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Red Mountain Mining to release highly anticipated Batangas Gold Project Scoping Study

Last updated: 14:53 19 Mar 2014 AEDT, First published: 15:53 19 Mar 2014 AEDT

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Red Mountain Mining (ASX: RMX) will soon update the market on the much awaited Scoping Study for its Batangas Gold Project in the Philippines.

The company had previously advised the study is focused on the higher grade, near surface South West Breccia resource at the Lobo Prospect rather that the original Kay Tanda West resource at the Archangel prospect.

This focus is expected to greatly reduce capital expenditure and minimise the environmental footprint whilst greatly enhancing overall economic returns.

Red Mountain’s shares have been placed in pre-open under the ASX trading that will last until the earlier of the announcement being made or the start of trade on Friday, 21 March 2014.

Lobo

Surface exploration at the Lobo Prospect continues to return high grade gold results with the latest trenching extending the previous Trench 19 to 8.35 metres at 18.3 grams per tonne gold from 4.9 metres at 24.9g/t gold and new results from Trench 21 of 6 metres at 31.2g/t gold including 1 metre at 122.6g/t gold.

Preliminary results from its drilling campaign have confirmed the SWB lode extension with one hole returning an intersection of 1.5 metres at 8.07 g/t gold from 5.25 metres downhole including 0.5 metres at 12 g/t gold.

Resources have been defined for the SWB shoot, totalling Indicated and Inferred 194,000t at 7.2 g/t gold for 45,000 ounces of gold. 

This includes an Indicated Resource of 178,000t at 7.4 g/t Au for 42,000 ounces of gold and an Inferred Resource of 16,000 tonnes at 5.3 g/t gold for 3,000 ounces of gold.

 

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