New High-Grade Gold Lode Discovered at Surface on Finnish Project
15 Settembre 2011 - 2:00PM
Marketwired
REBgold Corporation ("REBgold" or the "Company") (TSX VENTURE: RBG)
is pleased to announce results from the remaining 1270 m of
drilling on the 53 hole, 6073 m program of resource delineation
drilling at the Rantasalmi gold property. The Rantasalmi property
forms part of the joint venture with Belvedere Resources Ltd.
("Belvedere")(TSX VENTURE: BEL) which was entered into on 21st July
2011. A new resource statement will be issued in late September
incorporating the results of the last two phases of drilling.
Highlights
-- New high-grade gold lode discovered at surface with BELOSI077
intersecting 15.65m @ 9.96 g/t gold 48m east of the discovery hole
BELOSI044 which intersected 14.18m @ 9.14 g/t Au.
-- BELOSI 67 significantly opens up the down plunge potential of the S Lode
system at shallow levels.
-- BELOSI 75 continues to infill the up-dip portions of the U lode system
Mark Burridge (Chairman) commented, "The latest set of drilling
results demonstrate the potential for a new high grade lode system
to the East, highlighting the exploration potential along strike.
The latest drill holes also continued to successfully infill the
main lode system, confirming the likely consistency of high grade
shoots."
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Hole_id From(m) To(m) Au g/t Interval(m) GT
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BELOSI067 108.95 116.58 3.22 7.63 25
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BELOSI068 20.75 23 1.33 2.25 3
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BELOSI068 26.35 28 1.78 1.65 3
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BELOSI071 19.08 20.43 6.66 1.35 9
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BELOSI072 37.56 38.29 4.34 0.73 3
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BELOSI072 43.45 45.5 2.41 2.05 5
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BELOSI072 51.33 54.37 1.66 3.04 5
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BELOSI073A 152.24 152.78 5.04 0.54 3
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BELOSI073A 158.27 162.4 2.57 4.13 11
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BELOSI075 23.75 25.08 2.31 1.33 3
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BELOSI075 95.95 106.4 2.51 10.45 26
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BELOSI076 20.46 21.7 8.24 1.24 10
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BELOSI076 74.71 79.03 1.19 4.32 5
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BELOSI076 85.9 92.3 1.60 6.4 10
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BELOSI077 26.4 42.05 9.96 15.65 156
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BELOSI077 62.02 63.74 6.32 1.72 11
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BELOSI077 72.98 77.31 1.27 4.33 6
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BELOSI077 79.92 83.31 2.67 3.39 9
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BELOSI077 96.69 99.51 2.08 2.82 6
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BELOSI077 112.67 117.32 1.28 4.65 6
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BELOSI077 140.76 147.37 1.65 6.61 11
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Table 1: Intersections using a 1.0 g/t Au cut-off with a grade thickness
greater than 3 gram meters. No top cut is applied. Maximum grade is 33.7g/t
Au over 1.13m, one of five individual samples over 15 g/t Au (0.5 oz/t).
Intersections are estimated to be 90% of true width.
Osikonmaki Geology: The Osikonmaki project occurs in a three
kilometer long shear complex, hosted by a Proterozoic aged
Tonalitic Intrusion. Most of the drilling to date has focused on
the Eastern 800m of the shear where the mineralization is primarily
associated with a 45 degrees south dipping shear zone between 4 and
30 m thick. A series of higher grade chutes pitch at shallow angles
across the plane of the main shear, plunging 20 degrees to the ESE
contain the better part of the mineralization and extend for at
least 600 m down plunge. These chutes have been grouped into three
principle lode systems the S, T and U lode systems. This drill
program has been focused on infilling previous drilling to 40 meter
centres between the bedrock surface and 100 meters vertical.
The drilling was undertaken by Drillcon SMOY of Finland,
providing 42 mm diameter core. Samples are comprised of half
diamond core. Intersections are estimated to be 90% of true width.
No top cuts are applied with the highest individual assay being
50.8 g/t gold over 0.49 metres. Core samples are sawn in half on
site, prepped and assayed by 30g fire assay with an AAS finish at
the Internationally accredited laboratories of ALS Chemex in
Finland. The quality assurance-quality control (QAQC) program of
Belvedere consists of the insertion of certified standards of known
gold content every 20 samples, with blanks at the beginning of each
batch. In addition, ALS Chemex inserts a number of blanks and
standards into the analytical process. Standards, blanks and
duplicates make up approximately 15% of the samples assayed. The
remaining half core is retained on site for verification and
reference purposes.
Amendment of the Joint Venture Terms:
Under the terms of the Shareholders' Agreement, REBgold has the
right to earn up to a 50% interest in a special purpose joint
venture company which holds the Kiimala and Rantasalmi projects by
contributing expenditures of C$6 million over a 4 year period. To
maintain its earn-in right, during the first year REBgold must
contribute at least C$1.5 million on the projects, including
reimbursing Belvedere for certain recent exploration expenditures
(the "Pre-Existing Expenditures"). The parties have amended the
Shareholders' Agreement to provide that 50% of the Pre-Existing
Expenditures shall be reimbursed by REBgold on or before September
19, 2011, with the balance of the Pre-Existing Expenditures to be
reimbursed by November 18, 2011. Currently, Belvedere Resources
Finland Oy (a wholly-owned Finnish subsidiary of Belvedere) holds a
100% interest in the special purpose joint venture company. The
Shareholders' Agreement will come into force upon satisfaction or
waiver of certain conditions precedent, including a condition that
REBgold shall have completed an equity financing as required to
fund the first year's expenditure commitment. The time period for
satisfying this condition precedent has been extended to November
18, 2011. Upon execution of the Shareholders' Agreement REBgold
paid C$100,000 to Belvedere Resources Finland Oy. After the earn-in
has been completed, a decision will be made whether to proceed to a
feasibility study. If REBgold proceeds with and completes the
feasibility study it will increase its stake in the projects to
between 55% and 75% depending on the level of Belvedere's
contribution to the study. A further 5% can be earned if REBgold's
bioleaching technology can lead to a material improvement in the
project economics.
Forward Looking Statement:
Some of the statements contained herein may be forward-looking
statement, which involve known and unknown risks and uncertainties.
Without limitation, statements regarding future plans and
objectives of the Company (including statements relating to future
drill results) are forward-looking statements that involve various
degrees of risk. It is important to note that the Company's actual
results could differ materially from those in such forward-looking
statements.
Qualified Person
This news release was reviewed by Dr. Toby Strauss, who is
acting as Qualified Person for both REBgold and Belvedere in
compliance with National Instrument 43-101 with respect to this
release.
REBgold PROFILE
REBgold is in the process of acquiring and developing economic
interests in gold assets, in particular, where it can utilize its
competitive advantages, to create shareholder value.
The Company's key competitive advantages include an experienced
board and management team, strategic investor backing and
proprietary technology. The Company's bacterial oxidation and
bioleaching technologies are commercially proven for the liberation
of precious metals from difficult-to-treat sulphide ores and
concentrates, with environmental and economic benefits. To date,
the Company's BACOX technology has been used at three gold mines
located in Western Australia, Tasmania and China.
Shares outstanding 162,258,486
Neither the 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.
Contacts: REBgold Corporation EJ Spencer Corporate and Investor
Relations Administrator 416-646-1850 X 242 www.reb-gold.com
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