Rambler Metals & Mining Plc
AIM : RMM
TSX VENTURE : RAB

Rambler Metals & Mining Plc

November 13, 2013 02:00 ET

Rambler Provides Diamond Drilling Update at Its Ming Mine

Intersected 4.91% Copper, 2.86 g/t Gold and 22.61 g/t Silver over 3.00 Metres

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwired - Nov. 13, 2013) - Rambler Metals and Mining plc, a Newfoundland copper and gold producer, explorer and developer (AIM:RMM)(TSX VENTURE:RAB) ("Rambler" or "the Company") today provides an update on its diamond drilling activities over the past six months at the Ming Copper-Gold Mine, located in Newfoundland, Canada.

The bulk of the diamond drilling was focused on the 1807 Zone, a high-grade copper zone, which has produced the majority of mined tonnes since first declaring commercial production in November 2012. Mill feed grade from the 1807 zone over the last six months has ranged between 3.48 and 4.46 per cent copper, along with 1.35 to 1.83 grams per tonne gold. The average recovery at the Nugget Pond processing facility, over the same period, was 95 per cent and 63 per cent for copper and gold respectively.

Rambler's 2014 fiscal diamond drilling program is designed to add comparable grade to the resource/reserve base by extending the 1807 zone both up and down plunge. An updated estimate of resources and reserves for the life of mine is expected to be released early in 2014.

HIGHLIGHTS

COPPER

  • The Company completed 3,659 meters of diamond drilling in the 1807 Zone and has been successful in extending the high-grade tonnes both up and down plunge. Table 1 below shows highlights of significant intersections.
  • The deepest drill hole completed to date has extended the resource model 210 meters (plunge length) below the deepest reserve level, 516L, while drilling up plunge has extended the zone an additional 161 meters (plunge length) above the shallowest reserve level, 329L.

GOLD

  • Rambler has also completed 2,098 meters of diamond drilling in the 1806 Zone, a high-grade gold zone. The new drilling intersected visible gold in crosscutting fractures near the massive sulphide contact similar to the intersections returned in previous drilling (see Press release 10 May 2013 with 227.15 g/t gold, 2.37 % copper and 60.17 g/t silver over 4.50 meters). Table 2 below shows highlights of significant intersections.

George Ogilvie, P. Eng., President and CEO, said,

"We are pleased to see extensions of the known ore within the 1807 Zone outside the current mining blocks. This should bode well for maintaining or adding to the reserves and resources in this area.

"Throughout the remainder of fiscal 2014 we shall remain focused on further exploration drilling with $2M being assigned to this essential activity at the Ming Mine alone."

Extension of the Mined Copper and Gold Zones

With capital development five months ahead of the planned production levels, over the last two quarters more of the underground resources have been available for developing new diamond drill bays. Drilling has been mostly focused on extending the 1807 Copper Zone in order to replenish the reserves that have been mined since declaring Commercial Production. Additional drilling is also being planned to test the mineralized contact to the west of the 1807 Zone on the 457L level which remains unexplored to date. A drill bay has been established on the 457L to accommodate this pure exploration drilling.

The fiscal 2014 exploration plan for the Ming Mine includes;

  • Extending known ore zones near the underground infrastructure. Positive results already returned from drilling up and down plunge on the 1807 zone.
  • A two-phase outward exploration program on Rambler's two mining leases and one mineral exploration licence. Phase 1 will include compilation of all historical data, target generation and field orientation surveys, while Phase 2 will include detailed geophysical, geochemical and sampling of the defined targets along with follow-up trenching and diamond drilling if required.

Table 1: Testing of the 1807 Copper Zone

BHID Type From
(m)
To
(m)
Length
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
MMUG13-116 Composite 57.35 61.14 3.79 1.95 1.53 8.13
MMUG13-118 Composite 70.75 72.77 2.02 3.31 1.89 13.33
Including 72.23 72.77 0.54 8.75 4.86 30.30
MMUG13-119 Composite 56.20 60.63 4.43 2.61 2.07 15.36
Including 56.20 58.20 2.00 3.35 2.89 16.80
MMUG13-120 Composite 55.55 57.48 1.93 3.87 2.17 16.29
MMUG13-123 Composite 68.55 73.1 4.55 2.78 1.34 16.22
Including 70.00 73.1 3.10 3.60 1.31 15.98
MMUG13-124 Composite 61.69 66.04 4.35 1.95 1.65 16.35
MMUG13-127 Composite 99.70 101.90 2.20 7.09 3.69 24.95
Including 100.69 101.90 1.21 11.87 6.39 42.10
MMUG13-130 Composite 91.95 99.00 7.05 2.83 1.98 16.95
Including 95.00 98.00 3.00 4.91 2.86 22.61
MMUG13-131 Composite 82.42 89.46 7.04 2.21 1.50 10.21
Including 83.78 87.24 3.46 4.04 2.05 18.01
MMUG13-133 Composite 112.20 115.76 3.56 3.33 9.97 16.26
Including 113.13 115.76 2.63 3.38 13.27 17.02
MMUG13-218 Composite 147.60 149.60 2.00 1.73 1.81 52.05

Note: drill intersections indicated are core length which is estimated to be between ~95% of true width for this zone.

Table 2: Testing of the 1806 Gold Zone

BHID Type From
(m)
To
(m)
Length
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
MMUG13-136 Composite 3.00 14.43 11.43 1.63 8.05 59.38
Including 12.79 13.36 0.57 8.74 76.80 140.50
MMUG13-137 Composite 2.00 14.00 12.00 0.20 2.68 14.26
Including 9.00 14.00 5.00 0.44 4.72 26.98
MMUG13-140 Composite 1.00 12.53 11.53 0.06 1.32 4.37
Including 8.00 12.53 4.53 0.10 1.73 5.90
MMUG13-141 Composite 5.00 9.90 4.90 0.35 1.89 23.71
Including 9.29 9.90 0.61 1.63 9.40 120.10
MMUG13-142 Composite 4.00 10.45 6.45 0.21 2.53 17.41
Including 8.00 10.45 2.45 0.65 3.07 24.41
MMUG13-143 Composite 8.00 16.04 8.04 0.08 1.24 6.83
Including 8.00 10.00 2.00 0.02 1.95 5.50
Including 15.18 16.04 0.86 0.64 4.25 41.88
MMUG13-144 Composite 0.00 11.34 11.34 0.04 0.68 1.52
Including 5.00 6.00 1.00 0.02 3.43 1.40

Note: drill intersections indicated are core length which is estimated to be between ~60-80% of true width for this zone.

The Company currently has a total stockpiled inventory of 17,000 wet metric tonnes of copper ore available for milling at both the Ming Mine and Nugget Pond ore pads. The grades are expected to be similar to the previous six months feed grade. An additional 4,800 wet metric tonnes of the 1806 gold rich massive sulphide zone ore is also available for milling through the hydromet milling system when the opportunity becomes available.

At the time of release there was 4,427 wet metric tonnes of copper concentrate in storage at the Goodyear's Cove shipping facility. The Company hopes to ship its fifth shipment before the end of the calendar year. This shipment will take Rambler's delivered concentrates to market in excess of 32,000 wet metric tonnes since the first shipment in November 2012.

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 per cent 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.

The Company's Vision is to be Atlantic Canada's leading mine operator and resource developer through the expansion of the Ming Mine, discovering new deposits and through mergers and acquisitions. Rambler listed on the London AIM in 2005 and Toronto TSX-V in 2007.

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 Canada Limited.

Tonnes referenced are dry metric tonnes unless otherwise indicated.

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.

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 law.

Contact Information

  • Rambler Metals & Mining Plc
    George Ogilvie, P.Eng.
    President and CEO
    709-800-1929 or 709-800-1921

    Rambler Metals & Mining Plc
    Corporate Office
    +44 (0) 20 8652-2700
    +44 (0) 20 8652-2719 (FAX)
    www.ramblermines.com

    Cantor Fitzgerald Europe
    Stewart Dickson / Jeremy Stephenson
    +44 (0) 20 7894 7000

    Blythe Weigh Communications
    Tim Blythe / Halimah Hussain
    +44 (0) 20 7138 3204

    Ocean Equities Limited
    Guy Wilkes
    +44 (0) 20-7786-4370