RMM.L Regulatory News (RMM)

26 November 2019

Rambler Continues Extensions to Depth of the Ming North and 1807 Massive Sulfide Zones in New Drilling 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 additional new high grade intersections 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/7115U_1-2019-11-26.pdf

Please refer to this link to access all figures which are referred to below. 

EXPLORATION SUMMARY

·; 1,992 meters of exploration drilling was completed from September 1, 2019 (the cut-off date of the previous exploration press release dated November 4, 2019) to November 15, 2019, at an average all-in direct drilling cost of CDN$75 per meter;

·; New drill holes have intercepted the Ming North Zone (MNZ) of massive sulfide mineralization approximately 140 meters down plunge of the previous deepest hole drilled in the MNZ that intercepted the ore zone (Hole R19-745-04). Highlights from the latest drilling include:

o R19-745-08 - 74.75 meters (m) downhole width of 8.98% copper with 2.16 grams per tonne (g/t) gold and 14.23 g/t silver, which includes two separate intervals shown below;

o Including - 27.77 meters (m) downhole width of 11.97% copper with 3.14 grams per tonne (g/t) gold and 19.23 g/t silver

o And including - 19.30 meters (m) downhole width of 14.85% copper with 2.94 g/t gold and 21.57 g/t silver

·; A new drill hole has intercepted the 1807 Zone (1807) of massive sulfide approximately 130 meters down plunge of the previous deepest hole drilled in the 1807 Zone (Hole R17-660-26). Highlights include:

o R19-735-01 - 7.00 m (downhole) of 1.84% copper with 8.35 g/t gold and 40.83 g/t silver

o R19-735-01 - 5.43m (downhole) of 2.02% copper with 1.80 g/t gold and 20.57 g/t silver

o R19-735-01 - 10.94m (downhole) of 1.84% copper with 1.22 g/t gold and 26.79 g/t silver

o R19-735-01 - 14.00m (downhole) of 1.33% copper with 5.42 g/t gold and 63.16 g/t silver

Andre Booyzen, President and CEO, commented:

"The Ming North zone has, in the span of less than 18 months, gone from an exploration conceptual target to become an integral part of the short and long term mine production plan. This newest drilling continues to justify our faith in pushing the exploration drilling of this zone deeper, with the highest grade and longest downhole intersections seen since the mine commenced operations in 2011.

In addition, the 1807 zone, which has been the backbone of massive sulfide production at the Ming Mine since 2012, has been extended down-plunge with excellent results in terms of copper and gold grades.

Mineralized grades and thickness for all zones at the Ming Mine have been demonstrated to improve with depth. Both of the high-grade massive sulfide zones reported here will further support the extension of the LOM plan once resource modelling and reserve design and scheduling has been completed based on the new information gleaned from this drilling."

Figure 1: View of the 1807 and MNZ looking across plunge, to the southwest

THE MING NORTH ZONE (MNZ)

The main massive sulfide orebody exploited during the historic mining era from 1972-1982 was the Ming North Zone (MNZ). 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 MNZ below the 745 level and has proven the continuation of high-grade copper mineralization to the 890 level (see Figure 2). This zone remains unbounded and open at depth.

Since first discovering the continuation of the MNZ down-plunge in August 2018, the operation has integrated the zone into its development and production schedule with the first mining horizon commencing at the 725L earlier this year. In addition to the down plunge extension described in this release, 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 1,481 meters of new drilling were completed on the MNZ during the reporting period. Selected drill-holes are displayed in Figure 2. Highlights of composited mineralized intervals are included in Table 1 below; the complete set of individual assayed intervals for these composites is included in Appendix 1.

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

Figure 2: Longsection view of the Ming North Zone (Upper) underground diamond drilling program; looking west

THE 1807 ZONE (1807)

The 1807 zone has been mined continually since 2012 from the 304 level down to the 735 level. Limited underground drilling currently shows the zone to narrow up-dip of the 304 level to uneconomic mining widths. This zone remains unbounded and open at depth.  The geology in the 1807 zone is characterized by massive pyrite-chalcopyrite-sphalerite that have been variably recrystallized. The sulfide horizons of the 1807 zone are up to six meters thick.

A total of 511 meters of new drilling were completed on the 1807 zone during the reporting period. Selected drill-holes are displayed in Figure 3. Highlights of composited mineralized intervals at the 735 level are included in Table 1 below; the complete set of individual assayed intervals for these composites is included in Appendix 1.

Table 2: 1807 exploration drilling results with composited down-hole and true widths and copper/gold/silver assays

Figure 3: Longsection view of the 1807 Zone underground diamond drilling program; looking west

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 utilized the Datamine database management program DHLogger 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 are performed at Rambler's on-site laboratory, all core samples assayed and pertaining to this report were completed by Eastern Analytical Limited (EAL) located in 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 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 1: INTERVAL AND COMPOSITE ASSAYS OF THE SELECTED DRILLHOLES