Further High-Grade Copper and Gold Mineralisation Identified at Chanach
- Encouraging gold and copper grades along 6.5km of skarns and new structures
- High-grade trench sampling assays show potential for a high-grade, large Copper-Gold Porphyry Skarn system
- Mabilo Project in the Philippines is progressing well, with budgets for the Stage 1 Direct Shipping Operation being finalized
- None.
Announcement To the TorontoStock Exchange and Australian Securities Exchange
Highlights:
- New resultsconfirm multiple stylesof mineralisation and more encouraging gold and copper grades along 6.5km of skarns and new structures
- High-grade trench sampling assaysinclude:
- 17m @ 5.13g/t Au and
0.78% Cu from Cut 6 - 3m @ 2.52g/tAu and
10.48% Cu from Cut 7 - 11m @ 1.29g/tAu (including 1m @ 3.13g/tAu and
1.03% Cu) from Cut 8 - 3m @
4.15% Cu from Cut 8
- 17m @ 5.13g/t Au and
- Chanach demonstrates clear potential to host both a high-grade, large Copper - Gold Porphyry Skarn system, combined with a high-grade epithermal gold system
- Latest exploration program at Chanach included ground truthing, targeted soil sampling, the digging of seven dozer cut trenches across the 6.5km skarn and outcropping quartz and a magnetic survey
- Results from the magnetic data in the eastern end of the tenement has a relatively quiet texture with some distinctive features that clearly show the geometries of folded lithologies and locations of structural features, along which known mineralisation is aligned
- Results from the geochemistry show large areas of anomalism (+0.05ppm Au and +
0.01% Cu) both in gold and copper stretching over the majority of the identified structures - Mabilo Project in the Philippines continues to advance on-track, recent discussions with committed local partner focused on moving the project into development
- Budgets for the Stage 1 Direct Shipping Operation ("DSO") are being finalised and it is expected that discussions with financiers will re- commence early in 2024
SUBIACO, WESTERN AUSTRALIA / ACCESSWIRE / December 14, 2023 / The Boardof RTG Mining Inc. ("RTG", or the "Company") (TSX:RTG)(ASX:RTG) is pleased to provide an update on recent exploration activities completed at the Company's
Recent exploration activities at Chanach have included ground truthing, the collection of 1,154 soil samples concentrating on 6.5km of skarn and new structures identified in the eastern end of the tenement in last year's structural survey, the digging of seven dozer cut trenches across the identified skarn and outcropping quartz and a magnetic survey over the tenement.
Management Commentary:
Commenting on these positive results, RTG's CEO Justine Magee said: "These results continueto build our confidence that Chanach may be a similar opportunity to the Mabilo Projectwith strong potentialto evolve into both a high-grade, largeCopper - Gold Porphyry Skarn system, combinedwith a high-grade epithermal gold system. The results from the magnetic surveys have correlated well with our high grade trench sampling results providing a much stronger understanding of the significant scale and potential of the Chanach Project. The plan is to follow up with a 3DIP survey and a drilling program in the next field season.
Inaddition to the continued excellent results coming from Chanach, the Mabilo Projectin the Philippines continues to progress well with updatedbudgets for the planned DSO start up expected to be finalised shortly. Importantly, early in the new year this will allow the team to quickly focus on updates on finance offers from the various parties who have continued to express a desire to be involved in the financing of the Mabilo Project."
High-Grade Trench Sampling Results:
- 17m @ 5.13g/tAu and
0.78% Cu from Cut 6 - 3m @ 2.52g/tAu and
10.48% Cu from Cut 7 - 1m @
2.25% Cu from Cut 7 - 2m @
2.45% Cu from Cut 7 - 2m @
1.13% Cu from Cut 7 - 11m @ 1.29g/tAu (including 1m @ 3.13g/tAu and
1.03% Cu) from Cut 8 - 4m @
0.8% Cu from Cut 8 - 3m @
4.15% Cu from Cut 8 - 3m @ 0.83g/tAu and
0.88% Cu from Cut 8 - 1m @ 1.32g/tAu from Cut 8
- 1m @
1.13% Cu from Cut 8 - 1m @
0.86% Cu from Cut 8 - 1m @
0.72% Cu from Cut 8
Grades above 0.7g/tAu and
Results from dozer cuts and the soil samplinghave been processed at the fully accredited Information Research Centre Laboratory in Kara Balta in the Kyrgyz Republic with some results still pending.
Dozer Cut 6 intercepted broad high-grade mineralisation (quartz, chalcopyrite, pyrite, malachite, azurite, calcite)in a geological structure consisting of fractured sandstonewith limonite along the fractures.
Dozer Cuts 7 and 8 intercepted multiple zones of high-grade mineralisation (malachite, azurite, magnetite, pyrite,chalcopyrite, limonite, hematite, garnets, serpentenite, epidote and quartz) within the skarn zone.
Dozer Cuts 9 to 12 showed lower grades but was impacted by the depth of sedimentary cover sitting on top of the skarn. These anomalies will be tested further in next field season by digging deeper trenches.
Magnetic Survey
The magnetic survey was flown with drones by Geoscan Ltd on 25m line spacing at an altitude of 50m. The data collected is being processed by Southern Geoscience Consultants in Perth, whilst the full interpretation is still being worked on, initial results at the eastern end show the magnetic data has a relatively quiet texture with some distinctive features that clearly show the geometries of folded lithologies and locations of structural features, along which known mineralization is aligned (See Figure 3 below).
The drone magnetic data will be integrated with all other geological datasets to yield precise target locations for further detailed exploration in the next field season.
Geochemistry Survey
Detailed soil sampling on a 50m grid was conducted over 7km of identified structures within the tenement. The results show continuous zones of anomalism for gold and copper (see Figure 2 below) that coincide with key structures identified in the Structural Survey undertaken by O. V. Vaulin in 2022 and further supported by the recentmagnetic survey. The geochemistry also indicated zones not previously identified which will be tested in next year's field season.
Figure 1: TenementMap showing locationof latest Trenchesand Mapped Skarn Structure.
Figure 2: Tenement Map showing anomalousgeochemical contours for copper and gold.
Figure 3: MagneticResponse of EasternEnd of Tenement Showing Structure Definition Identified in the Structural Survey Undertaken by O. V. Vaulin in 2022,Coincident with High-Grade Copper and Gold and MagneticFeatures.
Figure 4: Tenement Map Showing Different Mineralised Zones with Coincident High-Grade Outcropping Copper and Gold Results
ABOUT RTG MINING INC
RTG Mining Inc. is a mining and exploration company listed on the main board of the Toronto Stock Exchange and the Australian Securities Exchange. RTG is currently focused primarily on progressing the Mabilo Project to start-up with its new partners, the Villar Family.The team has secured a mining permitfor the Project,with a view to moving quickly and safely to a producing gold and copper company.
The Chanach Project, although earlier stage, is advancing well and is believed to have strong potential to be similar to or better than the Mabilo Project, with both a high-grade, large Copper - Gold PorphyrySkarn system, combinedwith a high-grade epithermal gold system.
RTG also has a number of exciting new opportunities including the Panguna Project in Bougainville, which it remains committed to while also considering further new business development opportunities.
RTG has an experienced management team which has to date developed seven mines in five different countries, including being responsible for the development of the Masbate Gold Mine in the Philippines through CGA Mining Limited. RTG has some of the most respected international institutional investors as shareholders including Franklin Templeton, Equinox Partners and Sun Valley.
ENQUIRIES
President & CEO - Justine Magee
Tel: +61 8 6489 2900
Email: jmagee@rtgmining.com
US Investor Relations Contact
Jaime Wells: +1 970 640 0611
jwells@rtgmining.com
Australia Investor and Media Contact
Sam Burns: +61 400 164 067
sam.burns@sdir.com.au
COMPLIANCE STATEMENT
Date: 14 October 2023
Authorised for release by: By the Boardof Directors
QUALIFIED PERSON AND COMPETENT PERSONSTATEMENT
The information in this releasethat relates to Exploration Resultsand Mineral ResourceEstimates of the Chanach Project is based upon information compiled, reviewed and approved by Viktor Zabolotny who is a QualifiedPerson under NationalInstrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' who is a Member and Chartered Professional of the Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Viktor Zabolotny is employed by BW Three Holdings Ltd and is a consultant to RTG. Viktor Zabolotny has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity beingundertaken to qualifyas a Competent Person and a Qualified Person for the purposes of NI 43-101. Viktor Zabolotny consents to the inclusion in the release of the matters based on her information in the form and the context in which it appears.
The information in this releasethat relates to Exploration Targetsof the Chanach Project is based upon information compiled, reviewed and approvedby Greg Hall who is a Qualified Person under NI 43-101 and a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' who is a Member and Chartered Professional of the Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Greg Hall is employed by Golden Phoenix International Pty Ltd and is a consultant to RTG. Greg Hall has sufficient experience that is relevant to thestyle of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person and a Qualified Person for the purposes of NI 43-101. Greg Hall consents to the inclusion in the releaseof the matters based on his information in the form and the context in which it appears.
The information in this release that relates to areas outside of exploration results, Mineral Resources, Mineral Reservesand Metallurgy and Processing is based on information preparedby or under the supervision of Mark Turner,who is a Qualified Person and Competent Person. Mark Turner is a Fellow of the Australasian Institute of Mining and Metallurgy and is employed by RTG Mining Inc, the Company.Mark Turner has sufficient experience that is relevantto the information under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mark Turner has verified the data disclosed in this release. Mark Turner consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.
For the ASX Feasibility Study announcement including JORC tables please refer to the RTG Mining website (www.rtgmining.com) and on the ASX, under announcements (www.asx.com.au).
CAUTIONARY NOTE REGARDINGFORWARD LOOKING STATEMENTS
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the accuracy or adequacy of this press release, which has been prepared by management.
This announcement includescertain "forward-looking statements" within the meaningof Canadian securities legislation including, among others, statements made or implied relating to the interpretation of exploration results, accuracy of mineral resource and mineral reserve estimates, parameters and assumptions used to estimate mineralreserves and mineralresources, realization of mineral reserve and mineral resource estimates, estimated economic results of the Mabilo Project, future operational and financial results, including estimated cashflow and the timing thereof, estimated expenditures, expansion, exploration and development activities and the timing thereof, including expectations regarding the DSO, plans for progressing Stage 2 development, completion of a debt funding package, the negotiation of contracts for start up works and offtake arrangements and the completion of merged documentation, RTG's objectives, strategies to achieve those objectives, RTG's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations. All statements, other than statements of historical fact, included herein, are forward-looking statements. Forward lookingstatements generally can beidentified by wordssuch as "objective", "may", "will", "expected", "likely", "intend", "estimate", "anticipate", "believe", "should", "plans", or similar expressions suggesting future outcomes or events. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurancethat such statements will prove to be accurate,and actual resultsand future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from RTG's expectations include uncertainties related to fluctuations in gold and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return;the need for cooperation of government agenciesin the development of RTG's mineral projects; the need to obtain additional financing to develop RTG's mineral projects; the possibility of delay in development programs or in construction projects and uncertainty of meeting anticipated program milestones for RTG's mineral projects and other risks and uncertainties as discussed in RTG's annual report for the year ended December31, 2022 and detailed from time to time in our other filings with the Canadian securities regulatory authorities available at www.sedar.com. The forward‐looking statements made in this announcement relate only to eventsas of the date on which the statements are made. RTG will not release publiclyany revisions or updates to these forward‐looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
This announcement has been prepared for publication in Canada and Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933,as amended (the "US Securities Act"), or any state securities laws, and may not be offeredor sold in the UnitedStates except in transactions exempt from, or not subjectto, registration under the US Securities Act and applicable US state securities laws.
Appendix 1 - JORC Code, 2012 Edition- Table 1: Chanach Project
Section 1 Sampling Techniques and Data
(Criteria in this sectionapply to all succeeding sections.)
Criteria | JORC Code Explanation | Commentary |
Sampling Techniques |
|
|
Drilling Techniques |
|
|
Drill sample recovery |
|
|
Logging |
|
|
Criteria | JORC Code Explanation | Commentary |
quantitative in nature.Core (or costean, channel, etc.) photography.
| ||
Sub-sampling techniques and sample preparation |
|
|
Quality of assay data and laboratory tests |
|
|
Verification of sampling and assaying |
|
|
Criteria | JORC Code Explanation | Commentary |
Location of data points |
|
|
Data spacing and distribution |
|
|
Orientation of data in relation to geological structure |
|
|
Sample security |
|
|
Audits or reviews |
|
|
Section 2 Reporting of Exploration Results
(Criteria listedin the preceding section also apply to this section.)
Criteria | JORC Code Explanation | Commentary |
Mineral tenement and land tenure status |
|
|
Exploration done by other parties |
|
|
Geology |
|
Skarn mineralisation consists of magnetite, pyrite, chalcopyrite,malachite, azurite, limonite, haematite, epidote and granular andradite. |
Drill Hole Information |
o easting and northing of the drillhole collar o elevation or RL (Reduced Level - elevation above sea levelin meters) of the drill hole collar o dip and azimuth of the hole o down hole lengthand interception depth o hole length.
|
|
Data Aggregation methods |
results, the procedure used for such aggregation should be stated and some |
|
Criteria | JORC Code Explanation | Commentary |
typical examples of such aggregations should be shown in detail.
| ||
Relationship between mineralisation widths and intercept lengths |
|
|
Diagrams |
|
|
Balanced Reporting |
|
|
Other substantive exploration data |
|
|
Further Work |
|
|
SOURCE: RTG Mining Inc.
View the original press release on accesswire.com
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