Red Mile Reports Significant Results From the Recent Drill Program at Blue Quartz
April 25 2011 - 2:26PM
Marketwired
Red Mile Minerals Corp. ("Red Mile") (the "Company") (TSX VENTURE:
RDM) is pleased to announce the results of the recent diamond drill
program completed by McLaren Resources Inc. (CNSX: MCL)(FRANKFURT:
3ML) ("McLaren") on the Company's Blue Quartz property in the
eastern part of the Timmins Mining District.
Highlights
Results of the recently completed 5 hole 1690 metres drilling
program include 63 meters of 1.21 grams and 13.95 grams per tonne
gold over 2.0 meters(For more details, please see the April 21,
2011 McLaren Press Release).
John V. Hickey, President of Red Mile commented "Red Mile is
very pleased with the success of McLaren's drill program on the
Blue Quartz property. It is evident that considerable potential
exists at depth. We look forward to analysing the data further and
will discuss with McLaren management the next steps for the
property."
Red Mile / McLaren Agreement
On December 7th, 2010 McLaren and Red Mile entered into an
Option Agreement whereby McLaren can earn a 50% interest in The
Blue Quartz gold property, with McLaren having the right of first
refusal on the remaining 50% interest. McLaren can earn a 50%
interest in the Blue Quartz Property by making a C$10,000 cash
payment (paid on signing) and spending C$200,000 in exploration and
development expenditures on this property on or before September 1,
2011. Any shortfall in expenditure below $200,000 can be made up
with a cash payment to Red Mile.
McLaren's Press Release
McLaren Resources Inc. announced the results of the recently
completed 5 hole 1690 metres drilling program including 13.95 grams
over 2.0 meters on the Blue Quartz Property located in the eastern
part of the Timmins Mining District, 10 km from the Black Fox Mine.
The recent results expand the gold mineralization to depth and
along strike. The deepest hole intercepted 63 meters of gold
mineralization starting at a depth of 351 meters down hole.
Significant Results Include:
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FROM TO WIDTH GRADE
HOLE # (m) (m) (m) (g/t)
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MBQ-11-07 77.26 78.26 1.0 13.3
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MBQ-11-09 341.7 343.7 2.0 13.95
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and 367.0 374.0 7.0 1.34
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MBQ-11-10 155.57 158.67 3.1 5.51
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Includes 155.57 156.89 1.3 10.5
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and 351.00 414.00 63.0 1.21
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Includes 357.00 361.00 4.0 5.56
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Includes 358.00 359.50 1.5 12.8
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Geotechnical Update
Diamond Drill holes MBQ-11-9 and 10 were among the 2 deepest
holes drilled to date on the property and intersected a wide
interval of hydrothermal alteration with gold mineralization that
include a substantial width of lower grade mineralization, 1.21
grams per tonne gold over 63 meters as well as a higher grade core
of 12.8 grams per tonne gold over 1.5 meters. These 2 holes were
located at the west end and below the historic underground workings
as well as to the west and below the majority of the limited
drilling completed on the property to date. To date the mineralized
zone is open to depth and down plunge with indications that the
hydrothermal alteration system is increasing in intensity along
with both the grade and width of the mineralization.
About Blue Quartz
The Blue Quartz property is located in the gold producing area
70 km east of Timmins where several current and past producing
mines are located. The property consists of 25 patented mining
claims, covering 400 hectares (4 square kilometers) of Early
Precambrian, situated on gold mineralized geological structures
within the Abitibi Greenstone Belt. The Blue Quartz mine is located
in the north central part of Beatty Township and is approximately 8
kilometers northwest of the producing Black Fox Mine, 12 kilometers
northwest of the producing Hislop Mine and 14 kilometers northwest
of the former producing Ross Mine.
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 and the Dorset Property in Baie
Verte, Newfoundland. Red Mile continues to seek additional mineral
exploration opportunities where the company's exploration expertise
and corporate share structure could substantially enhance
shareholder value.
13,715,000 shares are issued and outstanding.
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