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Red Mile Minerals Ltd.
Red Mile Minerals is a tightly held mineral exploration company with a gold property along the prolific Destor-Porcupine gold-producing region in Ontario. Red Mile continues to seek additional mineral exploration opportunities where the company's exploration expertise and corporate share structure could substantially enhance shareholder value.
Company Overview
In 2009 Red Mile Minerals purchased the option for the Blue Quartz property from Russet Lake Resources who had the original option agreement with Thundermin Resources Inc. and Wesdome Gold Mines Ltd.
The Blue Quartz project is favorably located, straddling both the Pipestone Fault and a subsidiary sub parallel fault, the Painkiller Lake Fault. The rocks along the trace of these two faults have been silicified and are anomalous in gold. The project hosts a number of historic exploration prospects that include underground exploration and development. The most prominent include the Blue Quartz Mine and the Clifford Shaft on the Blue Quartz property.
The Company has recently announced results from a four hole, 1500 meter diamond drilling program with significant intersections of 5.3 g/t Au over 2.8 meters, 23.8 g/t Au over 1.0 meter and 57.4 g/t Au over 0.2 meters. Management are in the process of analyzing the full body of results and determining the path forward.
In Fall 2008 Russet Lake Minerals completed a 4 hole, 828 metre, diamond drill program on the Blue Quartz property, testing the Shaft Vein and North Vein. The drilling was intended as an initial test of the 2 structures in the vicinity of the shaft collar. The best results from the drilling were quartz-carbonate veins with pyrite, arsenopyrite and sphalerite assaying up to 9.7 grams Au per tonne over 1.3 metres. Two holes encountered underground workings with low Au values proximal to the workings. |
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