Chanach Field Work Highlights Strong Copper and GOLD Mineralisation Announcement to the Toronto Stock Exchange and Australian Securities Exchange
Not for release to US wire services or distribution in the United States
CHANACH FIELD WORK HIGHLIGHTS STRONG
COPPER AND GOLD MINERALISATION
ANNOUNCEMENT TO THE TORONTO STOCK EXCHANGE
AND AUSTRALIAN SECURITIES EXCHANGE
9 OCTOBER 2023
Highlights:
▪ Extensive field work program highlights encouraging gold and copper
mineralisation along 6.5km of skarns and new structures within Chanach.
▪ High-grade trench sampling assays include:
o 2m @ 4.05g/t Au and 1.56% Cu from Cut 1
o 1m @ 1.10g/t Au and 0.76% Cu from Cut 1
o 7m @ 2.94g/t Au (including 4m @ 4.87g/t Au) and 1.12% Cu from Cut 2
o 5m @ 5.53g/t Au from Cut 5 (Outcropping Quartz vein in Central Area)
▪ RTG continues to advance progress on Mabilo Project in Phili ppines –
budget discussions with project partners progressing well.
The Board of RTG Mining Inc. (“RTG”, or the “Company”) (TSX Code: RTG, ASX Code:
RTG) is pleased to provide an update on the exploration activities at their 90% owned
Chanach Gold & Copper Project (Chanach) in the Kyrgyz Republic.
Recent exploration activities at Chanach have included ground truthing, the collection of
1,154 soil samples concentrating on 6.5km of skarn and new structures identified in the
eastern end of the tenement in last year’s structural survey, the digging of seven dozer
cut trenches across the identified skarn and outcropping quartz and a magnetic survey
over the tenement.
Management Commentary:
Commenting on these positive results, RTG’s CEO Justine Magee said : “These
results further increase our confidence that Chanach can evolve into both a high-grade,
large Copper – Gold Porphyry Skarn system, similar to or even better than the Mabilo
Project, combined with a high -grade epithermal gold system. Follow up work next field
season is planned to include a 3DIP survey and drilling of defined targets.
Whilst we are excited to see the excellent results coming from Chanach, progress at our
Mabilo Project in the Philippines continues to gain momentum with the new partnership
with the Villar controlled TVI Resource Development (Phils.) Inc. working well, with the
current focus on updating budgets for start up so we can refresh the financing plans for
the project. We have again been approached by a number of parties who have expressed
a keen interest in both the financing and offtake arrangements for the project.”
High-Grade Trench Sampling Results:
Skarn area:
• 2m @ 4.05g/t Au and 1.56% Cu from Cut 1
• 1m @ 1.10g/t Au and 0.76% Cu from Cut 1
• 7m @ 2.94g/t Au (including 4m @ 4.87g/t Au) and 1.12% Cu from Cut 2
• 1m @ 1.26g/t Au from Cut 3 (remainder of trench still in sedimentary cover)
• 1m @ 2.05g/t Au from Cut 4
• 6m @ 1.56% Cu (including 3m @ 2.11%Cu) from Cut 4
• 5m @ 1.70g/t Au and 1.6% Cu from outcropping skarn in eastern end
Outcropping Quartz vein in Central Area:
• 5m @ 5.53g/t Au from Cut 5
• 2m @ 2.18% Cu from Cut 5
Grades above 0.7g/t Au and 0.3% Cu have been included in the High-Grade Sampling Results.
Historically, under the previous ownership, there had been limited mapping and no
detailed work done on the skarn areas, the extent of which was only identified in the last
field season, supporting the current program to now focus in on these exciting new areas
and potential. The ch annel samples confirm the high-grade nature and strong
prospectivity of the sk arns combined with high grade epithermal quartz veins within the
tenement.
Results from dozer cuts 6 and 7 and the soil sampling are being processed at the fully
accredited Information Research Centre Laboratory in Kara Balta in the Kyrgyz Republic
with results pending.
The magnetic survey was flown with drones by Geoscan Ltd on 50m line spacing at an
altitude of 50m. The data collected will be processed by Southern Geo science
Consultants in Perth, and overlayed with the results from the soil sampling, to be used for
3DIP and drill targeting.
Figure 1: Tenement Map showing area of 2023 Field Season Geochemical Samples and Magnetic Survey
Figure 2: Tenement Map showing location of 2023 Field Season Trenches and Mapped Skarn Structure
ABOUT RTG MINING INC
RTG Mining Inc. is a mining and exploration company listed on the main board of the
Toronto Stock Exchange and the Australian Securities Exchange. RTG is currently
focused primarily on progressing the Mabilo Project to start -up having now received a
mining permit for the Project, with a view to moving quickly and safely to a producing gold
and copper company.
RTG also has a number of exciting new opportunities including the Panguna Project in
Bougainville, which it remains committed to while also considering f urther new business
development opportunities.
RTG has an experienced management team which has to date developed seven mines
in five different countries, including being responsible for the development of the Masbate
Gold Mine in the Philippines through CGA Mining Limited. RTG has some of the most
respected international institutional investors as shareholders including Franklin
Templeton, Equinox Partners and Sun Valley.
ENQUIRIES
President & CEO – Justine Magee
Tel: +61 8 6489 2900
Email: [email protected]
US Investor Relations Contact Australia Investor and Media Contact
Jaime Wells: +1 970 640 0611 Sam Burns: +61 400 164 067
[email protected] [email protected]
COMPLIANCE STATEMENT
Date: 9 October 2023
Authorised for release by: By the Board of Directors
QUALIFIED PERSON AND COMPETENT PERSON STATEMENT
The information in this release that relates to Exploration Results and Mineral Resource Estimates
of the Chanach Project is based upon information compiled, reviewed and approved by Viktor
Zabolotny who is a Qualified Person under National Instrument 43-101 – Standards of Disclosure
for Mineral Projects (“NI 43-101”) and a Competent Person as defined in the 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Or e Reserves’
who is a Member and Chartered Professional of the Australian Institute of Mining and Metallurgy
and a Member of the Australian Institute of Geoscientists. Viktor Zabolotny is employed by BW
Three Holdings Ltd and is a consultant to RTG. Viktor Zabolotny has sufficient experience that is
relevant to the style of mineralisation and type of deposit under consideration and to the activity
being undertaken to qualify as a Competent Person and a Qualified Person for the purposes of NI
43-101. Viktor Z abolotny consents to the inclusion in the release of the matters based on her
information in the form and the context in which it appears.
The information in this release that relates to Exploration Targets of the Chanach Project is based
upon information compiled, reviewed and approved by Greg Hall who is a Qualified Person under
NI 43-101 and a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves’ who is a Member and
Chartered Professional of the Australian Institute of Mining and Metallurgy and a Member of the
Australian Institute of Geoscientists. Greg Hall is employed by Golden Phoenix International Pty
Ltd and is a consultant to RTG. Greg Hall has sufficient e xperience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity being undertaken to
qualify as a Competent Person and a Qualified Person for the purposes of NI 43 -101. Greg Hall
consents to the inclusion in the release of the matters based on his information in the form and the
context in which it appears.
The information in this release that relates to areas outside of exploration results, Mineral
Resources, Mineral Reserves and Metallurgy and Processing is based on information prepared by
or under the supervision of Mark Turner, who is a Qualified Person and Competent Person. Mark
Turner is a Fellow of the Australasian Institute of Mining and Metallurgy and is employed by RTG
Mining Inc, the Company. Mark Turner has sufficient experience that is relevant to the information
under consideration and to the activity which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration R esults,
Mineral Resources and Ore Reserves” and to qualify as a “Qualified Person” under National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”). Mark Turner has
verified the data disclosed in this release. Mark Turner conse nts to the inclusion in the release of
the matters based on his information in the form and context in which it appears.
For the ASX Feasibility Study announcement including JORC tables please refer to the RTG
Mining website (www.rtgmining.com) and on the ASX, under announcements (www.asx.com.au).
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the accuracy
or adequacy of this press release, which has been prepared by management.
This announcement includes certain “forward-looking statements” within the meaning of Canadian
securities legislation including, among others, statements made or implied relating to the
interpretation of exploration results, accuracy of mineral resource and mineral reserve estimates,
parameters and assumptions used to estimate mineral reserves and mineral resources, realization
of mineral reserve and mineral resource estimates, estimated economic results of the Mabilo
Project, future operational and financial results, including estimated cashflow and the timing
thereof, estimated expenditures, expansion, exploration and development activities and the timing
thereof, including expectations regarding the DSO, plans for progressing Stage 2 development,
completion of a debt funding package, the negotiation of contracts for start up works and offtake
arrangements and the completion of merged documentation, RTG’s objectives, strategies to
achieve those objectives, RTG’s beliefs, plans, estima tes and intentions, and similar statements
concerning anticipated future events, results, circumstances, performance or expectations. All
statements, other than statements of historical fact, included herein, are forward -looking
statements. Forward looking statements generally can be identified by words such as “objective”,
“may”, “will”, “expected”, “likely”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or
similar expressions suggesting future outcomes or events. Forward -looking statem ents involve
various risks and uncertainties and are based on certain factors and assumptions. There can be
no assurance that such statements will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements. Important factors that could
cause actual results to differ materially from RTG’s expectations include uncertainties related to
fluctuations in gold and other commodity prices and currency exchange rates; uncertainties
relating to interpretation of drill results and the geology, continuity and grade of mineral deposits;
uncertainty of estimates of capital and operating costs, recovery rates, production estimates and
estimated economic return; the need for cooperation of government agencies in the development
of RTG’s mineral projects; the need to obtain additional financing to develop RTG’s mineral
projects; the possibility of delay in development programs or in construction projects and
uncertainty of meeting anticipated program milestones for RTG’s mineral projects and other risks
and uncertainties as discussed in RTG’s annual report for the year ended December 31, 2022 and
detailed from time to time in our other filings with the Canadian securities regulatory authorities
available at www.sedar.com. The forward ‐looking statements made in this announcement relate
only to events as of the date on which the statements are made. RTG will not release publicly any
revisions or updates to these forward ‐looking statements to reflect events, circumstances or
unanticipated events occurring after the date of this announcement except as required by law or
by any appropriate regulatory authority.
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
This announcement has been prepared for publication in Canada and Australia and may not be
released to US wire services or distributed in the United States. This announcement does not
constitute an offer to sell, or a solicitation of an offer to buy, secur ities in the United States or any
other jurisdiction. Any securities described in this announcement have not been, and will not be,
registered under the US Securities Act of 1933, as amended (the “US Securities Act”), or any state
securities laws, and may not be offered or sold in the United States except in transactions exempt
from, or not subject to, registration under the US Securities Act and applicable US state securities
laws.
Appendix 1 – JORC Code, 2012 Edition – Table 1: Chanach Project
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code Explanation Commentary
Sampling
Techniques
• Nature and quality of sampling (e.g. cut
channels, random chips, or specific
specialised industry standard
measurement tools appropriate to the
minerals under investigation, such as
down hole gamma sondes, or handheld
XRF instruments, etc.). These
examples should not be taken as
limiting the broad meaning of sampling
• Include reference to measures taken to
ensure sample representivity and the
appropriate calibration of any
measurement tools or systems used.
• Aspects of the determination of
mineralisation that are Material to the
Public Report.
• In cases where ‘industry standard’ work
has been done this would be relatively
simple (e.g. ‘reverse circulation drilling
was used to obtain 1 m samples from
which 3 kg was pulverised to produce a
30 g charge for fire assay’). In other
cases more explanation may be
required, such as where there is coarse
gold that has inherent sampling
problems. Unusual commodities or
mineralisation types (e.g. submarine
nodules) may warrant disclosure of
detailed information.
• Sample bags were visually inspected for volume
to ensure minimal size variation. Sampling was
carried out under standard industry protocols and
QAQC procedures.
• A 50-gram sample is digested for gold analysis by
Fire Assay and Atomic Adsorption
Spectrophotometry (AAS), and for copper analysis
via pressed pellet X-ray florescence (XRF).
• A 0.2-gram sample is digested for multi-element
analysis by Fire Assay and Inductive Coupled
Plasma (ICP) using Mass Spectroscopy (MS) or
Optical Emission Spectroscopy (OES).
• The trench samples in 2023 were undertaken by an
experienced geologist who determined from
mapping of bedrock and trenches the areas to be
sampled.
• All samples were dried and crushed to 90%
passing 2mm. A 300g split was taken and
pulverised to 80% passing 74 microns. The
samples were analysed using Atomic Absorption.
Drilling
Techniques
• Drill type (e.g. core, reverse circulation,
open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc.) and details
(e.g. core diameter, triple or standard
tube, depth of diamond tails, face-
sampling bit or other type, whether core
is oriented and if so, by what method,
etc.).
• N/A
Drill sample
recovery
• Method of recording and assessing
core and chip sample recoveries and
results assessed.
• Measures taken to maximise sample
recovery and ensure representative
nature of the samples.
• Whether a relationship exists between
sample recovery and grade and
whether sample bias may have
occurred due to preferential loss/gain of
fine/coarse material.
• N/A
Logging • Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
appropriate Mineral Resource
estimation, mining studies and
metallurgical studies.
• Whether logging is qualitative or
• Logging is considered qualitative.
• All 2023 trench grab samples were logged and
recorded on primary documents and maps.
Criteria JORC Code Explanation Commentary
quantitative in nature. Core (or costean,
channel, etc.) photography.
• The total length and percentage of the
relevant intersections logged.
Sub-sampling
techniques and
sample
preparation
• If core, whether cut or sawn and
whether quarter, half or all core taken.
• If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.
• For all sample types, the nature, quality
and appropriateness of the sample
preparation technique.
• Quality control procedures adopted for
all sub-sampling stages to maximise
representivity of samples.
• Measures taken to ensure that the
sampling is representative of the in situ
material collected, including for
instance results for field
duplicate/second-half sampling.
• Whether sample sizes are appropriate
to the grain size of the material being
sampled.
• At this stage of the exploration no sub sampling is
undertaken during the collection stage.
• The sample sizes are considered to be appropriate
to correctly represent the mineralisation style.
Quality of assay
data and
laboratory tests
• The nature, quality and
appropriateness of the assaying and
laboratory procedures used and
whether the technique is considered
partial or total.
• For geophysical tools, spectrometers,
handheld XRF instruments, etc., the
parameters used in determining the
analysis including instrument make and
model, reading times, calibrations
factors applied and their derivation, etc.
• Nature of quality control procedures
adopted (e.g. standards, blanks,
duplicates, external laboratory checks)
and whether acceptable levels of
accuracy (i.e. lack of bias) and
precision have been established.
• The analytical techniques Fire Assay, Atomic
adsorption Spectrophotometry for gold analysis
and ICP MS or OES for multi-element analysis are
considered suitable for the reconnaissance style
sampling undertaken.
• Gold analysis was carried out using Fire Assay with
finishing on a Thermo Scientific Solar S2 AA-
Spectrometer.
• Multi-element analysis was carried out by aqua
regia digest with ICP MS and OES analysis using
an iCAP 6300 ICP-instrument manufactured by
Thermo-Scientific.
• Laboratory QAQC involves the use of internal lab
standards using certified reference material,
blanks, splits and replicates as part of the in-house
procedures.
• All samples from the 2023 trench sampling
program were analysed at Information and
Research Centre Laboratory, which has all
international standards certification and were
subject to in-house QAQC procedures.
Verification of
sampling and
assaying
• The verification of significant
intersections by either independent or
alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data
entry procedures, data verification, data
storage (physical and electronic)
protocols.
• Discuss any adjustment to assay data.
• An executive director of Chanach LLC has visually
verified significant intersections in rock samples
from the Chanach project.
• N/A
• Primary data was collected using a set of standard
Excel templates on paper and re-entered into
laptop computers. Assay data is received in digital
and hard copy directly from the laboratory and
imported into the database.
• No adjustments or calibrations were made to any
assay data used in this report.
Criteria JORC Code Explanation Commentary
Location of data
points
• Accuracy and quality of surveys used
to locate drill holes (collar and down-
hole surveys), trenches, mine workings
and other locations used in Mineral
Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic
control.
• Sample locations were recorded using handheld
Garmin GPS60s. Elevation values were in AHD RL
and values recorded within the database. Expected
accuracy is + or – 3 to 7 m for easting, northing
and 10m for elevation coordinates.
• The grid system is WGS84 UTM (zone 42 north).
• Topographic surface uses handheld GPS elevation
data, which is adequate at the current stage of the
project.
• Location of the 2023 trench samples were recorded
using a handheld Garmin GPS.
Data spacing
and distribution
• Data spacing for reporting of
Exploration Results.
• Whether the data spacing and
distribution is sufficient to establish the
degree of geological and grade
continuity appropriate for the Mineral
Resource and Ore Reserve estimation
procedure(s) and classifications
applied.
• Whether sample compositing has been
applied.
• N/A
• N/A
• The 2023 trench samples were composited in
meter intervals across the trenches dug. 3 to 4 kg
samples were taken from each meter width.
Orientation of
data in relation
to geological
structure
• Whether the orientation of sampling
achieves unbiased sampling of
possible structures and the extent to
which this is known, considering the
deposit type.
• If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.
• N/A
• N/A
Sample
security
• The measures taken to ensure sample
security.
• Sample security is managed by Chanach LLC.
Samples are collected by Company employees and
transported by Company vehicles to the Laboratory
in Kara Balta. The sample processing facility has
Security Officers on duty 24 hours per day. The
Company stores all mineralised intervals and all
laboratory samples in a secured steel vault within
the secured processing facility.
• The 2023 sample security was managed by Site
management. Samples are collected by Company
employees and transported by Company vehicles
to the Laboratory in Kara Balta. The processing
facility has security officers on duty 24 hours per
day. The Company stores all mineralised intervals
and laboratory samples in the secured sample
store.
Audits or
reviews
• The results of any audits or reviews of
sampling techniques and data.
• The Company carries out its own internal data
audits. No problems have been detected.