Red Mile Minerals Intersects 23.8 g Gold at Its Blue Quartz Property in Beatty Township, Near Timmins, Ontario
July 21 2010 - 9:00AM
Marketwired
Red Mile Minerals Corp. (TSX VENTURE: RDM) "Red Mile" is pleased to
announce the results of gold assaying from a four hole, 1500 meter,
diamond drilling program (see NR's May 10, 2010 and June 9, 2010),
testing the Blue Quartz gold property located in Beatty Township 70
kilometers east of Timmins, Ontario and 15 kilometers northwest of
the operating Black Fox (formerly Glimmer) gold mine.
Summary
Four drill holes tested the area of the 'Blue Quartz' mine for
gold-bearing quartz veins. Significant results include
intersections of:
5.3 g/t Au over 2.8 meters in RBQ-10-01
23.8 g/t Au over 1.0 meter included within 11.9 g/t Au over 2.80
meters in RBQ-10-02
57.4 g/t Au over 0.2 meters included within 1.6 g/t Au over 9.1
meters in RBQ-10-03.
Discussion
The Blue Quartz Property straddles the northwest trending
Painkiller Fault; a splay from the Destor Porcupine Fault Zone
regarded as the primary control to gold mineralization in the
region. The property was mined between 1913 and 1934 with gold
produced from two veins: the 'Blue Quartz vein' and the 'No. 2
vein'. No modern exploration work has been performed testing the
potential for along-strike or down-dip continuation of these veins.
Red Mile has the right to earn 100% of the Blue Quartz Property
(the "Property") under the terms of an Option and Assignment
Agreement dated September 1st, 2008.
The 4-hole drill program tested the gold potential of the Blue
Quartz vein and No. 2 vein along strike and down dip from the
historical Blue Quartz mine workings developed on these veins.
Drill hole collar, azimuth, dip, and hole length information was
reported previously (see NR June 9th, 2010).
RBQ-10-01 intersected the Blue Quartz vein containing pyrite,
arsenopyrite, and sphalerite 150 meters along strike and to the
west of previous workings. No significant assays were returned. The
main No. 2 vein was intersected 50 meters down dip and directly
beneath the western extent of the former mine workings. The vein
consisted of pyrite in a quartz chlorite matrix, and assayed 5.3
g/t Au over 2.3 meters. A subsidiary vein system, intersected
approximately 40 meters up dip, assayed 0.6 g/t Au over 4.2 meters,
and will be referred to as the No. 2a vein.
RBQ-10-02 intersected the Blue Quartz vein 125 meters along
strike from the historic workings, however, no significant assays
were returned. The No. 2 vein assayed 23.8 g/t Au over 1.0 meter
included within 11.9 g/t Au over 2.2 meters, and a broader interval
of 1.83 g/t Au of 20.8 meters. The vein was intersected 100 meters
down dip from the former mine workings (including BQ-89-12 - 1.06
g/t Au over 25.6 m), and 40 meters below a historic drill
intersection (RBQ-90-18) that returned values of 0.86 g/t Au over
75.6 meters.
RBQ-10-03 intersected the Blue Quartz vein 25 meters up dip of
RBQ-10-02. No significant assays were returned. The No. 2 vein was
intersected from 319-340 meters down hole and 60 meters up dip of
RBQ-10-02. Here, a quartz, chlorite pyrite zone was intersected
over 0.2 meters and returned 57.4 g/t Au within a broader zone of
1.6 g/t Au over 9.1 meters.
RBQ-10-04 intersected the No. 2 vein which assayed 1.5 g/t Au
over 4.0 meters. The No. 2 vein intersection is 40 meters
along-strike to the west of the former mine workings and between
levels.
John Hickey, Red Mile's President and CEO commented: "We are
pleased that the drill program has confirmed gold mineralization on
the Blue Quartz property. Management will further analyze the data
and consider the future exploration strategy for the property."
A summary of significant gold assay intervals is summarized in
Table 1 below.
Table 1: Significant Assays
Interval
Hole ID From (m) To (m) (m) Au (g/t) Vein
--------------------------------------------------------------------
RBQ-10-01 301.10 305.30 4.20 0.6 No. 2a
RBQ-10-01 339.15 341.95 2.80 5.3 No. 2
RBQ-10-02 355.10 375.90 20.8 1.8 No. 2
RBQ-10-02 373.70 375.90 2.20 11.9 No. 2
RBQ-10-02 373.90 374.90 1.00 23.8 No. 2
RBQ-10-03 327.80 336.85 9.10 1.6 No. 2
RBQ-10-03 327.80 328.00 0.20 57.4 No. 2
RBQ-10-04 185.70 189.70 4.00 1.5 No. 2
This drill program follows the recommendations of L. Rioux,
P.Geo. in the NI43-101 Technical Summary Report on the Blue Quartz
Property (dated July 27, 2009) and constitutes the final
requirement stipulated by the TSX Venture Exchange to complete
minimum listing requirements for Red Mile as a Tier 2 issuer.
Analytical Procedures
Assay samples were obtained by halving the core using either a
core splitter or a diamond saw by Red Mile personnel. Half of the
core was used as sample material; the other half has been retained.
Samples were submitted to ALS Chemex Labs for preparation and
analyzed at the ALS Chemex lab facility in North Vancouver, B.C.
Samples were analyzed for Au by FA/AA with screen for metallics.
Standards and blanks were introduced in the sample sequence by ALS
Chemex as part of an internal QA/QC check.
Qualified Person
Kerry Sparkes M.Sc., P.Geo and Director of Red Mile is the
Qualified Person responsible for the technical information
contained within this release. Mr. Sparkes implemented and
field-supervised the diamond drill program at Blue Quartz.
About Red Mile Minerals
Red Mile Minerals is a tightly held mineral exploration company
with a gold property along the prolific Destor-Porcupine
gold-producing region in Ontario. Red Mile continues to seek
additional mineral exploration opportunities where the company's
exploration expertise and corporate share structure could
substantially enhance shareholder value.
On behalf of the Board of Red Mile Minerals Corporation
John Hickey, President and CEO
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