Mr. Patrick Balit reports
RED EAGLE MINING - VETAS GOLD PROJECT HIGHLIGHTS
Red Eagle Mining Corp. is highlighting past exploration work at the Vetas gold project located in Santander, Colombia, conducted by CB Gold Inc. between 2009 and 2013. Red Eagle Mining holds 51 per cent of CB Gold which owns 100 per cent of the Vetas gold project. All the directors and officers of CB Gold have recently been replaced by Red Eagle Mining appointees.
Past diamond drilling results from Vetas highlight the excellent potential for high-grade gold and silver vein mineralization, including, among a multitude of other highly encouraging intersections:
- 325 grams per tonne (9.5 ounces per ton) gold over 2.09 metres;
- 507 g/t (14.8 ounces per ton) Au over 0.74 metre;
- 370 g/t (10.8 ounces per ton) Au over 0.82 metre;
- 228 g/t (6.7 ounces per ton) Au over 1.13 metres;
- 104 g/t (three ounces per ton) Au over 2.45 metres;
- 235 g/t (6.9 ounces per ton) Au over 1.03 metres.
Vetas lies within the prolific Vetas-California gold province, a belt of low to intermediate sulphidation epithermal gold-silver occurrences. The project is located near the village of Vetas, a historic mining community, approximately 45 kilometres northeast of the city of Bucaramanga. The deposits at the Vetas gold project comprise several systems of narrow high-grade gold-silver veins striking northeast and northwest, with moderate to steep dips. The area has a long history of gold mining dating back to at least the 17th century; however, there was no modern exploration at Vetas prior to that commenced by CB Gold in September, 2009.
Between November, 2010, and November, 2013, CB Gold completed a total of 71,035 metres of diamond drilling in 162 holes from surface platforms. Highly encouraging results were returned from several of the known vein systems distributed throughout the project area, including:
- 177 intersections with grades in excess of five g/t (0.15 ounce per ton) Au;
- 100 intersections with grades in excess of 10 g/t (0.3 ounce per ton) Au;
- 33 intersections with grades in excess of 30 g/t (0.9 ounce per ton) Au.
For the 177 intersections with grades in excess of five g/t Au, the length-weighted average grades are 30 g/t (0.9 ounce per ton) Au combined with 52 g/t (1.5 ounces per ton) Ag. Individual intersections range in length from 0.30 metre up to 3.87 metres and notably average 1.03 metres. Due to the steep topographic relief, multiple fanned drill holes were collared from each of several individual platforms and in most holes the intersected lengths may not represent true vein thicknesses.
Red Eagle Mining plans to advance the Vetas gold project toward economic feasibility by the delineation of high-grade vein resources exploitable by underground mining methods. This work will initially involve compiling existing data, detailed underground mapping of existing mine workings, detailed underground channel sampling, and prioritizing targets for subsequent drifting and underground diamond drilling.
VETAS DRILL INTERSECTIONS
Hole ID From To Length Au Ag
(m) (m) (m) (g/t) (g/t)
AR-062 162.32 163.06 0.74 506.69 89.70
AR-068 199.00 200.00 1.00 34.75 46.70
AR-070 245.05 245.70 0.65 79.00 19.80
RM-003 90.30 90.92 0.62 35.10 61.10
RM-005 200.20 201.16 0.96 30.90 10.05
RM-006 232.37 233.37 1.00 33.50 4.70
RM-006 247.15 247.83 0.68 33.90 2360.00
RM-017 135.63 136.60 0.97 109.00 15.05
RM-022 277.00 277.80 0.80 34.60 21.40
RM-031A 198.88 200.82 1.94 42.25 11.71
RM-042 50.15 51.08 0.93 66.79 21.90
RM-046 31.32 33.41 2.09 325.11 26.20
RM-046 143.83 145.23 1.40 80.24 1.75
RM-049 32.00 33.52 1.52 56.76 7.70
RM-053 214.88 215.73 0.85 40.12 38.40
RM-056 147.70 148.99 1.29 96.63 0.05
RM-064 429.18 429.93 0.75 42.45 200.00
RM-075 30.80 31.83 1.03 81.94 12.60
RM-075 44.38 45.20 0.82 369.94 44.60
RM-081 231.83 235.70 3.87 35.86 17.88
RM-088 82.42 83.15 0.73 49.09 17.00
RM-091 405.10 405.96 0.86 93.55 41.10
RM-097 167.64 169.07 1.43 36.41 19.40
RM-119 98.20 99.33 1.13 227.56 31.70
RM-119 124.33 125.39 1.06 35.86 8.30
RM-119 264.63 265.66 1.03 234.88 33.60
RM-121 217.90 220.35 2.45 104.26 28.10
RM-128 62.90 64.17 1.27 32.41 5.40
RM-128 100.90 101.90 1.00 175.90 22.00
RM-135 71.25 72.45 1.20 82.92 12.40
RM-143 100.95 102.10 1.15 57.99 10.70
RM-156 271.52 272.70 1.18 57.10 4.80
SI-080 167.30 168.18 0.88 72.34 43.90Quality assurance and quality control
CB Gold used industry-standard best practice quality control procedures during collection of drill core data, including the insertion of commercial certified control samples, sample blanks and duplicates to monitor the accuracy and precision of its analytical results.
From Oct. 29, 2009, until July 25, 2011, samples were sent to ALS laboratories sample preparation laboratory in Bogota, Colombia, where they were dried, crushed, split and pulverized. Subsequently, 250-gram pulps were sent to ALS's laboratory in Lima, Peru, for analyses. From Aug. 28, 2011, to July 24, 2013, samples were sent to the Acme sample preparation laboratory in Medellin, Colombia, where they were dried, crushed, split and pulverized. Subsequently, 250 g pulps were sent to Acme's laboratory in Vancouver, B.C., for analyses.
The drill core samples were analyzed for a 34-element suite, including Au and Ag, by ICP-MS. All samples with Au results in excess of 0.075 part per million were sent for full metallic screen fire assay. Samples identified by the logging geologists to contain visible gold or otherwise thought to contain high-grade mineralization were automatically sent for full metallic screen fire assay with an AA finish. If the metallic screen minus fraction was in excess of 10 ppm Au, then a gravimetric finish was also completed.
Acme and ALS Chemex are independent laboratories accredited to ISO 17025 by the Standards Council of Canada for a number of specific test procedures, including: fire assay for gold and silver with atomic absorption and gravimetric finish; multielement inductively coupled plasma optical emission spectroscopy; and atomic absorption assays for silver, copper, lead and zinc.
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's vice-president of exploration, Jeff Toohey, PEng, who is a qualified person as defined under National Instrument 43-101.
About the Vetas gold project
Vetas lies within the prolific Vetas-California gold province, a belt of low to intermediate sulphidation epithermal gold-silver occurrences. The project is located near the village of Vetas, approximately 45 kilometres northeast of the city of Bucaramanga, comprising 10 mining titles totalling an area of 352 hectares.
The geological setting of Vetas is the Santander massif in the Eastern Cordillera of the Colombian Andes. The rocks that comprise the Santander massif are amphibolite grade gneisses, migmatites and metasediments of the Precambrian Bucaramanga formation. Vetas is underlain predominately by orthogneiss of the Bucaramanga formation, crosscutting felsic dikes, stocks of variable composition and intrusive fingers of granitic rocks related to the Santander igneous complex. The Santander massif hosts a number of important epithermal gold occurrences including Eco Oro Minerals Corp.'s Angostura deposit, and AUX Resources Corp.'s La Bodega, La Mascota, Pie de Gallo, La Baja, San Celestino, Callejon Blanco and Buenavista deposits. All of these deposits are focused along the northeast-trending Vetas fault.
The deposits at the Vetas gold project comprise several systems of narrow high-grade Au-Ag veins striking northeast and northwest, with moderate to steep dips. They exhibit multiple phases of quartz vein emplacement and reactivation associated with intense argillic alteration and sulphide mineralization. The vein gangue comprises equal proportions of chalcedonic quartz and feldspar, and the main sulphide constituent is pyrite (5 per cent to 15 per cent) with lesser galena, sphalerite and chalcopyrite. Fine-to-medium-grained visible gold is occasionally observed in association with pyrite. Higher-grade mineralization often occurs within steeply plunging ore shoots controlled by vein wall flexures and structural intersections.
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