Red Mountain Mining has announced the first high-grade gold, near-surface, diamond drilling intersection from its new drilling program testing the Japanese Tunnel epithermal vein structure at Lobo project. The hole intersected 8.7 metres @ 4.34 grams/tonne gold from 2.9 metres downhole depth including 3.7 metres @ 8.62 grams/tonne and 0.55 metres @ 16.8 grams/tonne.1

This hole tested immediately beneath previous high-grade surface trenching results of 4 metres @ 12.23 grams/tonne including 1 metre @ 25.14 grams/tonne and 2 metres @ 18.12 grams/tonne which in turn included 1 metre @ 28.69 grams/tonne.

Red Mountain managing director Jon Dugdale says, “This result is a great start to our new drilling program at Lobo, which is ultimately aiming to define additional high-grade, near-surface, gold resources over the coming months.”

A total of three holes have been completed at Japanese Tunnel, with two additional holes planned to initially scope the high grade zone either side of the discovery outcrop.

Surface mapping and trench sampling has encountered a further epithermal breccia-lode outcrop 60 metres northeast of this area, between Japanese Tunnel and South West Breccia that produced a peak assay of 3.79 grams/tonne, indicating that the mineralized structure continues in this direction. Mapping has also determined that the structure potentially continues 700 metres southwest of Japanese Tunnel, where it is covered by a veneer of post-mineralization limestone.

Surface trench channel sampling and drilling conducted by Red Mountain and the previous operator has intersected high-grade epithermal gold mineralization in five areas on the Lobo Mineral Production Sharing Agreement, namely South West Breccia (SWB), Pica, Japanese Tunnel, West Drift and Ulupong.

Mineral resources have been defined for the SWB shoot, totalling 194,000 indicated and inferred tonnes @ 7.2 grams/tonne gold for 45,000 ounces of gold. This includes an indicated resource of 178,000 tonnes @ 7.4 grams/tonne for 42,000 ounces.

www.redmm.com.au

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