Ruby Red Resources Inc.
TSX VENTURE : RRX

Ruby Red Resources Inc.

November 15, 2007 23:59 ET

Ruby Red Resources announces preliminary drilling results of fall drilling program

CALGARY, ALBERTA--(MARKETWIRE - Nov. 15) - Ruby Red Resources Inc. (TSX VENTURE:RRX) ("Ruby Red" or the "Corporation") announces preliminary results of its drilling program in the Cranbrook area of British Columbia. The fall drill program was completed on the Corporation's 100% owned Zeus property (319 metres), 100% owned Jacleg property (181 metres) and 100% owned Loose Leg property (124 metres) for a total of 624 metres. A number of mineralized intersections were encountered on the various properties and are summarized below.

Management of Ruby Red is extremely encouraged by the preliminary results of this program as the geology encountered in the drill holes is consistent with the porphyry copper gold deposit model indications previously recognized at the Zeus property. Mineralization encountered in the drill holes completed on the Rockies properties also are indicative of a large mineralizing system concurrent with the structural activity recognized by the Corporation's exploration staff. All core has been logged and the zones of interest sampled and sent for analysis to ALS Chemex in Vancouver. Assay results are expected to be received by Ruby Red within the next four to six weeks.

ZEUS PROPERTY (Purcell's group)

Three holes were drilled on the Zeus property as a follow up to the initial program completed earlier this year. The initial summer drilling, the results of which were disclosed in a news release dated September 7, 2007, returned significant copper (Cu) mineralization (0.63% Cu over 57 metres) in a porphyry mineralization setting located within the Palmer Bar Fault system (PBF). A total of 320 metres was completed on the property during the fall program. Two targets, located 500 metres southwest and 1600 metres south-southwest of the initial diamond drill hole (DDH), were drilled to test a Cu in soil anomaly associated with a gabbro intrusive event and a silicified gold (Au) at surface showing, respectively. Both targets are located on shear features associated with the Palmer Bar fault system.

DDH Z-07-02 was collared to test the Cu in soil anomaly and intersected the PBF in the upper part of the hole. Sections of the core are strongly silicified and a few quartz veins are present. The upper part of the gabbro is also sheared; the lower gabbro contact has a number of quartz veins. Below the gabbro the middle Aldridge Formation is less altered but does include a few quartz veins. Minor Cu mineralization as bornite and chalcopyrite are present in some quartz veins and in small vugs along with pyrite. The hole was stopped at 160 metres.

DDH Z-07-3 and DDH Z-07-4 were drilled to test a silicified Au at surface showing. DDH Z-07-3 was collared at -45 degrees and encountered an 8 metre wide zone of strong silicification which appears to be increasing in intensity with depth. The zone includes four separate narrow galena bearing quartz veins (the galena is considered favorable for Au). Immediately below the silicous zone is a dolomite/quartz breccia with minor associated pyrite which is strongly developed over 6.3 metres and then more weakly developed to the end of the hole (an additional 19 metres) which ends at 68 metres.

DDH Z-07-4 was collared at -85 degrees from the same location to test these zones at depth. The hole encountered these same two zones; the upper quartz vein/silicified zone and the lower dolomite-quartz breccia. The zones appear to be continuous with depth. Within the quartz vein zone there is some strong argillic alteration not seen in the upper hole. The dolomite quartz breccia is more intensely developed. An interval of 7.5 metres of healed breccia where the matrix to brecciated dolomite appears as an intense stockwork of fine grained quartz that has been milled thus giving evidence of repeated brecciation. The hole terminated at 91 m.

The presence of a hydrothermal Au bearing carbonate breccia and intense silicification is consistent with the porphyry model proposed for the Zeus property as a distal component of the intrusive mineralizing system. The increasing alteration and intense brecciation with depth is also consistent with this model.

JACLEG/LOOSE LEG PROPERTIES (Rockies group)

A total of four holes were drilled on the two properties totaling 305 metres. Two targets were tested within a 15 kilometre long Au in soil anomaly located parallel to the Rocky Mountain Trench (RMT) and is entirely controlled by Ruby Red. The targets are structurally controlled Au and Cu associated with Cretaceous felsic intrusive events. These structural targets are cross faults associated with a large east verging recumbent to overturned fold structure. The fold structure is cut by thrust faults and these thrusts are cut by the targeted cross faulting. Syenite intrusive features occur within both fault sets.

JL-07-01 targeted a Au/Cu/Cobalt (Co) soil anomaly along a east-northeast cross fault feature (Lewis Creek Fault). The hole was drilled 40 metres entirely within overburden and failed to reach bedrock.

JL-07-02 was targeted to test numerous Au/Cu showings proximal to the east-northeast striking cross fault (Lewis Creek Fault) which transects the Au in soil anomaly at 90 degrees. The DDH encountered mineralization as disseminated chalcopyrite within Fort Steele quartzites (FSQ) at 11 metres continuing to 30 metres. The hole continues into clean FSQ with minor chalcopyrite mineralization and encounters the fault at 109 metres. The hole terminates within a gabbroic intrusive at 141 metres.

LL-07-01 targeted a single Au and base metal mineralized cross fault which hosts an extensive quartz vein breccia associated with a syenitic intrusive. The DDH encountered minor quartz stockwork with associated lead (Pb)/Cu mineralization and then terminated prematurely at 77 metres due to lost circulation.

LL-07-02 attempted to test the same feature as LL-07-01 but failed to reach the target zone due to lost circulation and a stuck core barrel. The hole was abandoned with the core barrel down hole at a depth of 47 metres.

Ruby Red was formed to participate in the acquisition, exploration and development of mineral claims in the Fort Steele Mining Division of British Columbia for the purpose of exploring for precious and base metals. Ruby Red hold 100% working interest in 135 mineral claims (approximately 40,000 hectares), all located within 35 kilometres of Cranbrook, B.C. in the Purcell and Rocky Mountains.

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include but are not limited to risks inherent in the mining industry, regulatory and economic risks, and risks associated with the Company's ability to implement its business plan. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

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Contact Information

  • Ruby Red
    Randall Tronsgard
    Vice-President, Corporate Development
    (403) 770-1346 or 1-866-257-4337