Red Eagle Mining Receives Phase II Core Drilling Results from Santa Rosa Project

Red Eagle Mining, a gold exploration and development firm, has declared that it has obtained all the assay results from the 24-hole, 5,400 m phase II core drilling campaign carried out at the San Ramon gold system, which is situated in the Santa Rosa gold project, Colombia.

The company has encountered 41.50 g/t gold over 0.8 m in hole SR-064; 1.44 g/t gold over 23.3 m in hole SR-065. These new results continue to demonstrate strong mineralized gold over good thicknesses.

Additionally, Red Eagle intercepted 31.85 g/t gold over 6.0 m and 3.06 g/t gold over 66.9 m in hole SR-042; 28.26 g/t gold over 1.5 m, 14.36 g/t gold over 1.9 m and 2.28 g/t gold over 35.5 m in hole SR-045; 41.53 g/t gold over 7.0 m and 17.14 g/t gold over 17.7 m in hole SR-053; and 30.73 g/t gold over 2.0 m, 29.29 g/t gold over 3.5 m and 16.04 g/t gold over 11.4 m in hole SR-060.

According to Ian Slater, Red Eagle’s CEO, the company successfully completed the phase II delineation drill program at San Ramon project along the complete 1.8 km strike and identified fresh high-grade mineralisation over extensive intercepts. The phase II program was targeted to outline the main mineralisation, which can possibly be explored in an open pit from about 100 to 200 m in depth. The drill intercepts averaging from all core program has expanded from 1.2 g/t gold to 2.1 g/t gold.

Slater added that the company is expecting to announce the phase II delineation drill program results and the program will concentrate on the transitional and oxide mineralisation from surface to a depth of up to 100 m. This near-surface drilling along with the current results will culminate in a preliminary NI 43-101 resource report by this year end.

The structure of the San Ramon project trends east-west, expands over 1,800 m, has thickness of up to 60 m, and remains open at surface.

Intercepts of drill program average 2.1 g/t gold over 250 m of vertical depth. The mineralisation expands to surface, where about 1.0 g/t gold has been averaged through oxide channel sampling program.

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