REBgold Corporation ("REBgold" or the "Company") (TSX VENTURE:RBG)
is pleased to announce the initial resource reports from its
Finnish gold projects Kiimala and Rantasalmi. Highlights of the
reports are as follows:
-- Indicated resources of 215,000 ounces
-- Inferred Resources of 244,000 ounces
-- Historical Resources of 100,000 ounces
-- Significant potential exists to expand existing mineralization and for
new discoveries
Results of the resources are summarized in the table below.
Further information can be found on our website www.reb- gold.com
or on Sedar www.sedar.com.
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Tonnes Grade g/t Ounces
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Indicated Resources
Osikonmaki East 1,296,000 1.7 68,000
K1 3,850,000 1.19 147,000
Total Indicated 215,000
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Inferred Resources
Osikonmaki East 3,542,000 2.1 244,000
Total Inferred 244,000
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Historical Estimates(1)
Oskionmaki West 90,000 4.86 14,000
Pirila 300,000 6.5 63,000
K3 291,000 2.5 23,000
Total Historical 100,000
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(1) The historical estimates for the Osikonmaki West, Pirila and K3 zones
are based on prior data and reports prepared by previous owners of the
properties. A qualified person has not done sufficient work to classify the
historical estimates as current mineral resources under NI 43-101. The
Company is not treating the historical estimates as current mineral
resources or mineral reserves. The Company considers that the historical
estimates should be considered only as historical references of tonnes and
grades. No reliance should be placed on these historical estimates.
Mark Burridge, Chairman, stated. "These are very encouraging
initial results. We believe that there is significant potential to
add to these resources by drilling around existing mineralization
as well as through the discovery of new mineralization. We are
particularly excited by Osikonmaki East where the mineralization
remains open at depth and along strike."
REBgold is also pleased to announce that it has engaged Investor
Cubed Inc. ("Investor Cubed" or ICI") to provide investor relations
and shareholder communications services. In connection with the
engagement, Investor Cubed has been awarded a consulting contract
paying $5,000 per month for a term of twelve months. In addition,
Investor Cubed has been granted options to purchase 2,000,000
shares of REB at a price of ten cents ($0.10) per share. The
options will vest quarterly over a period of one year and will be
governed by the provisions of REB's stock option plan.
Background on Projects
The main mineralized structure in the Rantasalmi area is the
Osikonmaki shear zone, a shear complex, at least 3km long, hosted
by a Proterozoic aged (1.88 Ga) Tonalitic Intrusion. Most of the
drilling to date has focused on the Eastern 800m of this shear
(referred to as Osikonmaki East) 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. In addition, recent
drilling has identified the presence of hanging wall
mineralization, a portion of which is included in the current
resource estimate. Beyond the main shear zone, potential exists for
gold mineralization in associated structures as indicated by the
high grade mineralization identified at Pirila.
The Kiimala project contains numerous paleoproterezoic gold
occurrences in the form of an echelon vein system, two of which (K1
and K3) have been drilled sufficiently to allow for the historical
resource calculations.
Rantasalmi Mineral Resource Statement:
The mineral resource estimate for Osikonmaki East is effective
from 6th October, 2011 and has been prepared by Golder Associates
(UK) Ltd under the supervision of Alexandra Akyurek (Csci, MSc
MIMMM), acting as an independent "Qualified Person" as defined by
National Instrument 43-101. Mrs Akyurek is a member of the
Institute of Materials, Minerals and Mining (Member #447670).
Mineral resources of the Osikonmaki East gold deposit have been
prepared and categorised for reporting purposes by Golders,
according to the Canadian Institute of Mining (CIM) Standards on
Mineral Resource and Reserves Definitions and Guidelines, referred
to in the National Instrument (NI) 43-101, Standard Disclosure for
Mineral Projects (Standards) for submission to the TSX.
The Osikonmaki database includes 199 diamond drillholes
totalling 24,271 metres drilled. These include 79 drillholes for a
total of 7,809 m of core drilled by Belvedere and 120 drillholes
for 16,462m of core drilled by the GTK (Geological Survey of
Finland) between 1986 and 1991. The database includes 1,135 Au
assays from within the modelled wireframes. Drill core sample
lengths vary between 0.01 and 4.06 metres but were generally 1.0
metres (average 0.85 metres). All assays were composited to a "best
fit" 1m for use in the interpolation. No topcutting was
employed.
The mineralisation was divided into three domains: Main Lode,
Offset Lode and Top Lode. Wireframe models were delineated using a
gold cut-off grade of 0.5 g/t Au. The mineral resource was
calculated using block modelling to a maximum vertical depth of 220
metres, made up of 10m x 10m x 10m blocks (x:y:z) constrained by
the modelled wireframe. Sub-blocks of 5m x 5m x variable (z) were
created to better outline the mineralised lodes.
To account for undulations in the topography of the Lodes,
Golders employed an "unfold" strategy using Datamine's UNFOLD
technology. Composite samples are "unfolded" and all subsequent
data manipulation, including variography and estimation is
performed in the transformed coordinate system.
Block grades were interpolated using a three pass, ordinary
kriging estimate for the three lodes. For the Main Lode the minimum
number of samples was 12, and the maximum 32, with a maximum of 5
samples permitted from one hole. For the Offset and Top Lodes the
minimum number of samples was 7 and the maximum 32, with a maximum
of 5 samples permitted from one hole (maximum of 4 for the third
pass). The dimensions of the search ellipses were as follows:
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Interpolation pass X Y Z
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First pass 40m 50m 10m
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Second pass 80m 100m 20m
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Third pass 200m 250m 50m
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Bulk density of the mineralisation was based on actual specific
gravity data collected during exploration. A total of 227 recent
density determinations from within the mineralised rock as defined
by the wireframe model, were used in establishing an average bulk
density of 2.69 tonnes/m3. Specific gravity of the blocks was
estimated using inverse distance for the Main, Offset and Top
Lodes.
Indicated mineral resources are defined as those portions of the
deposit estimated in the first estimation pass, using only
Belvedere samples, and using more than 15 samples. Inferred mineral
resources are defined as those portions of the deposit outside of
the indicated resources and contained within the mineralised
wireframes. Indicated resources are separate from Inferred
resources.
Kiimlala Mineral Resource Statement:
The mineral resource estimate for Angesneva (K1) is effective
from 29th September 2011 and has been prepared under the
supervision of Dr Hannu Makkonen, (EurGeol, PhD) of the Geological
Survey of Finland (GTK) acting as an independent "Qualified Person"
as defined by National Instrument 43-101. Dr Makkonen belongs to
the Geological Society of Finland and the Finnish Association of
Mining and Metallurgical Engineers, and holds the European
Geologist Title, EurGeol, no. 808. Mineral resources of the
Angesneva gold deposit have been prepared and categorised following
the guidelines of the JORC Code.
The Angesneva (K1) database includes 69 diamond drillholes
totalling 9,167.71 metres drilled between 1988 and 2010. The
database includes 4,442 Au assays. Drill core sample lengths vary
between 0.08 and 4.4 metres but were generally about 1.0 metres
(average 1.19 metres). All assays were composited to 1.5 m for use
in the interpolation.
The mineralization was modeled as one domain. A wireframe was
constructed based on a 0.5 g/t Au cut-off grade, permitting the
inclusion of up to 7m waste. The mineral resource was calculated
using block modeling to a maximum vertical depth of approximately
250 meters (Z=-160), made up of 10m x 10m x 2m blocks constrained
by the modeled wireframe. The block model was rotated to an azimuth
of 030 degrees to better fit the geometry of the body.
Block grades were interpolated using 3 concentric search
ellipses using ordinary Kriging with a minimum of 3 and a maximum
of 25 samples. The first search ellipse had a maximum range of 26m
(being 2/3 the range determined by variography), the second was
52m, and the final 104m. 8.6% of blocks were populated in the 1st
pass, 63.6% in the 2nd pass and the remainder of 27.7% populated in
the 3rd pass.
Bulk density of the mineralisation was based on actual specific
gravity data collected during exploration. A total of 285
measurements were taken from within the modelled mineralised zone,
giving an average bulk density of 2.83 tonnes/m3.
About Investor Cubed
Investor Cubed Inc. provides specialized investor relations and
business consulting services to a select group of leading emerging
and mid-capitalization public companies. Investor Cubed has an
established national network of financial industry professionals
including investment advisors, bank owned investment dealers and
leading independent financial firms. In addition, ICI introduces
and manages national online and off-line marketing initiatives.
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 Hannu Makkonen, Ph.D., EurGeol
and Alexandra Akyurek, Qualified Persons 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 Investor Cubed Inc.
647-258-3311 or Toll-Free 888-258-3323info@investor3.ca
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