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RTG Mining Inc (2)
Symbol RTG
Shares Issued 838,721,455
Close 2023-09-15 C$ 0.04
Market Cap C$ 33,548,858
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RTG Mining assays four m of 4.87 g/t Au at Chanach

2023-10-09 00:46 ET - News Release

Ms. Justine Magee reports

CHANACH FIELD WORK HIGHLIGHTS STRONG COPPER AND GOLD MINERALISATION

RTG Mining Inc. has provided an update on the exploration activities at its 90-per-cent-owned Chanach gold and copper project in the Kyrgyz Republic.

Recent exploration activities at Chanach have included ground truthing, the collection of 1,154 soil samples concentrating on 6.5 kilometres of skarn and new structures identified in the eastern end of the tenement in last year's structural survey, the digging of seven dozer cut trenches across the identified skarn and outcropping quartz, and a magnetic survey over the tenement.

Management commentary

Commenting on these positive results, RTG Mining's chief executive officer, Justine Magee, said: "These results further increase our confidence that Chanach can evolve into both a high-grade, large, copper-gold porphyry skarn system, similar to or even better than the Mabilo project, combined with a high-grade epithermal gold system. Follow-up work next field season is planned to include a 3DIP survey and drilling of defined targets.

"Whilst we are excited to see the excellent results coming from Chanach, progress at our Mabilo project in the Philippines continues to gain momentum with the new partnership with the Villar-controlled TVI Resource Development (Phils.) Inc. working well, with the current focus on updating budgets for start-up so we can refresh the financing plans for the project. We have again been approached by a number of parties who have expressed a keen interest in both the financing and offtake arrangements for the project."

High-grade trench sampling results:

  • Skarn area:
    • Two metres of 4.05 grams per tonne gold and 1.56 per cent copper from cut 1;
    • One m of 1.10 g/t Au and 0.76 per cent Cu from cut 1;
    • Seven m of 2.94 g/t Au (including four m of 4.87 g/t Au) and 1.12 per cent Cu from cut 2;
    • One m of 1.26 g/t Au from cut 3 (rest of trench still in sedimentary cover);
    • One m of 2.05 g/t Au from cut 4;
    • Six m of 1.56 per cent Cu (including three m of 2.11 per cent Cu) from cut 4;
    • Five m of 1.70 g/t Au and 1.6 per cent Cu from outcropping skarn in eastern end;
  • Outcropping quartz vein in central area:
    • Five m of 5.53 g/t Au from cut 5;
    • Two m of 2.18 per cent Cu from cut 5.

Historically, under the previous ownership, there had been limited mapping and no detailed work done on the skarn areas, the extent of which was only identified in the last field season, supporting the current program to now focus in on these exciting new areas and potential. The channel samples confirm the high-grade nature and strong prospectivity of the skarns combined with high-grade epithermal quartz veins within the tenement.

Results from dozer cuts 6 and 7 and the soil sampling are being processed at the fully accredited information research centre laboratory in Kara Balta in the Kyrgyz Republic with results pending.

The magnetic survey was flown with drones by Geoscan Ltd. on 50-metre line spacing at an altitude of 50 m. The data collected will be processed by Southern Geoscience Consultants in Perth and overlayed with the results from the soil sampling to be used for 3DIP and drill targeting.

About RTG Mining Inc.

RTG Mining is a mining and exploration company listed on the main board of the Toronto Stock Exchange and the Australian Securities Exchange. RTG Mining is currently focused primarily on progressing the Mabilo project to start-up, having received a mining permit for the project, with a view to moving quickly and safely to a producing gold and copper company.

RTG Mining also has a number of exciting new opportunities, including the Panguna project in Bougainville, which it remains committed to, while also considering further new business development opportunities.

RTG Mining has an experienced management team, which has to date developed seven mines in five different countries, including being responsible for the development of the Masbate gold mine in the Philippines through CGA Mining Ltd. RTG Mining has some of the most respected international institutional investors as shareholders, including Franklin Templeton, Equinox Partners and Sun Valley.

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