Red Eagle Mining – Santa Rosa exploration update
VANCOUVER, Oct. 17, 2011 /PRNewswire/ – Red Eagle Mining Corporation (TSX-V: RD), is pleased to announce that excellent progress is being made on
several fronts at the Santa Rosa project in Colombia. A 20,000 metre
diamond core drilling program with two rigs commenced in early
September at the initial target in the south east sector of the
property. To date, four holes have been completed totaling 1,820
metres, with the fifth and sixth holes underway. Inspection of the core
to date confirms the initial four holes have intersected shear and
stock work zones believed to be associated with gold mineralization.
Assay results are pending for all holes but will be released throughout
the drill program as they become available.
The recent induced polarisation (IP) survey across the south east sector
has now been interpreted and has identified a major east west anomaly.
The IP results again confirm and are coincident with the previous data
on historic mine workings, potassic alteration, anomalous aerial
magnetics and surface geochemistry. Drill targets are orientated to
intersect both the shear zone host targets and the IP anomaly. The
survey is currently being extended (with 55 line kilometres) through
the central and northwest sectors of the property in preparation for
the drill program to commence in those sectors. Detailed mapping in the
central sector of the property has confirmed the presence of the strong
north west trending anomaly that was identified in the aerial magnetic
survey. Maps showing results of the IP survey in the south east sector
of the property and the plan for phase two of the program are detailed
on our website.
About Red Eagle Mining Corporation:
Red Eagle Mining Corporation is a well-financed gold exploration and
development company with two flagship properties in Colombia, Santa
Rosa and Pavo Real, and an experienced exploration and management team.
Santa Rosa is located within an intrusive hosted
structurally-controlled quartz stockwork system within the prolific
Cretaceous Antioquia Batholith. Gold mining within the Santa Rosa
project pre-dates the 16(th) century. Pavo Real is located within the Cauca gold belt which is host
to numerous porphyry and epithermal gold deposits. For further
information on Red Eagle Mining Corporation please refer to our website
The scientific and technical information contained in this news release
has been reviewed by Rob Pease P.Geo., who is a “Qualified Person” as
defined under National Instrument 43-101. Neither TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release. This news release includes
forward-looking statements that are subject to risks and uncertainties.
All statements within, other than statements of historical fact, are to
be considered forward looking. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially
from those in forward-looking statements. Factors that could cause
actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration
successes, continued availability of capital and financing, and general
economic, market or business conditions. There can be no assurances
that such statements will prove accurate and, therefore, readers are
advised to rely on their own evaluation of such uncertainties. We do
not assume any obligation to update any forward-looking statements.
SOURCE Red Eagle Mining Corporation