RMM.L Regulatory News (RMM)

4 Aug 2005 07:00

Rambler Metals & Mining PLC04 August 2005 4th August 2005 RESULTS FROM FIRST 5 HOLES RECEIVED AT RAMBLER PROJECT: DEPTH EXTENSIONS OF MAIN MINERALIZED TREND CONFIRMED AND POTENTIAL FOR NEW MINERALIZED BODIES TO THE NORTHWEST IDENTIFIED Highlights - 19.5 feet at 1.70% copper and 7.3 g/T gold (Hole 8 MMS) - 40 feet at 1.92% copper and 0.19 g/T gold (Hole 8 MFZ) - 23 feet at 1.62% copper and 0.17 g/T gold (Hole 9 MFZ) Rambler Metals and Mining plc (AIM:RMM) has received results from the first 5holes of its planned 20 hole (28,000 metre) programme at the Rambler copper-goldproperty near Baie Verte, Newfoundland, Canada. Two drilling rigs are currentlyworking on the project. Mining of the shallowly-plunging Ming Massive Sulphide (MMS) on the property wasconducted by previous operators between 1971 and 1981 and again in 1995-96,however the deposit remains open to depth. Last year's drilling highlighted theadditional potential for considerably thicker and lower grade coppermineralization in the underlying Ming Footwall Zone (MFZ). The current drill programme is being implemented in accordance withrecommendations put forward in a report completed by Roscoe Postle Associatesand presented in the Company's April 2005 prospectus. The programme is designedto test the large-scale potential of both the Ming Massive Sulphide horizon(MMS) and the Ming Footwall Zone (MFZ). It is important to note that holespacings remain very wide (150-300 metres) during this stage of the RoscoePostle programme design, as both the potential for additional parallel plungingorebodies and the plunge direction of known deposits to depth is being tested. Holes 1 and 2 were completed in 2003 and Holes 3 and 4 were completed in 2004.Results are now available for the recently completed Holes 5 through 9. Holes 5 and 9 were located southeast and northwest respectively from the mainmineralized trend. Hole 9 intersected a single zone of massive sulphide thatgraded 1.29 % copper and 1.6 g/T gold over 6.3 feet (1.92 metres). The MingFootwall Zone included three separate mineralized intervals that in successiveorder returned 60 feet (18.3 metres) of 0.38% copper and 0.25 g/T gold, 46 feet(14.0 metres) of 0.79% copper and 0.067 g/T gold, and 23 feet (7.08 metres) of1.62% copper and 0.169 g/T gold. The hole indicates that the MFZ may bewidening along its northwest margin compared to results from shallower historicholes. A borehole transient electromagnetic survey (BHTEM) done within Hole 9 recordsan in-hole response at the massive sulphide horizon and off hole responses at1050, 1100 and 1200 metres (i.e. within the Ming Footwall Zone). Hole 5 was located to test for extensions at right angles to the mainmineralized trend to the southeast. Only low-grade copper mineralization waslocated indicating an effective edge to the mineralized trend in this area thatis consistent with the location of mine workings at shallower depths. Hole 8 was designed to intersect mineralization approximately 885 feet (270metres) down plunge from hole 4, in which a total of 194 feet of MFZmineralization was encountered in 4 zones. The MMS horizon in hole 8 was unexpectedly represented by 5 zones of massivesulphide mineralization with each separated by zones of disseminated andstringer mineralization over a total core length of 93.0 feet (28.3 metres).The uppermost zone of massive sulphide returned 13.5 g/T gold and 1.6% copperover 1.4 feet (0.42 metres). The lowermost two zones and intervening stringermineralization returned a combined intercept of 7.3 g/T gold and 1.7% copperover 19.5 feet (5.94 metres) including 40 g/T gold and 6.6% copper over thelowermost 2.7 feet (0.82 metres). The presence of five zones of massivesulphide and the very high gold content is unusual compared to mineralizationencountered in the shallower mine workings. The underlying MFZ in hole 8 was represented by six zones of stringermineralization, typically separated by post-mineralization intrusive rocks and,in some instances, by lower grade stringer material. The cumulative total ofstringer mineralization in the zones is 247 feet. In successive order, zones of52 feet (16.0 metres) at 1.37% copper and 0.074 g/T gold, 31 feet (9.5 metres)at 0.92% copper and 0. 093 g/T gold, 39 feet (12.0 metres) at 0.73% copper and.060 g/T gold, 49 feet (14.8 metres) at 1.16% copper and 0.038 g/T gold, 40 feet(12.2 metres) at 1.92% copper and 0.185 g/T gold) and 35 feet (10.7 metres) at0.97% copper and 0.056 g/T gold were returned. The BHTEM survey in Hole 8 reveals the presence of a strong, complex, offholeconductor a depth of approximately 1250 metres (i.e., within the Ming FootwallZone). The geophysical contractor is completing interpretation of this conductorto determine its distance and direction from the borehole. Holes 6 and 7 were located 1970 and 1480 feet (600 and 450 metres) southeast andnorthwest respectively from the known northeasterly plunging trend ofmineralization. The holes were designed to test for new zones of mineralizationon the Ming horizon and were located to optimize geophysical testing within anestimated 500 feet (150 metre) radius about each hole. Though both holes failedto intersect mineralization, a significant offhole conductor centered at adownhole depth of 1475 feet (450 metres) depth is indicated in hole 7. A newhole will be planned to test the conductive body following additionalgeophysical surveying and interpretation. Hole 10, located beyond hole 9 further to the northwest of the known mineralizedplunge, has been completed without intersecting massive sulphide on the Minghorizon; assay results of mineralized stringer sections are awaited. Holes 11and 12 are located down plunge from holes 8 and 2 respectively and are currentlyin progress and drilling in the hangingwall. Harry Dobson, Chairman commenting on these results said: "We are pleased withthe results of these first 5 holes with the holes that are on the trend beingwithin the range of expectations and variability you'd expect from the historicholes. The higher gold levels are intriguing and represent a trend we hope willcontinue as we go deeper. The holes that have not returned intersections areoutside of the established trend and confirmed the width at this level issimilar to that seen in the shallower levels. We look forward to the results ofthe rest of the Phase 1 drilling which should enable us to provide a much betterpicture of the potential of the Rambler Property." Assay results for the intervals highlighted in this release are detailed inTable 1 and hole locations are given in Table 2, which follow this release.Maps showing the locations of drill intercepts and complete assay results todate are posted on the company's website at www.ramblermines.com. Guy Wilkes Justine Howarth / Ana RibeiroOcean Equities Parkgreen CommunicationsT: 020 7786 4370 T: 020 7493 3173 Exploration on the Rambler property is being conducted by Altius Resources Inc.under a service agreement with Rambler Metals and Mining plc. All drill holeshave produced 47.6 millimetre diameter (1.875-inch) NQ diamond drill core. Thedrill core is descriptively logged on site, aligned, marked for sampling andthen split in half, longitudinally, using a diamond saw blade. One-half of thecore is preserved in core boxes for future reference. The samples comprising theother half of the core are bagged, sealed and delivered directly to theanalytical laboratory by Altius personnel. Base metal-bearing samples arenominally 1 metre to 1.8 metres (3.28 to 5.90 feet) in length except wherespecific geologic parameters require that a smaller interval be sampled.Samples with suspected precious metal content are nominally one metre or less,depending on the geological circumstances. The sawed samples are delivered directly to Eastern Analytical Ltd. inSpringdale, Newfoundland by Altius personnel where they are dried, crushed andpulped. Samples are crushed to approximately -10 mesh and split using a rifflesplitter to approximately 300 grams. The sample split is pulverized using aring mill to approximately 98% minus 150 mesh. In addition to regular samples,blank samples and quarter-split samples are also submitted for crushing/pulping. The sample pulps are picked up directly at Eastern Analytical by Altiuspersonnel and returned to the project site at which point analytical standardsamples and duplicate samples from previous batches are inserted into the samplestream. All sample rejects are also retrieved from Eastern Analytical by Altiuspersonnel and securely stored by Altius. The sample pulps are shipped by courier to Activation Laboratories Ltd. inAncaster, Ontario for analysis. A typical analysis consists of three,industry-standard components: (1) an aqua regia digestion followed by a 34 element ICP analysis, (2) a gold assay consisting of a one assay ton fire assay with finish by atomic absorption, and (3) an assay of specific base metals by aqua regia digestion followed by atomic absorption spectroscopy for those elements which exceed the limits of ICP accuracy. Check assays for the Rambler project are being conducted by ALS Chemex, usingindustry-standard techniques posted on their website. The drill programme andsampling protocol are being supervised by J.Geoffrey Thurlow, Ph.D., P.Geo., ofVMS Consultants Inc. and a Director of Altius; a Qualified Person as definedunder the Canadian Securities Administrators' National Instrument 43-101. Table 1 Drill From To Length Cu Au (meters) (meters) (meters) (%) (ppb) Hole RM05-05 RM05-06 RM05-07 RM05-08 1023.54 1029.48 5.94 1.69 7313 RM05-08 1029.48 1055.24 25.76 0.23 331 RM05-08 1065.80 1072.28 6.48 0.19 210 RM05-08 1105.87 1121.84 15.97 1.37 74 RM05-08 1127.95 1137.43 9.48 0.92 93 RM05-08 1139.35 1151.35 12.00 0.73 60 RM05-08 1192.92 1207.72 14.80 1.16 38 RM05-08 1220.65 1232.89 12.24 1.92 185 RM05-08 1220.65 1226.45 5.51 2.74 261 RM05-08 1269.67 1280.35 10.68 0.97 56 RM05-09 875.00 876.92 1.92 1.29 1613 RM05-09 876.92 895.18 18.26 0.38 253 RM05-09 898.42 900.66 2.24 0.43 84 RM05-09 901.35 903.71 2.36 0.73 221 RM05-09 904.77 907.29 2.52 0.43 122 RM05-09 978.90 982.98 4.08 0.44 89 RM05-09 993.70 1007.70 14.00 0.79 67 RM05-09 1021.89 1028.97 7.08 1.62 169 Table 2 Drill UTM UTM Elevation Length (meters) (meters) Hole Easting Northing RM05-05 567118 5530199 160 1328.3 RM05-06 566801 5529276 160 803.0 RM05-07 565713 5530284 130 686.0 RM05-08 567123 5530471 155 1355.0 RM05-09 566847 5530364 160 1342.3 *UTM Coordinates given as NAD27 for Canada, Zone 21 projection This information is provided by RNS The company news service from the London Stock Exchange