Red Eagle Mining Begins Preliminary Economic Assessment at Santa Rosa Project

Red Eagle Mining, a gold exploration and development firm, has reported that mine development associates has begun to work on a NI 43-101 compliant resource calculation, which is to be followed by a preliminary economic assessment (PEA) for the San Ramon gold system located in Santa Rosa project in Colombia.

The company has planned to release the NI 43-101 compliant technical report, which supports the resource calculation disclosure, by this year end and also intends to release the preliminary economic assessment during Q1 of next year.

Red Eagle reported that it has started an environmental baseline study during this summer season in order to complete the permitting process and an environmental impact assessment for the proposed mining operations conducted at San Ramon system.

The Universidad Catolica de Santa Rosa and the Universidad de Antioquia were two Colombian Universities, which received the baseline study. This study will be continued in the coming 12 months.

According to Red Eagle Mining’s CEO, Ian Slater, the company is excited to conduct the next phase of expansion at the property in a suitable process. The company’s collaboration with local universities who are known for their high-quality experience and professionalism will enable the expansion of the San Ramon in an eco-friendly manner.

The San Ramon structure is trending towards east-west and expands over 1,800 m. The thickness of the structure is up to 60 m and is mineralized from surface. The company encountered 2.1 g/t gold over 250 m from phase I and II drill intercepts in the main mineralization. The mineralization is exposed to depth. The phase III 5,000 m core drilling campaign outlines the oxide mineralization on 50 m from surface to about 50 m depth. The company has drilled 48 holes, totaling 3,331 m, and is waiting for assays from 37 holes.

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