6.0 Metres at 31.85 Grams Gold per Tonne Intercepted at Santa Rosa
Vancouver, BC, June 13, 2012 - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF), is pleased to announce the first and only assay results received to date on the in-progress, phase two drill program at the San Ramon deposit in the Santa Rosa gold project in Colombia. The first results include strong gold mineralization in both core drill holes SR-041 and SR-042, with the most significant intercept being in hole SR-042 which included 6.0 metres at 31.85 grams per tonne gold.
Phase two consists of 24 core drill holes (see Figure 1 - Drill Hole Plan), of which 19 holes totaling 3,995m have been completed to date with assays pending on 17 holes, numbered SR-043 to SR-059. The following table summarizes significant gold intercepts in the first two holes which were drilled from the same pad at inclinations of 45° and 70° and confirm that strong gold mineralization extends to depth (see Figure 2 - Cross Section B-B'). True widths are estimated to be close to 90% and 70% of the intercepts and vertical depths are estimated to be close to 70% and 90% of the drilled depths for holes SR-041 and SR-042 respectively, as reported below. All assay results are uncut.
"Our drilling at San Ramon continues to deliver high grade intercepts, with today's results of six metres at nearly an ounce per ton of gold confirming the robustness of the deposit", comments Ian Slater, Chief Executive Officer. "Both holes also significantly increased the width of the known gold mineralization and this was just the first two holes back out of sixty being drilled this summer."
San Ramon trends east-west, dips 65-70° to the north, extends over 1,800m, is up to 60m in width and is exposed at surface. Wide-spaced drilling intercepts from phase one averaged approximately 1.2 g/t Au to a vertical depth of over 250m. The mineralisation extends to surface where channel sampling has also averaged approximately 1 g/t Au. The 2012 work program for San Ramon includes the phase two core drill program (24 holes totaling an estimated 5,000m), a phase three core drill program in the near surface oxides over the entire known gold mineralisation which will commence in June (36 holes totaling an estimated 5,000m), preparation of a NI43-101 resource and a preliminary metallurgical test work program.
Phase One Results
All the remaining assays have now been received from the phase one drilling program. Results from phase one drilling at San Ramon were previously reported (see news release dated January 17, 2012). Core drill holes SR-024 to SR-040 were exploratory holes targeting a few of the many currently identified anomalies outside of the San Ramon deposit and, while typically containing thin gold bearing veins, did not return economically significant results. With the exception of holes SR-029 and SR-031 which targeted the Malambo prospect in the Northwest Sector (which contains a large concentration of historic workings). The following table summarizes significant gold intercepts from the two holes drilled in the Malambo prospect to date.
A Mobile Metal Ion (MMI) systematic soil sampling program has been completed over the entire Santa Rosa project with assays highlighting multiple gold and copper anomalies in both the Northwest and Central Sectors that have not yet been drill tested. In addition, over 400 historic adits have now been mapped and sampled to date. Active exploratory work continues over the entire project area.
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