Red Mile Minerals to Commence Drilling at its Blue Quartz Property in Beatty Township, Near Timmins, Ontario
May 10 2010 - 12:57PM
Marketwired
Red Mile Minerals Corp. (TSX VENTURE: RDM) ("Red Mile") is pleased
to announce the commencement of diamond drilling on its Blue Quartz
Property.
Cabo Drilling Ontario Corporation has been awarded the surface
diamond drilling contract for approximately 1500 meters of NQ
diamond drilling over 6 holes. The program is designed to test Blue
Quartz auriferous structures associated with the Pipestone fault at
depth below the current underground workings and along strike to
the north west of existing workings as outlined in the NI 43-101
Technical Report by Luc Rioux P.Geo. (Amended July 27th, 2009), and
filed on Sedar. Total budget for the program is $200,000 and once
complete will constitute the final requirement stipulated by the
TSX Venture Exchange for minimum listing requirements (MLR) for Red
Mile as a Tier 2 issuer.
Red Mile is earning a 100% interest in the Blue Quartz Property
(the "Property") under the terms of an Option and Assignment
Agreement dated September 1st, 2008, whereby Russet Lake Resources
"Assignor", a private Ontario based Corporation, assigned the
irrevocable right and option to acquire a 100% interest in the
property from the Thundermin Resources Inc., and Wesdome Goldmines
Inc., "Optionors". The Optionors each currently hold a 50% interest
in the property.
The Blue Quartz property is located approximately 12 kilometres
north-northeast of Matheson, 73 kilometres east-northeast of
Timmins, Ontario. The property is comprised of 25 patented mining
claims, consolidated into Parcel 23623.
The Property covers 400 hectares (4.0 square kilometers) of
Early Precambrian gold mineralized rocks belonging to the Abitibi
Greenstone Belt, located in the north central part of the Beatty
Township. Gold was first discovered on the Property in 1907. In
1913 a vertical two compartment shaft was sunk to investigate the
potential of gold mineralized veins exposed on surface. In 1921 the
original shaft was deepened and surface and underground exploration
continued until 1928. 1n 1933, Amalgamated Goldfields produced 30
ounces of gold from the underground workings and the surface dump.
Since then, there has been sporadic exploration, including a 4-hole
diamond drill program carried out by Russet Lake in 2008.
In addition, the Company announces that it has engaged RM
Communications to oversee the Company's internet and presentation
branding mandate. The Company will settle part of RM Communications
invoice by issuing 180,000 shares, subject to approval by the TSX
Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Red Mile Minerals Corp. John V. Hickey President &
CEO (416) 637-2139 office@redmileminerals.com
www.redmileminerals.com