RMM.L Regulatory News (RMM)

23 August 2022

Rambler Metals and Mining PLC

Rambler Updates 2022 Diamond Drilling Program

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 provides an update to its 2022 underground diamond drilling program at the Ming Copper-Gold Mine, Baie Verte, Newfoundland and Labrador, Canada. This is the first release of all data presented in this announcement; gold assays are not available at time of release and will be updated as they become available.

Rambler has drilled over 12,767 meters year to date in 2022. The 2022 program is providing definition and exploration drilling throughout the mine, focusing on near term production stopes, and step-out drilling from known mineralization proximal to mine infrastructure. Targets have included Ming North Zone ("MNZ"), Lower Footwall Zone ("LFZ"), the LP East Zone ("LPEZ"), and the Jennings Zone ("JZ") (see press releases dated January 13, January 18, February 21, April 11, April 25, and April 28, 2022) and drill testing the newly discovered Ezekiel Zone ("EZZ") proximal to the Upper Footwall Zone ("UFZ").

Total drilling reported in this press release includes 3,747.83 metres in 24 holes. Of note, holes R22-707-01 to R22-707-08 were drilled to test an area in the footwall of the UFZ and intersected copper mineralization of interest only 30m away from the UFZ (see "New Discovery" intercepts below). This potential new zone of mineralization will be further drill tested.

DRILL "HIGHLIGHTS"

510L Lower Footwall Zone Drilling Program

§ R22-510-01

· 5.00m @ 2.67% Cu - LFZ

§ R22-510-02

· 11.20m @ 2.17% Cu - LFZ

§ R22-510-03

· 2.90m @ 8.94% Cu - LFZ

· 4.00m @ 2.11% Cu - LFZ

§ R22-510-04

· 3.50m @ 3.74% Cu - LFZ

§ R22-510-05

· 8.35m @ 2.55% Cu - LFZ

· 7.50m @ 4.36% Cu - LFZ

§ R22-510-06

· 7.50m @ 2.30% Cu - LFZ

§ R22-510-07

· 16.00m @ 1.93% Cu - LFZ, including

§ 7.00m @ 2.95% Cu

§ R22-510-08

· 16.10m @ 2.73% Cu - LFZ, including

§ 6.00m @ 4.46% Cu, and

§ 4.00m @ 3.56% Cu

§ R22-510-10

· 15.00m @ 2.30% Cu - LFZ, including

§ 3.00m @ 4.68% Cu

· 13.00m @ 4.33% Cu - LFZ, including

§ 5.00m @ 8.82% Cu

§ R22-510-11

· 3.00m @ 6.10% Cu - LFZ

§ R22-510-12

· 3.40m @ 2.01% Cu - LFZ

§ R22-510-13

· 5.00m @ 2.59% Cu - LFZ

§ R22-510-14

· 9.00m @ 2.26% Cu - LFZ, including

§ 2.00m @ 5.97% Cu

· 52.00m @ 2.53% Cu - LFZ, including

§ 4.00m @ 5.55% Cu, and

§ 3.75m @ 3.77% Cu, and

§ 5.00m @ 3.73% Cu

§ R22-510-16

· 13.00m @ 2.87% Cu - LFZ, including

§ 5.00m @ 4.35% Cu

· 15.00m @ 2.20% Cu - LFZ, including

§ 6.00m @ 2.65% Cu

707L UFZ & Ezekiel Zone Drilling Program - New Discovery

§ R22-707-01

· 8.00m @ 1.45% Cu - Ezekiel Zone

§ R22-707-02

· 5.00m @ 2.43% Cu - Ezekiel Zone

· 13.00m @ 5.06% Cu - UFZ, including

§ 4.60m @ 11.44% Cu

§ R22-707-03

· 2.50m @ 8.43% Cu - UFZ

§ R22-707-04

· 2.00m @ 2.10% Cu - Ezekiel Zone

§ R22-707-05

· 6.37m @ 2.24% Cu - Ezekiel Zone

§ R22-707-06

· 2.00m @ 1.98% Cu - Ezekiel Zone

· 10.00m @ 1.63% Cu - Ezekiel Zone, including

§ 3.00m @ 2.44% Cu

· 8.00m @ 5.84% Cu - UFZ, including

§ 3.00m @ 9.21% Cu

· 4.00m @ 1.99% Cu - UFZ

§ R22-707-07

· 8.05m @ 2.24% Cu - Ezekiel Zone

Figure 1: Long-section showing the relative locations of the drilling targets reported in this release

Toby Bradbury, President and CEO, commented:

"We have continued drilling to firm up and expand our resource base over the summer, with two electric diamond drills operating in the underground mine. We have waited to provide the results contained in this announcement until the two respective concurrent drill programs were completed. While we are still awaiting gold assays for this work, we are pleased to share with the market the exciting copper results from the two drill sites, those being the 510L in the Lower Footwall Zone ("LFZ"), and the 707L which is targeting the Upper Footwall Zone "UFZ", whilst in the process we have identified another new area of mineralization that has been dubbed the Ezekiel Zone ("EZZ").

The Ezekiel Zone is the third previously unknown zone of mineralisation discovered this year, the first two being the Jennings zone and the LP East zone. Like the first two discoveries, the EZZ is close to existing mining infrastructure, potentially creating further near-term optionality to the mine plan.

The 510L drilling has once again reinforced the faith we have in the LFZ orebody by providing long intercepts of high-grade copper that can add near-term resources to the mine plan. The 707L drilling is exciting not only for its good intercepts in the Upper Footwall Zone ("UFZ") but also because it is demonstrating there is potential to outline a new mineralised horizon only 30 meters away from the UFZ, which is currently in production on the 790L - 770L horizon.

We have also added a third drill to our program, called a "termite" or "packsack" drill, that is currently drilling short holes (up to 30m long) testing ore extents in and around currently developed levels of the mine. We are using the termite drill data to better refine our stoping shapes, drill and blast design and ground control systems. This in turn enhances the overall control that we have over the mining process and creates a more stable platform from which to produce. In the LFZ particularly, the termite drilling program is returning information that is enabling us to expand ore zones while maintaining production grade targets, hence returning increased ore tonnes available per level.

In the meantime, operations continue to improve on the performance of the last quarter and grade targets are being achieved (see press releases of June 9 and July 12, 2022)."

Table 1: Details of 510L LFZ drilling intersections

Notes: All reported intervals are downhole widths; true widths for the 510L drilling are 50 to 75% of downhole widths.

*Hole R22-510-15 was abandoned at a depth of 58.9 meters, short of its planned depth of 200 meters.

Figure 2: Plan view of LFZ drilling from 510L

Figure 3: Section view of LFZ drilling from 510L

Figure 4: Section view of LFZ drilling from 510L

Figure 5: Section view of LFZ drilling from 510L

Figure 6: Section view of LFZ drilling from 510L

Figure 7: Section view of LFZ drilling from 510L

Figure 8: Section view of LFZ drilling from 510L

Table 2: Details of 707L UFZ and EZZ drilling intersections

Note: All reported intervals are downhole widths; true widths for the 760L drilling are 65 to 75% of downhole widths.

Hole R22-707-08 was abandoned at a depth of 20.5 meters, short of its planned depth of 175 meters.

Figure 9: Plan view of UFZ & EZZ drilling from 707L

Figure 10: Section view of UFZ & EZZ drilling from 707L

Figure 11: Section view of UFZ & EZZ drilling from 707L

Figure 12: Section view of UFZ & EZZ drilling from 707L

Figure 13: Section view of UFZ & EZZ drilling from 707L

The drilling program for the Ming Mine is being run under the supervision of Mark Ross, P. Geo., who is a qualified person as defined by NI43-101.

All drilling reported in this release was completed by an independent contractor with BQ-sized diamond core (76 mm diameter). Rambler employs an Oriented Core tool which provides valuable information in terms of the orientation of mineralized stringers, dip and dip direction of structure, lithology and foliation for future modelling and geotechnical interpretation. Logging and sampling of diamond drill core is completed on site by Rambler geologists who ship samples daily, using Rambler vehicles and drivers, to the Company's own laboratory for copper assay by standard x-ray fluorescence ("XRF") methodology. As part of its QA/QC program 10% of all samples processed are sent for duplicate analysis at an accredited external lab using standard XRF methodologies. Sample pulps are later shipped, using commercial freight services, to independent laboratories for gold assaying.

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. Tim Sanford consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. Tim Sanford has sufficient experience, relevant to the style of mineralization and type of deposit under consideration and to the activity that he is undertaking, to qualify as a "competent person" as defined by the AIM rules.

Tonnes referenced are dry metric tonnes unless otherwise indicated; unless otherwise noted all figures are quoted in $USD.

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'), incorporated into UK law by the European Union (Withdrawal) Act 2018. 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.

The Company has established a production profile to meet current mill capacity of 1,350 metric tonnes per day with a target grade of 2% Cu and is evaluating growth opportunities from that base.  

Along with the Ming Mine, Rambler also owns 100 per cent of the former producing Little Deer Complex.

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 - Glossary of Select Geological and Mining Terms

Term Definition

''Au'' gold

"Ag" silver

 ''concentrate'' in general, the saleable product resulting from crushing and grinding of mined ore in a processing plant along with concentration to remove impurities. Base metal operations can produce copper, lead and/or zinc concentrates

''Cu'' copper

''cut-off'' lowest grade of mineralised material considered economic, used in the calculation of ore reserves. Also used in reserve estimation, meaning all material higher than the given grade

''down plunge'' the direction within a rock mass indicated by linear features such as mineral lineation, fold axes or direction of maximum strain caused by deformation

''Footwall Zone'' or ''LFZ'' a mineralised zone beneath a geological feature such as a fault, another mineralised zone or bed

''grade'' relative quantity or the percentage of ore mineral or metal content in an ore body

''Indicated Mineral Resource'' that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed ''massive sulphide'' occurrence of a concentrated mass of sulfide mineral such as pyrite, sphalerite or chalcopyrite in one place, as opposed to their being disseminated or occurring in vein

''Measured Mineral Resource'' that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced

''Mineral Resource'' a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form that there are reasonable prospects for eventual economic extraction. Mineral resources are sub-divided, in order of increasing confidence, into Inferred, Indicated and Measured categories

''mineralised'' containing or impregnated with minerals

''National Instrument 43-101'' provides standards of disclosure for mineral projects in Canada. It is a legal requirement in Canada for all oral and written disclosure of scientific or technical information on mineral deposits

 ''ore'' rock that can be mined and processed at a profit

 ''oz'' troy ounce (=31.103 grammes)

''Probable Mineral Reserves'' measured and/or indicated mineral resources which are not yet proven, but where technical economic studies show that extraction is justifiable at the time of the determination and under specific economic conditions

''Proven Mineral Reserves'' measured mineral resources, where technical economic studies show that extraction is justifiable at the time of the determination and under specific economic conditions

''reserve'' that part of a resource that can be mined at a profit under reasonably expected economic conditions

''resource'' mineralised body for which there is sufficient sampling information and geological understanding to outline a deposit of potential economic merit

 ''stringer'' a thin, discontinuous mineral vein or rock layer

''sulphide'' a mineral containing sulphur in its non-oxidised form

''t'' a metric tonne