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New Mineralized Area Discovered at Pavo Real
Vancouver, BC, October 8, 2013 - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF) is pleased to announce that results of recent surface rock channel sampling at the Pavo Real Gold Project located in Colombia have identified a new area of mineralisation. Highlights include 33.7 grams gold per tonne, greater than 100 grams silver per tonne, 0.23% copper and 0.23% zinc over 0.50 metres and are presented in Table 1 below.
Table 1 - Highlights of Pavo Real Rock Channel Sampling Results
|Description||Width (m)||Au (g/t)||Ag (g/t)||Cu (%)||Zn (%)|
The current exploration campaign is targeting the potential for large Au-bearing breccia bodies and the potential for related porphyry Au systems at depth. This most recent rock channel sampling programme was carried out in an area of high-level vein and hydrothermal breccia mineralisation associated with dykes of rhyodacite porphyry, where MMI soil sampling returned strong coincident Au, Ag and Cu anomalies. Highlights of relatively shallow drilling adjacent to this target area in 2012 included 7.1 metres averaging 1.54 g/t Au and 0.54 metres averaging 9.37 g/t Au in two separate drill holes (news release dated July 6, 2012). This initial 2012 drill programme, conducted prior to the MMI soil sampling, was designed to determine structural controls to quartz vein and veinlet systems in sedimentary host rocks and hydrothermal breccias, and did not effectively test the MMI anomalies nor the potential for deeper porphyry Au mineralisation.
The 14,370 hectare Pavo Real Gold Project consists of 100% owned concessions and a joint-venture with Miranda Gold Corp. (TSX-V: MAD) which Red Eagle Mining is currently earning-in to 70%. Pavo Real is located within the mid-Cauca gold belt, which is host to numerous porphyry and epithermal gold deposits. The Project is host to a Triassic-Jurassic sedimentary sequence made up of sandstones, siltstones, conglomerates, shales and limestones, overlain by a volcanic sequence of tuffs, agglomerates, and lavas. The sedimentary and volcanic sequences are intruded by various bodies of diorite, granite and rhyodacite porphyry, and cut by hydrothermal breccias and a large number of quartz veins and veinlet stockworks, all related to sericitic alteration. Red Eagle Mining is exploring a number of significant Au-bearing breccia, skarn and vein targets spread over a broad area at Pavo Real, with an emphasis on testing the potential for related porphyry Au systems. The Project is situated within the Department of Tolima, 20 kilometres south of the city of Ibague and 45 kilometres south-east of AngloGold Ashanti's La Colosa project (26.8 million ounce Inferred Resource grading 0.92 g/t Au).
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey P.Eng., who is a Qualified Person as defined under NI 43-101.
About Red Eagle Mining
Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced mine-development team. Management is focused on building shareholder value through discovering and developing gold projects with low costs and low technical risks in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration. Red Eagle Mining is developing the 320 km² historic Santa Rosa Gold Project located in the Antioquia Batholith. Development will initially commence with the San Ramon deposit where a positive Preliminary Economic Assessment supports project advancement. Feasibility and permitting are currently underway.
For further information on Red Eagle Mining contact:
+1 604 682 4600
+1 855 682 4600 toll free
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