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7.5 Metres at 4.24 Grams Gold Per Tonne in Oxides Intercepted at Santa Rosa

--;November 14, 2012 | PDF

Vancouver, BC, November 14, 2012 - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF) is pleased to announce the complete assay results from the Phase Three drill programme, which targeted the shallower oxide mineralisation at the San Ramon gold system, Santa Rosa project located in Colombia. 90% of drill holes in the Phase Three drill programme intercepted significant gold mineralisation. Highlights from the final 21 drill holes (SR-119 to SR-139) include intercepts:

  • SR-120 - 15.4 metres at 1.67 g/t Au from 17.0 metres down hole
  • SR-133 - 7.5 metres at 4.24 g/t Au from 45.6 metres down hole
  • SR-135 - 4.7 metres at 3.12 g/t Au from 72.1 metres down hole

"Our completed Phase Three delineation drilling confirms strong gold mineralisation from surface in the oxidised material at San Ramon", comments Ian Slater, Chief Executive Officer. "With our recent $20 million financing completed we have now commenced drill testing the gold system down dip, where typically higher grades have been intercepted. Three rigs are turning with a fourth being mobilized."

Highlights from the previously released 53 holes (SR-066 to SR-118) from the Phase Three drill programme include intercepts:

  • SR-068 - 11.6 metres at 2.74 g/t Au from 46.4 metres down hole 
  • SR-069 - 11.7 metres at 4.96 g/t Au from 68.4 metres down hole
  • SR-071 - 29.2 metres at 0.80 g/t Au from 37.6 metres down hole
  • SR-072 - 47.4 metres at 1.34 g/t Au from surface
  • SR-073 - 16.0 metres at 1.71 g/t Au from 35.8 metres down hole
  • SR-076 - 35.0 metres at 0.58 g/t Au from 5.2 metres down hole
  • SR-080 - 38.5 metres at 0.51 g/t Au from 6.2 metres down hole
  • SR-083 - 2.6 metres at 18.01 g/t Au from 69.0 metres down hole
  • SR-093 - 5.7 metres at 3.78 g/t Au from 2.6 metres down hole
  • SR-097 - 6.9 metres at 3.09 g/t Au from 13.7 metres down hole
  • SR-108 - 3.4 metres at 8.75 g/t Au from 15.5 metres down hole
  • SR-109 - 19.6 metres at 2.32 g/t Au from 9.7 metres down hole
  • SR-110 - 28.4 metres at 1.96 g/t Au from surface
  • SR-111 - 22.1 metres at 2.17 g/t Au from 13.2 metres down hole
  • SR-112 - 23.7 metres at 2.09 g/t Au from 10.0 metres down hole
  • SR-113 - 18.3 metres at 1.31 g/t Au from 19.0 metres down hole

The San Ramon structure trends east-west, dips 60°-70° to the north, extends over 1,800m, is up to 60m wide and is mineralised from surface. Phase One and Two drill intercepts from 18,000m averaged 2.1 g/t Au (using a 0.20 g/t Au lower cut and no upper cut) to a vertical depth of approximately 250m with mineralisation remaining open at depth. News flow over the coming months includes:

  • Results from the current 17,000 metre Phase Four drill programme; 
  • NI 43-101 resource estimate (to be released December 2012); and
  • Preliminary Economic Assessment (to be released Q1 2013).

Table 1 summarizes the significant (+0.20 g/t) uncut gold intercepts from Phase Three core drill holes SR-066 to SR-139 (see Figure 1 - Drill Hole Plan and Figure 2 - Long Section). Holes SR-066 to SR-118 have been previously released. True widths are estimated to be 70-90% of the intercepts and vertical depths are estimated to be 70-90% of the drilled depths reported below. Internal dilution within intercepts is limited to the inclusion of runs of no more than 6m below cut-off. Holes SR-66, 106, 107, 114, 115 and 125-127 did not intercept economic mineralisation. For pictures of the drill core see Red Eagle's photostream on flickr.

Table 1 - San Ramon Phase Three Drill Intercepts

 

Hole ID  
From (m) To (m) Interval (m)  Au (g/t)
SR-067
36.0
37.0
1.0
16.8

54.0
56.0
2.0
3.47
 

 112.0

123.0  11.0 0.31
 SR-068 46.4
58.0
 11.6
2.74
 SR-069 68.4
80.1
11.7
4.96
 SR-070 0.0
3.0
3.0
0.86
   41.0 58.0
17.0
1.02
 SR-071 37.6
66.8
29.2
0.80
 SR-072 0.0
47.4
47.4
1.34
incl.
43.2
44.0
0.9
20.70
SR-073
0.0
9.6
9.6
 1.02
  35.8
51.8
16.0
1.71
SR-074
0.0
16.4
16.4
0.54
  33.7
42.2
8.5
0.50
SR-075
0.0
16.4
16.4
0.54
  35.1
38.2
3.1
0.56
SR-076
5.2
40.2
35.0
0.58
SR-077
0.0
29.0
29.0
.044
  43.0
49.0
6.0
1.07
  59.9
63.0
3.2
4.27
SR-078

0.0

39.6
39.6
0.41
  48.7
60.2
11.5
0.46
 SR-079 0.0
4.9
4.9
0.51
  20.2
29.2
9.0

0.85

   47.2 48.3
1.1
 0.57

53.7
61.4
7.6
1.07
  75.4
80.3
4.8
0.25
  86.1
96.0
9.9
0.81
  101.4
102.4
1.0
0.58
SR-080
6.2
44.7
38.5
0.51
SR-081
3.8
31.5
27.8
0.35
  39.5
70.4
30.9
0.36
SR-082
24.9
36.3
11.5
0.49
  50.2
63.0
12.8
0.99
 SR-083 46.0
52.0
6.0
1.73
  69.0
71.6
2.6
18.01
  89.3
93.2
3.9
2.38
SR-084
3.0
11.2
8.3
0.51
  35.7
37.2
1.5
0.74
  56.7
67.8
11.1
0.97
SR-085
0.0
16.6
16.6
0.30
  31.0
38.0
7.0
0.44
  56.7
67.8
11.1
0.97
 SR-086 0.0
1.8
1.8
1.00
  13.8
28.9
15.1
0.33
SR-087
1.8
5.2
3.4
1.13
  16.6
18.0
1.5
1.21
SR-088
4.4
19.8
15.5
0.37
  28.8
43.2
14.4
0.75
  71.1
73.4
2.3
5.01
SR-090
 0.2  15.4  15.2  0.27
  29.8
34.0
4.3
3.06
SR-091
1.6
7.6
6.0
0.58
  40.3
44.5
4.3
1.74
SR-092
1.6
6.7
5.1
1.01
  26.0
8.3
5.7
3.78
SR-093
2.6
8.3
5.7
3.78
  35.5
44.9
9.4
0.39
 SR-094 2.0
5.9
4.0
0.22
SR-095
4.6
17.1
12.5
0.50
  30.8
36.0
5.2
0.74
SR-096
0.8
16.7
15.9
0.68
SR-097
4.6
5.7
1.1
0.56
  13.7
20.6
6.9
3.09
incl.
15.5
16.5
1.0
14.5
SR-098
8.0
9.0
1.0
0.70
SR-099
20.5
21.6
1.1
0.80
  36.6
42.8
6.2
0.27
SR-100
3.2
7.9
 4.7 0.31
  26.6
28.1
1.5
1.86
SR-101
6.1
7.4
1.3
1.06
  43.4
48.0
4.6
0.43
  53.4
56.4
3.0
1.36
SR-102
6.9
9.4
2.5
0.51
  27.0
51.6
24.6
0.31
SR-103
12.6
15.1
2.6
6.07
  52.7
61.0
8.3
0.31
SR-104
33.3
42.6
9.3
1.01
SR-105
6.1
12.3
6.2
0.24
  25.4
26.4
1.0
1.02
  41.5
45.7
4.3
0.73
  53.4
67.7
14.3
0.67
SR-108
5.3
9.6
4.3
0.59
  15.5
18.9
3.4
8.75
SR-109
9.7
29.3
19.6
2.32
SR-110 0.0
28.4
28.4
1.96
 SR-111 13.2
 35.3  22.1  2.17
SR-112
10.0
33.7
23.7
2.09
incl.
10.0
11.1
1.52
31.2
SR-113
19.0
37.3
18.3
1.31
incl.
36.3
37.3
1.0
15.7
SR-116
 4.9   18.8 14.0
0.61
SR-117  2.1  18.5  16.4  0.49
SR-118
2.4
6.1
3.7
0.31
   14.3  17.6  3.3  0.40
  23.5
31.5
 8.0  0.27
SR-119
19.9
23.0
3.1
3.36
  31.6
40.6
9.0
0.28
SR-120
17.1
32.5
15.5
1.67
SR-121
30.0
30.9
0.9
1.13
 SR-122 1.5
10.0
8.5
0.57
  20.1
24.4
4.3
0.47
SR-123
15.9
19.1
3.2
0.54
 
33.0
35.3
2.3
0.23
  45.3
50.9
5.6
0.24
SR-124
8.1
10.7
2.6
4.23
SR-128
9.1
22.5
13.4
0.37
  29.4
41.4
12.1
0.23
SR-129
10.9
25.6
14.7
1.00
 SR-130 4.1
 5.1  1.0  4.41
  10.3
12.3
2.1
0.36
  26.3
29.8
3.5
0.31
  34.1

 35.6

1.5
1.43
  38.9
44.4
5.5
0.19
SR-131
22.9
27.2
4.3
0.42
  38.1
50.2
12.1
1.55
 SR-132 2.2
27.2
4.3
0.42
  35.6
38.1
2.6
1.84
SR-133
12.2
13.5
1.3
2.43
  46.6
53.1
7.5
4.24
SR-134
19.8
22.8
3.0
0.73
  48.8
59.4
10.7
0.68
SR-135
31.4
32.8
1.4
1.05
  61.5
62.7
1.2
1.60
  72.1
76.9
4.8
3.12
SR-136
19.2
20.2
1.0
5.51
  43.5
65.8
22.3
0.35
SR-137
18.0
24.8
6.9
0.53
  46.4
47.5
1.1
1.55
SR-138
11.8
12.7
0.9
3.22
  27.9
29.1
1.2
2.55
SR-139
16.3
23.3
7.0
0.28


Table 2 - Drill Hole Specifications


Hole
Eatsing
Northing
Elevation (m)
Azimuth
Dip
EOH (m)
 SR-066 857972 1223165 2,498
 180 -50
88
 SR-067 857972 1223165 2,498
 180 -75
127
 SR-068 857928  1223151  2,473  180 -50
65
 SR-069 857928  1223151  2,473  180 -75
85
 SR-070 857870  1223160  2,469  180 -50
64
 SR-071 857829  1223168  2,468  180 -50
70
 SR-072 857876  1223133  2,476  180 -75
50
 SR-073 857876  1223133  2,476  180 -90
52
 SR-074 857478  1223121  2,518  0 -60
54
 SR-075 857478  1223121  2,518  0 -75
61
 SR-076 857764  1223149  2,478  180 -50
67
 SR-077 857763  1223146  2,470  180 -70
73
 SR-078 857723  1223168  2,473  180 -50
70
 SR-079 857723  1223167  2,473  180 -75
104
 SR-080 857675  1223175  2,480  180 -50
88
 SR-081 857675  1223176  2,480  180 -70
98
 SR-082 857627  1223191  2,464  180 -75
98
 SR-083 857627  1223191  2,464  180 -50
112
 SR-084 857573  1223180  2,465  180 -50
70
 SR-085 857573  1223181  2,465  180 -50
96
 SR-086 857589  1223141  2,479  10 -65
47
 SR-087 857589  1223138  2,479  190 -50
87
 SR-088 857507  1223182  2,468  180 -50
79
 SR-089  857507  1223182  2,468  180 -70
49
 SR-090  857434  1223162  2,475  180 -75
64
 SR-091  857434  1223162  2,475  180 -50
52
 SR-092  857393  1223159  2,481  180 -50
70
 SR-093  857393  1223160  2,481  180 -75
56
 SR-094  857344  1223144  2,489  180 -50
61
 SR-095  857344  1223144  2,489  180 -70
61
 SR-096  857295  1223139  2,491  180 -50
55
 SR-097  857295  1223139  2,491  180 -70
53
 SR-098  857247  1223146  2,500  180 -50
73
 SR-099  857248  1223146  2,500  180 -70
72
 SR-100  857214  1223162  2,496  180 -50
63
 SR-101  857214  1223162  2,496  180 -80
72
 SR-102  857162  1223178  2,485  180 -50
61
 SR-103  857162  1223179  2,485  180 -75
76
 SR-104  857123  1223204  2,457  180 -50
43
 SR-105  857123  1223205  2,458  180 -60
81
 SR-106  857123  1223205 2,458  180 -80
55
 SR-107  857125  1223239  2,463  180 -50
69
 SR-108  857006  1223174  2,485  180 -50
62
 SR-109  857006  1223174  2,485  180 -70
64
 SR-110  857038  1223178  2,485  180 -55
58
 SR-111  857038  1223178  2,485  180 -70
61
 SR-112  857084  1223184  2,471  180 -50
46
 SR-113  857083  1223185  2,471  180 -70
46
 SR-114  856949  1223149  2,505  180 -50
59
 SR-115  856949  1223149  2,505  180 -70
27
 SR-116  856893 1223173
 2,492  180 *50
58
 SR-117  856893  1223173  2,492  180 -70
59
 SR-118  856851  1223195  2,483  180 -50
58
 SR-119  856851  1223196  2,483  180 -70
67
 SR-120  856808  1223210  2,473  180 -50
59
 SR-121  856808  1223210  2,473  180 -70