(Sharecast News) - Copper and gold explorer, developer and producer Rambler Metals updated the market on its ongoing underground diamond drill programme at the Ming Copper-Gold Mine in Baie Verte, Newfoundland and Labrador, Canada on Wednesday, reporting that it had completed 9,068 of the planned 15,200 metres of infill drilling.
The AIM-traded firm said the programme was aimed at four key targets important to near-term mine production planning, with the first being the lower footwall zone (LFZ) 510-535 level, drilled from the 411 level, where drilling was complete and assays were in progress, and reported on 7 May.
It said the second target was the LFZ 735-760 level, which was drilled from the 620 level and complete, with assays in progress and partial results reported on 2 August.
At the Ming North zone (MNZ) 785 level, Rambler said it was drilled from the 785 level, with drilling and assays in progress, and the final target at the upper footwall zone (UFZ) below 790 level, it was planning to drill from the 620 level in the fourth quarter.
"We aimed our 15,200 metre programme at four key targets important to the confidence of near-term mine production planning," said president and chief executive officer Toby Bradbury.
"As announced on 7 May, 2 August, and now 25 August, we have completed drilling on two of these targets, started drilling on the third, and have planned drilling for the fourth.
"Copper assays have been received and announced to date on only a portion of the intercepts drilled, and no gold or silver assays have been received yet at all."
Bradbury said the four target zones were scheduled for mining in the next 18 months based on Indicated level of confidence, adding that with with the intercept results to date, the company anticipated not only that the targets would be upgraded to measured confidence in new block models to inform final stope designs, but that size and possibly average copper grades would 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.
"Drilling is proceeding ahead of plan, and we may be able to exceed the goal of drilling a total of 15,200 metres by the end of the year.
"As we proceed with our exploration program and receive copper and precious metal assays, we will update the market as material new assay information is received."
At 1125 BST, shares in Rambler Metals and Mining were up 5.02% at 23p.
4 Apr 2022 17:28
IN BRIEF: Rambler Metals completes gold deal with Elemental Royalties
Rambler Metals & Mining PLC - Surrey, England-based copper and gold producer - Completes deal with Elemental Royalties Corp over the Ming mine in Newfoundland, Canada, and will receive an upfront cash payment of USD11 million for Elemental's purchase of 50% of accountable gold until 10,000 ounces of gold have been delivered.
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