

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Red Eagle Mining Intercepts 7.0 Metres at 41.53 Grams Gold Per Tonne at Santa Rosa



VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF), is pleased to announce additional assay results received from the recently completed 24 hole, 5,400m phase two core drill program at the San Ramon gold system located within the Santa Rosa gold project in Colombia. Assays have now been received for 14 holes with assays pending on 10 holes (SR-056 to SR-065). The additional results show strong gold mineralisation over significant intervals, with the most significant intercept being in hole SR-053 of 7.0 metres at 41.53 grams gold per tonne. Hole SR-053 was collared 300 metres to the west of hole SR-042 which intercepted 6.0 metres at 31.85 grams gold per tonne at a similar depth, reported in the news release dated June 13, 2012.

Table 1 summarizes the latest significant (+0.20 g/t) uncut gold intercepts from phase two core drill holes SR-052 to SR-055 (see Figure 1 - Drill Hole Plan and Figure 2 - Long Section). True widths are estimated to be 70% of the intercepts and vertical depths are estimated to be 90% of the drilled depths reported below. Internal dilution within intercepts is limited to the inclusion of runs of no more than 2m below cut-off. Hole SR-054 did not return economically significant results. For pictures of the drill core see Red Eagle's photostream on flickr.



Table 1 - San Ramon Drill Intercepts



Hole ID

From (m)

To (m)

Interval (m)

Au (g/t)



SR-052

161.6

172.7

11.1

1.34




incl.

164.6

165.6

1.0

8.09



SR-053

52.5

54.5

2.0

2.37




97.7

98.2

0.5

3.76




137.6

141.6

4.0

0.67




162.8

166.7

3.9

1.00




179.2

183.2

4.0

0.63




188.2

190.2

2.0

0.39




198.3

216.0

17.7

17.14




incl.

204.0

211.0

7.0

41.53



SR-055

212.7

213.2

0.5

8.31




259.0

260.0

1.0

1.42




370.5

374.5

4.0

1.22


"Our phase two drilling at San Ramon continues to deliver outstanding results, significantly increasing the grade and potential scale of the system", comments Ian Slater, Chief Executive Officer. "Assays are pending on another ten holes from phase two, while concurrently phase three oxide drilling is continuing through the summer, culminating in an initial NI 43-101 resource report targeted to be compiled and released by the end of 2012."

The San Ramon structure trends east-west, dips 60°-70° to the north, extends over 1,800m, is up to 60m in width and is exposed at surface. Wide-spaced discovery drilling intercepts from phase one averaged approximately 1.2 g/t Au to a vertical depth of over 250m. The mineralisation extends to surface where channel sampling has also averaged approximately 1 g/t Au. The 2012 work program for San Ramon includes the phase two core drill program (24 holes totaling 5,400m), a phase three core drill program in the near surface oxides over the entire known gold mineralisation which commenced in June (36 holes totaling an estimated 5,000m), preparation of a NI 43-101 resource and a preliminary metallurgical test work programme.



Table 2 - Drill Hole Specifications



Hole

Easting

Northing

Elevation (m)

Azimuth

Dip

EOH (m)



SR-052

856516

1223311

2471

180

-75

209



SR-053

857493

1223275

2473

180

-75

250



SR-054

856804

1223264

2475

180

-45

133



SR-055

857402

1223391

2511

180

-70

404


Quality Control and Assurance (QC/QA)

All drill samples were collected with diamond core drill rigs using approximately one metre sample intervals and following standard industry practice. Acme Analytical Laboratories prepped and screened samples in Medellin, Colombia and assayed samples in Santiago, Chile. Gold values were determined by fire assay of a 30g charge with an AA finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. QC/QA included the insertion and continual monitoring of standards and blanks into 10% of the sample stream batches, along with check assays conducted at alternate accredited laboratories.

The scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson P.Geo., who is a "Qualified Person" as defined under National Instrument 43-101.
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Red Eagle Mining Commences Oxide Drilling Program at Santa Rosa 6 years 10 months ago #3031

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Red Eagle Mining Commences Oxide Drilling Program at Santa Rosa



VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 4, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce that following the successful first (see news release dated January 17, 2012: http://redeaglemining.com/news/?pg=1&nyy=2012&nid=17) and, recently completed, second (see news releases dated June 13, 2012: http://redeaglemining.com/news/?pg=1&nyy=2012&nid=35 and June 26, 2012: http://redeaglemining.com/news/?nid=37) phases of drilling at the Santa Rosa gold project in Colombia, a third 5,000m, at least 36 core hole program commenced June 24 on the San Ramon gold system. This phase of drilling will specifically target the oxidised mineralisation which extends to an average of 80m to 100m in depth, including an average of 50m from surface of mineralised saprolite. Saprolite is a chemically weathered rock and represents deep weathering of the bedrock surface. In most outcrops its red color comes from iron compounds. Deeply weathered profiles are widespread on the continental landmasses between latitudes 35°N and 35°S.

Results from surface sampling and trenching, the channel sampling of over 400 adits and past artisanal mining activity indicates that the saprolite contains similar gold mineralisation to that seen in the primary mineralisation. From cross-sections, it appears that the gold mineralisation expands out from the controlling shear structure and "blossoms" at and near the surface (see Figure 1 - Cross Section B-B': http://redeaglemining.com/siteFiles/89/files/maps-lg/CrossSectionSR-041-042-Large.jpg). This drilling program will test the uniformity of the saprolite mineralisation, the depth of the oxide mineralization and the thickness of the transitional zone over the entire 1,800m strike length. Energold Drilling has been selected as the drilling contractor for the program which is expected to be completed by September. The drill holes will be relatively short, with depths ranging from 40m to 150m.

"Drilling of the oxides is targeted to confirm mineralisation from surface and enable us to prepare our initial NI 43-101 resource for San Ramon by the end of the year," comments Ian Slater, Chief Executive Officer.

The scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson P.Geo., who is a "Qualified Person" as defined under National Instrument 43-101.
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