LONDON (Alliance News) - Rambler Metals and Mining PLC Thursday said its exploration work on the Ming mine in Canada has extended the resource over the last nine months and said the pre-feasibility study for the project is on target to be completed in the middle of 2015.
It said it has completed 4,544 metres of diamond drilling in the 1807 zone, successfully extending the high-grade copper zone. The deepest drill hole completed has extended the resource model for the 1807 zone by 100 metres more than the deepest reserve level at the 630L zone and drilling along strike to the west has extended the zone an estimated 40 metres beyond previous plans, it said.
"The newly defined mineralisation is being modelled for inclusion in the 2016 fiscal budget and pre-feasibility with the Lower Footwall Zone," said Rambler.
Rambler has also identified a new area nearby that is thought to have copper and gold mineralisation over a broad intersection. This area has not been previously included in the resource or reserve estimates.
In the nine month period, Rambler drilled 1,457 metres on the 1806 and 1805 zones, intersecting visible gold with grades ranging up to 18.32 grammes of gold per tonne, 1.14% copper and 41.61 grammes of silver per tonne over 9.5 metres. That included intersections of 37.63 grammes gold, 1.64% copper and 54.86 grammes silver over 3.82 metres. Drilling is ongoing in these two zones.
""It is encouraging that all of the massive sulphide zones in the mine remain open at depth and have good potential for continued success under the exploration program. The massive sulphides currently being mined have been known to return some significant high grade intersections while production from these areas can produce good cash flow," said President and Chief Executive Norman Williams.
"Mining of these areas will continue throughout fiscal 2016 and beyond, the planned increases in mill throughput will be made possible through the integration of Lower Footwall Zone material," he added.
Rambler shares rose 2.0% to 12.50 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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