RMM.L Regulatory News (RMM)

04 November 2019

Rambler Diamond Drilling Extends High Grade Massive Sulfide and Stringer Zones at its Ming Copper-Gold Mine

London, England - Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (AIM: RMM) ("Rambler" or the "Company"), a copper and gold producer, explorer, and developer is pleased to announce new high grade intercepts in recent drilling at its Ming Copper-Gold Mine in Eastern Canada.

A full version of the announcement can be viewed at:http://www.rns-pdf.londonstockexchange.com/rns/0599S_1-2019-11-3.pdfPlease refer to this link to access all figures which are referred to below. 

EXPLORATION SUMMARY

·; 8,785 meters of exploration drilling has been completed from October 1, 2018 to September 1, 2019, at an average all-in direct drilling cost of CDN$75 per meter;

·; The Ming North Zone (MNZ) of massive sulfide mineralization has been extended by over 150 meters down-plunge. Highlights from the latest drilling include:

o R18-722-29 - 16.40 meters (m) downhole width of 4.62% copper with 3.26 grams per tonne (g/t) gold and 28.90 g/t silver

o R18-745-04 - 20.70 m downhole width of 4.42% copper with 2.13 g/t gold and 13.82 g/t silver

·; The Upper Footwall Zone (UFZ) of high-grade stringers within the Lower Footwall Zone (LFZ) mineralization has been extended and infilled to the point that it will support our 2020 mine plan. Highlights include:

o R19-695-03 - 10.9 m (downhole) of 5.92% copper with 0.60 g/t gold and 8.56 g/t silver

o R19-695-11 - 9.07 m (downhole) of 4.14% copper with 0.45 g/t gold and 4.99 g/t silver

Andre Booyzen, President and CEO, commented:

"Our exploration drilling strategy at the Ming Mine is fourfold:

1. Focus on delineating high grade targets near existing mine infrastructure to replace copper tonnes mined during the year;

2. Expand high grade targets already intercepted by previous drilling or mining;

3. Convert resources into reserves by infill drilling; and

4. Confirm new, high grade targets as they emerge from iterative reinterpretations of geologic data.

"In the last year of drilling we have been successful in all four of these areas. We expect to release a new NI 43-101- compliant technical report including mineral resources and mining reserves estimates based on this data in the first quarter of 2020.

"This latest underground diamond drilling has returned some of the thickest massive sulfide intercepts and highest copper and gold grades encountered on the property to date. It confirms that the tenor of mineralization both in the massive sulfide and the stringer targets improves with depth. This new information provides a tremendous opportunity for the Company to bring a significant amount of higher-grade material into the mine plan and mill feed in 2020 and beyond.

"Mining in 2020 will focus near the bottom of the mine, where mineralized grades and thicknesses improve directly down plunge from current and historical mining fronts. Next year's plan is to develop and commence mining the MNZ, LFZ, and the UFZ, from below the 695 level (see Figure 1).

"The potential exists to extend the Ming North massive sulfide body even deeper with continued underground drilling. And previously announced surface drilling has already demonstrated that the Lower Footwall Zone of stringer mineralization extends more than 700m down plunge of the current mine workings, awaiting infill surface holes to convert to Indicated Resource and thereby support many years of mining."

THE MING NORTH ZONE (MNZ)

The Ming Mine first came into production in 1972 and over a 10-year period it extracted approximately 2.1 million short tons at 3.5% copper with 0.07 oz/t of gold. The main massive sulfide orebody exploited during the historic mining era was the Ming North Zone. At that time, it was believed that the zone narrowed downward to uneconomical mining widths just prior to the mine's closure in 1982. Updated 3D modeling techniques and a better understanding of the geology of the mineralization have proven instead that the historic massive sulfide bodies continue at depth. Recent diamond drilling tested the Ming North Zone below the 745 level and has proven the continuation of high-grade copper mineralization to at least the 820 level. This zone remains unbounded and open at depth.

Since first discovering the continuation of the MNZ down-plunge in August, 2018, the operation has developed and mined its first stope on the 725 level and is now preparing the next stope on the 710 level for production within the coming weeks. In addition, this mineralization has also been traced up-plunge, with stopes defined up to the 620 level just below the historic pre-1982 workings.

A total of 3,680 meters of new drilling were completed on the MNZ during the reporting period. Selected drillhole locations are displayed in Figures 2 and 3. Highlights of composited mineralized intervals are included in Table 1 below; the complete set of individual assayed intervals for these composites appears in Appendix 1.

Table 1: MNZ exploration drilling results with composited down-hole and true widths and copper/gold/silver assays

LOWER FOOTWALL ZONE (LFZ)

The Lower Footwall Zone ('LFZ)' consists of stringer style chalcopyrite, pyrrhotite and lesser pyrite veinlets in a strongly chloritized felsic volcanic host rock. The LFZ occurs approximately 100 meters stratigraphically below the Ming Massive sulphide zone and has been modelled with a total down-plunge length of 2150 meters. The LFZ is interpreted to be the feeder zone for the overlying volcanogenic massive sulphide (VMS) mineralization of the massive sulphide zone, including the MNZ. The LFZ is interpreted to be a cylinder-shaped body as defined by diamond drilling, with high-grade enrichment along post-mineralization dyke contacts. The highest-grade copper mineralization in the LFZ appears to be roughly at the core of the cylindrical zone and along dyke contacts. 

A total of 3,042 meters of new drilling was completed in the Lower Footwall Zone. Composited down-hole widths include highlights shown in Table 2. Selected drillhole locations are displayed in Figure 4.

Table 2: LFZ infill drilling results with composited down-hole and true widths and copper assays

THE UPPER FOOTWALL ZONE (UFZ)

The UFZ is a high-grade sub-zone of the LFZ and is contained within the overall grade shell of the LFZ model. The UFZ model as defined by previous drilling has been expanded from data collected from a current and ongoing drill program. The current UFZ model shows a down-plunge length of 490 meters, a strike length of 75 meters, and an average thickness of 4.5 meters. The Zone is open at depth. The ongoing drill program is continuing to define the eastern boundary of the Zone. Gold values in the UFZ are significantly higher than the main LFZ - up to six times higher in some core samples.

A total of 2,063 meters of new Upper Footwall Zone drilling with composited down-hole widths include assay highlights shown in Table 3. Selected drill hole locations are indicated in Figure 5.

Table 3: UFZ exploration drilling results with composited down-hole and true widths and copper/gold/silver assays

Note 1

Results reported are accurate and reflective as of the date of release. The Company performs regular auditing and reconciliation reviews on its processes following which past results may be adjusted to reflect any changes. Core lengths can vary depending on the angle the drill hole intersects the mineralized body. True widths are estimated to range between 10%-85% of core lengths, dependent upon drill sites and orebody intercept angles.

Tim Sanford, P.Eng., is the Qualified Person responsible for the technical content of this release and has reviewed and approved it accordingly. Mr. Sanford is an employee of Rambler Metals and Mining Canada Limited. Tonnes referenced are dry metric tonnes unless otherwise indicated.

Rambler maintains an ongoing quality assurance and quality control program ('QA/QC') to ensure that exploration data collected adheres to all compliance regulations and CIM best practices. Rambler maintains written field procedures and has had independent audit and verification of its geological database and all data related to drilling, surveying, sampling and assaying.

Rambler's QA/QC program includes insertion of blanks, duplicates and standard samples at regular intervals. Analytical control measures for the drilling program involve both internal and external laboratory check samples to ensure that data received and used are accurate and reliable. Rambler has integrated the database management program MX Deposit as an effective and efficient way to manage assay data as well as QA/QC tracking and reporting.

With the exception of infill drill holes bearing only copper assays, which assays were performed at Rambler's on-site laboratory, all core samples assayed and pertaining to this report were completed by Eastern Analytical Limited (EAL) located at Springdale, Newfoundland. Eastern Analytical Limited is an ISO 17025 accredited laboratory and bears no relationship to Rambler.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

ABOUT RAMBLER METALS AND MINING

Rambler is a mining and development company that in November 2012 brought its first mine into commercial production. Rambler has a 100 per cent ownership in the Ming Copper-Gold Mine, a fully operational base and precious metals processing facility and year-round bulk storage and shipping facility; all located on the Baie Verte peninsula, Newfoundland and Labrador, Canada.

Following the completion of its recent productivity improvement initiative Rambler's focus is on sustaining mine and mill production at over 1,350 metric tonnes per day at 2% Copper at the Ming Mine. With a return to profitability and positive cash flow, Rambler will continue advancing engineering studies and capital asset additions with a view to further increase production.

Along with the Ming Mine, Rambler also owns 100 per cent of the former producing Little Deer/ Whales Back copper mines.

Rambler is listed in London under AIM:RMM.

For further information, please contact:

Website: www.ramblermines.com 

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.

APPENDIX I: SELECTED DRILLHOLES WITH INTERVAL AND COMPOSITE ASSAYS