Red Eagle Mining Corporation

TSX VENTURE : RD
OTCQX : RDEMF


Red Eagle Mining Corporation

January 14, 2014 05:00 ET

Red Eagle Mining Cuts a 6 Metre Wide Vein at 9 Grams Gold Per Tonne at Pavo Real

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 14, 2014) - Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce additional results of an ongoing surface rock channel sampling programme at the Pavo Real Gold Project located in Colombia. Highlights include 9.03 grams gold per tonne and 72.4 grams silver per tonne over 6.1 metres and 19.87 grams gold per tonne and 64.1 grams silver per tonne over 1.2 metres cross-cutting separate veins and are presented in Table 1 below.

Table 1 - Highlights of Pavo Real Rock Channel Sampling Results
Description Width
(m)
Au
(g/t)
Ag
(g/t)
Vein/Breccia 0.25 4.19 12.4
Vein/Breccia 0.70 8.34 78.1
Vein/Breccia 0.10 2.14 30.6
Vein/Breccia 0.70 2.03 4.2
Vein 0.45 3.34 18.5
Vein 0.15 3.89 10.2
Vein/Breccia 6.10 9.03 72.4
Including 1.00 22.20 85.8
and 1.00 13.00 190.0
Vein/Breccia 0.60 3.90 34.9
Vein/Breccia 0.90 20.00 22.3
Vein/Breccia 0.70 19.20 56.8
Vein/Breccia 4.10 2.03 15.4
Vein/Breccia 0.25 2.28 5.8
Vein/Breccia 0.35 9.02 50.3
Vein/Breccia 1.00 5.54 9.2
Vein/Breccia 0.40 6.83 39.7
Vein/Breccia 0.54 31.00 59.9
Vein/Breccia 0.15 7.87 18.5
Vein/Breccia 0.65 4.12 9.8
Vein 0.50 30.70 38.1
Vein 0.20 40.80 39.9
Vein 0.90 19.40 63.3
Vein 0.70 29.80 25.5
Vein 0.70 5.84 19.6
Rhyodacite Porphyry 0.85 2.53 4.8
Vein 0.70 28.00 46.2
Vein 0.50 32.20 12.6
Vein 0.55 2.13 9.4
Vein 0.70 5.36 6.3
Vein/Breccia 0.50 10.70 11.0
Vein 0.70 3.13 16.4
Vein/Breccia 0.45 30.10 greater than 100.0
Vein/Breccia 0.60 6.35 11.4
Vein/Breccia 0.80 7.94 15.3
Vein/Breccia 0.48 8.81 17.3
Vein 0.10 14.80 33.6
Vein/Breccia 0.20 12.70 27.2
Vein/Breccia and Rhyodacite Porphyry 1.20 19.87 64.1
Including 0.20 34.30 113.0
and 0.30 42.60 122.0
Vein/Breccia 0.30 0.85 90.5
Vein/Breccia 0.30 3.40 169.0
Vein/Breccia 0.10 3.08 51.9
Vein/Breccia 0.10 5.79 16.9
Vein/Breccia 0.10 3.12 9.4
Vein/Breccia 0.20 2.75 12.3

For a map showing locations of the samples please see Figure 1 - Channel Sampling. For pictures of the channels please see Red Eagle's photostream on Flickr.

Current rock channel sampling is focused on an area of vein and hydrothermal breccia mineralisation related to dykes of rhyodacite porphyry, where previously conducted MMI soil sampling returned strong coincident gold, silver and copper anomalies. Due to accessibility, samples have been confined to outcrops exposed by streams dissecting the area. Prior channel sampling results from this target area returned up to 33.7 grams gold per tonne and greater than 100 grams silver per tonne over 0.50 metres (news release dated October 8, 2013). This rock sampling is ongoing and forms part of a broader programme that includes property-wide reconnaissance stream sediment and soil geochemical sampling, along with prospecting, to further evaluate the potential of the large concession package and to continue identifying new targets for follow-up by ground geophysics and drilling. A trenching programme is underway along strike of the 6.1 metre wide vein.

"These latest channel sampling results from Pavo Real are very encouraging and corroborate the results of prior soil and channel sampling from this target area," comments Jeff Toohey, Vice President Exploration. "The grades and widths of mineralisation being encountered reinforce the target concept for this sector of the property and indicate that the project has potential to host high grade gold and silver deposits of significant size."

About Pavo Real

The 14,370 hectare Pavo Real Gold Project contains a large number of significant gold bearing vein and breccia targets occurring throughout the stratigraphic sequence and spread over a broad area. Pavo Real is located on the eastern flank of the Central Cordillera within the Mesozoic Ibague block of the Central Continental Sub-plate. The Ibague block is characterized by diorite to granodiorite batholiths and associated volcanic rocks emplaced within continental sedimentary sequences. Pavo Real is host to a stratigraphic sequence of Lower Triassic red bed sandstones, siltstones, conglomerates and sedimentary breccias, overlain by Upper Triassic limestones, sandstones, siltstones, and shales, in turn overlain by Upper Triassic to Lower Jurassic tuffs, agglomerates and lavas. This stratigraphic sequence is intruded by Jurassic granodiorites of the Ibague batholith and associated minor intrusions. There are numerous historic mining adits throughout the property.

Pavo Real is situated within the Department of Tolima, 20 kilometres south of the city of Ibague and 45 kilometres south-east of AngloGold Ashanti's La Colosa project (26.8 million ounce Inferred Resource grading 0.92 g/t Au). Pavo Real consists of 100% owned concessions and a joint-venture with Miranda Gold Corp. into which Red Eagle Mining is currently earning a 70% interest.

The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey P.Eng., who is a Qualified Person as defined under NI 43-101.

About Red Eagle Mining

Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced mine-development team. Management is focused on building shareholder value through discovering and developing gold projects with low costs and low technical risks in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration. Red Eagle Mining is developing the 320 km2 historic Santa Rosa Gold Project located in the Antioquia Batholith. Development will initially commence with the San Ramon deposit where a positive Preliminary Economic Assessment supports project advancement. Feasibility and permitting are currently underway.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Contact Information

  • Red Eagle Mining Corporation
    Ian Slater
    Chief Executive Officer
    +1 604 638 2545
    info@redeaglemining.com

    Red Eagle Mining Corporation
    James Beesley
    Investor Relations
    +1 604 682 4600 or +1 855 682 4600 toll free
    +1 778 389 7715 mobile
    www.redeaglemining.com