Rambler Metals & Mining PLC - a copper and gold miner with sites in Newfoundland and Labrador, Canada - Completes 9,068 metres of planned 15,200 metre diamond drilling programme at its Ming mine in the Newfoundland and Labrador province of Canada. Expects to complete or exceed its drilling programme goal by the end of 2021. Says copper assays have been received from a portion of drill intercepts, but no gold or silver assays have been received to day.
Reports initial results from its third or four target areas, Ming North Zone. Highlights results of 25.44 metres at 2.1% copper, including 8.44 metres at 3.3% copper and 15.8 metres at 5.0% copper, including 10.8 metres at 6.5% copper. Expects to begin drilling the final target areas - the Upper Footwall Zone - in the fourth quarter of 2021.
Chief Executive Toby Bradbury says: "These four target zones were scheduled for mining in the next 18 months based on indicated level of confidence; with the intercept results to date, we anticipate not only that the targets will be upgraded to measured confidence in new block models to inform final stope designs, but that size and possibly average copper grades will improve. Our confidence in the resource we will be mining in the near term is growing, and associated geotechnical data being obtained by the drilling will help us optimise the mining method while reducing operational risks."
Current stock price: 22.97 pence, up 4.9% on Wednesday morning
Year-to-date change: down 35%
By Scarlett Butler; scarlettbutler@alliancenews.com
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