Redhill Resources Corp.: Mutiny Drills More High Grade Gold Deflector North
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/16/11 -- Redhill Resources Corp. (TSX VENTURE: RHR) ('Redhill' or the 'Company') announces that Mutiny Gold Ltd. (ASX: MYG) ('Mutiny'), operator and optionee of Redhill's wholly owned Gullewa Copper-Gold Project, has informed Redhill of significant new high-grade gold intersections generated from the West Lode of its Deflector Gold Deposit.
The latest results were from Mutiny's recently completed diamond drilling program within the recently discovered extensions of the Deflector Deposit. These results will be incorporated into the revised resource estimate, which is expected to be released in the coming weeks.
Deflector Diamond Drill Results
A diamond drill program of 30 holes was carried out with the intension of increasing potential resource within the proposed area of initial underground mining at the Deflector Deposit.
Notable intersections include:
-- 3.6m @ 153g/t Au and 13.3% Cu from 145m in 11DD1A;
-- 12m @ 3.4g/t Au and less than 0.1% Cu from 262m in 11DD04;
-- 3m @ 47.6g/t Au and 1.5% Cu from 249m in 11DD15;
-- 4m @ 17.4g/t Au and 1.2% Cu from 300m in 11DD16A;
-- 3m @ 22.8g/t Au and 1.2% Cu from 282m in 11DD17;
-- 3m @ 18.1g/t Au and 0.3% Cu from 292m in 11DD17;
-- 3m @ 18.8g/t Au and 0.8% Cu from 316m in 11DD18;
-- 6m @ 20.9g/t Au and 0.3% Cu from 255m in 11DD27; and
-- 4m @ 6.2g/t Au and 0.5% Cu from 308m in 11DD29.
Multiple intersections were achieved within some holes, as a number of parallel lodes are present at depth within the deposit.
Mutiny announced Sept 9, 2011 it has resolved to make the next $2 million installment to move to a 70% interest in the 'Flagship' Gullewa Gold Project. The payment is due by Oct 31, 2011.
Background
The Gullewa Project is located 450 kilometres north of Perth, in the Yalgoo mineral fields of Western Australia. The Gullewa Project is a 550 sq kilometre property that hosts several gold deposits of various size and grade, the most significant being the Deflector gold-copper deposit which contains resources (Table 1) as disclosed in Table 3.1 to the NI 43-101 Technical Report on the Gullewa Gold-Copper Project dated June 13, 2008 as filed on SEDAR on June 18, 2008. Mining infrastructure assets at the Gullewa Project include a 800 tonne per day CIL plant, a licensed tailings disposal facility, a 50-person camp, offices, and workshops.
Table 1 - Deflector Deposit Resources
Mineral Resource Estimate for the Deflector Deposit
above a 1.0 g/t AuEq Grade Cut-Off (1.0% Cu = 2.5 g/t Au)
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Au Ag Cu AuEq AuEq
Category Tonnes (g/t) (g/t) (%) (g/t) (oz)
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Measured 535,000 3.87 8.03 1.18 6.81 117,000
Indicated 1,169,000 4.32 6.34 0.96 6.72 252,000
Measured
and
Indicated 1,704,000 4.18 6.87 1.03 6.75 369,000
Inferred 1,616,000 6.50 3.41 0.48 7.71 400,000
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(Metallurgical recoveries and net smelter returns are assumed to be 100%)
REDHILL RESOURCES CORP.
Graham Harris, Chairman
'This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.'
'The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.'
Contacts:
Redhill Resources Corp.
Investor Relations
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investor@redhill-resources.com
www.redhill-resources.com