TORONTO, ONTARIO--(Marketwire - Feb. 28, 2013) - Red Mile Minerals Corp. "Red Mile" (TSX VENTURE:RDM) is pleased to announce the results of the recently completed diamond drill program at the Blue Quartz Property in the Timmins Gold Camp, located approximately 8 kilometers north of the Black Fox Mine. The property is jointly owned by Red Mile and McLaren Resources Inc. (CNSX:MCL).
Exploration drilling is focused on expanding the known gold mineralization to depth in the area of the Blue Quartz Mine Shaft where underground high-grade gold production was reported during 1920's and 30's. The three holes being reported targeted gold mineralization to the west of and below the level of the historic mine workings and successfully expanded the area of gold mineralization. The next program is planned to target the extension of high-grade gold mineralization directly below the area of the Blue Quartz Mine shaft.
The drill program targeted 50 to 100 metre step-outs on the Main Zone mineralization to the west at depth with three drill intercepts from two new drill holes plus the extension of a previous hole, for a total of 941.3 meters. The exploration was following up on the positive results from previous drill programs, which included 12.28 grams per tonne gold (gpt Au) over 2.7 meters (m) and 1.3 gpt Au over 63 m.
|Diamond Drill Highlights
|Intervals reported here are core lengths. True widths are not known at this time. All depths are reported as down hole.
The next planned drill program will target an extension of the known high-grade mineralization to depth directly below the Blue Quartz Mine Shaft. The focus of the ongoing exploration program is to expand the existing gold mineralization both to depth and along strike from the area of the underground workings of the former producing Blue Quartz Mine. The thickness of the gold mineralization encountered in the recent drill programs is encouraging and indicates good potential at depth.
The Esker Property hosts the Esker gold prospect discovered by St. Joe Canada Limited in 1988. Gold is hosted by quartz veins and alteration within sheared mafic metavolcanics and banded iron formation comparable to that found along strike at Golden Patricia mine immediately to the northwest.
The Company is currently compiling all historical data and is planning an initial work program in the summer of 2013.
Kenneth Guy, P. Geo., is the Qualified Person (as such term is defined in National Instrument 43-101- Standards of Disclosure for Mineral Projects) for Red Mile Minerals, and is responsible for the geological information presented herein.
All exploration work was conducted under Mr. Guy, who has reviewed this news release.
All drilling was completed by Norex Drilling, a local drill contractor using NQ size core. Gold analysis of the samples collected by Red Mile were assayed by ALS Chemex. Analysis consisted of a fire assay of a 30-gram sample with an atomic absorption finish. Samples assaying over 10.0 grams gold per tonne Au are re-assayed with gravimetric finish. Samples noted to contain visible gold are analyzed via total metallic assay method. A rigorous Quality Control and Assurance Program (QA/QC) is in place, using control samples such as blanks and duplicate checks. In addition, duplicate analyses of 10% of the samples are corroborated by check assays performed at a Third Party Laboratory.
About Red Mile Minerals Corp.
Red Mile Minerals is a tightly held mineral exploration company with a gold property along the prolific Destor-Porcupine gold-producing region in Ontario, the Esker Property near Pickle Lake and the Dorset Property in Baie Verte, Newfoundland. Red Mile continues to seek additional mineral exploration opportunities where the company's exploration expertise and corporate share structure could substantially enhance shareholder value. Currently there are 22,445,000 shares issued and outstanding.
On behalf of the Board of Red Mile Minerals Corporation
John Hickey, President and CEO
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.