Rambler rises on latest diamond drilling at Ming mine

21st Feb 2022 13:23

(Sharecast News) - Copper and gold explorer, developer and producer Rambler Metals and Mining updated the market on its ongoing underground diamond drill programme at the Ming Copper-Gold Mine in Baie Verte, Newfoundland and Labrador, Canada on Monday.

The AIM-traded firm set up a diamond drill in early January to further define the mineralisation around the 535-level production area in the Lower Footwall Zone (LFZ).

While drilling, several holes were extended to test an exploration target outside of the defined high grade LFZ mineral resource shape.

Rambler said the exploration drilling was successful in intersecting new high-grade copper mineralisation, along strike from the previously-reported LP East Zone (LPEZ), and was being referred to as the Jennings Zone (JZ).

The new zone was open in all directions, and was worthy of near-term drilling to further define the zone up-dip, potentially providing near-term production sources close to existing development.

At hole R22-535-01, Rambler highlighted 15.77 metres at 2.03% copper in the LFZ, and nine metres at 2.26% copper in the LPEZ, while at hole R22-535-02 it reported 17.28 metres at 1.79% copper in the LFZ and 15 metres at 1.74% copper in the JZ.

In hole R22-535-03, it recorded 15.39 metres at 3.03% copper in the LFZ and 3.5 metres at 2.12% copper in the JZ, while at hole R22-535-04 it highlighted 7.86 metres at 1.85% copper in the LFZ and 5.7 metres at 2.64% copper in the JZ.

Finally, at hole R22-535-05 it reported 14.25 metres at 1.99% copper in the LFZ and 14 metres at 3.27% copper in the LPEZ, while on hole R22-535-06 it recorded 3.1 metres at 1.99% copper in the LFZ.

"While announcing the second newly discovered mineralised zone already this year, I am pleased to advise that, on ore production, we are now busy with production drilling in the LFZ on the 735-760L, with first production from there on schedule for February," said president and chief executive officer Toby Bradbury.

"Production drilling will shortly commence in the high-grade Upper Footwall Zone between 770-790L with initial production scheduled for March.

"Cut and fill stoping has progressed in the high-grade Ming North Zone on 785L and will continue through to the end of March before backfilling will be required."

Bradbury said the company had maintained production from the 510-level LFZ stoping horizon, even as it continued to build on the diamond drilling results announced on 13 January.

"I wish to further highlight the completion of the 2021 copper hedge programme inside the first half of February.

"With copper prices now hovering around the $4.50 per pound mark, the company is well-situated to take advantage of this higher price.

"Our focus on probing the mineralisation beyond the known high-grade boundaries, while doing our in-fill drilling, is yielding strongly favourable results."

Having moved the diamond drill to the 535-level to infill the LFZ and LPEZ for future mine planning, Toby Bradbury said the company had now intersected new mineralisation in the newly-named Jennings Zone.

"Along with the LFZ and LPEZ, this gives us the potential to have three high-grade mining zones operating in the upper part of the mine, in addition to the three zones that we currently operate at the lower part of the mine.

"While still early days, we will continue to drill on this horizon and evaluate our opportunities from there."

Bradbury added that meanwhile, Rambler was continuing to await gold assay results attributed to the 2021 drilling of the high-grade massive sulphides, in which gold grades were "traditionally" elevated.

"These results will be announced as soon as they are received, and we will update the resource statement to include the gold shortly thereafter."

At 1302 GMT, shares in Rambler Metals and Mining were up 9.84% at 33.5p.