Further High-Grade Copper and GOLD Mineralisation Identified at Chanach Announcement to the Toronto Stock Exchange and Australian Securities Exchange
Not for release to US wire services or distribution in the United States
FURTHER HIGH-GRADE COPPER AND GOLD
MINERALISATION IDENTIFIED AT CHANACH
ANNOUNCEMENT TO THE TORONTO STOCK EXCHANGE
AND AUSTRALIAN SECURITIES EXCHANGE
14 DECEMBER 2023
Highlights:
New results confirm multiple styles of mineralisation and more encouraging
gold and copper grades along 6.5km of skarns and new structures
High-grade trench sampling assays include:
o 17m @ 5.13g/t Au and 0.78% Cu from Cut 6
o 3m @ 2.52g/t Au and 10.48% Cu from Cut 7
o 11m @ 1.29g/t Au (including 1m @ 3.13g/t Au and 1.03% Cu) from Cut 8
o 3m @ 4.15% Cu from Cut 8
Chanach demonstrates clear potential to host both a high- grade, large
Copper – Gold Porphyry Skarn system, combined with a high- grade
epithermal gold system
Latest exploration program at Chanach included ground truthing, targeted
soil sampling, the digging of seven dozer cut trenches across the 6.5km
skarn and outcropping quartz and a magnetic survey
Results from t he magnetic data in the eastern end of the tenement has a
relatively quiet texture with some distinctive features that clearly show the
geometries of folded lithologies and locations of structural features, along
which known mineralisation is aligned
Results from the geochemistry show large areas of anomalism (+0.05ppm
Au and +0.01% Cu) both in gold and copper stretching over the majority of
the identified structures
Mabilo Project in the Philippines continues to advance on-track, recent
discussions with committed local partner focused on moving the project
into development
Budgets for the Stage 1 Direct Shipping Operation (“DSO”) are being
finalised and it is expected that discussions with financiers will re-
commence early in 2024
The Board of RTG Mining Inc. (“RTG”, or the “Company”) (TSX Code: RTG, ASX Code:
RTG) is pleased to provide an update on recent exploration activities completed at the
Company’s 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 continue to build our confidence that Chanach may be a similar opportunity to the
Mabilo Project with strong potential to evolve into both a high-grade, large Copper – Gold
Porphyry Skarn system, combined with a high-grade epithermal gold system. The results
from the magnetic surveys have correlated well with our high grade trench sampling
results providing a much stronger understanding of the significant scale and potential of
the Chanach Project. The plan is to follow up with a 3DIP survey and a drilling program
in the next field season.
In addition to the continued excellent results coming from Chanach, the Mabilo Project in
the Philippines continues to progress well with updated budgets for the planned DSO start
up expected to be finalised shortly. Importantly, early in the new year this will allow the
team to quickly focus on updates on finance offers from the various parties who have
continued to express a desire to be involved in the financing of the Mabilo Project.”
High-Grade Trench Sampling Results:
• 17m @ 5.13g/t Au and 0.78% Cu from Cut 6
• 3m @ 2.52g/t Au and 10.48% Cu from Cut 7
• 1m @2.25% Cu from Cut 7
• 2m @ 2.45% Cu from Cut 7
• 2m @ 1.13% Cu from Cut 7
• 11m @ 1.29g/t Au (including 1m @ 3.13g/t Au and 1.03% Cu) from Cut 8
• 4m @ 0.8% Cu from Cut 8
• 3m @ 4.15% Cu from Cut 8
• 3m @ 0.83g/t Au and 0.88% Cu from Cut 8
• 1m @ 1.32g/t Au from Cut 8
• 1m @ 1.13% Cu from Cut 8
• 1m @ 0.86% Cu from Cut 8
• 1m @ 0.72% Cu from Cut 8
Grades above 0.7g/t Au and 0.3% Cu have been included in the High-Grade Sampling Results
Results from dozer cuts and the soil sampling have been processed at the fully accredited
Information Research Centre Laboratory in Kara Balta in the Kyrgyz Republic with some
results still pending.
Dozer Cut 6 inter cepted broad high-grade mineralisation ( quartz, chalcopyrite, pyrite,
malachite, azurite, calcite) in a geological structure consisting of fractured sandstone with
limonite along the fractures.
Dozer Cuts 7 and 8 interc epted multiple zones of high- grade mineralisation (malachite,
azurite, magnetite, pyrite, chalcopyrite, limonite, hematite, garnets, serpentenite, epidote
and quartz) within the skarn zone.
Dozer Cuts 9 to 12 showed lower grades but was impacted by the depth of sedimentary
cover sitting on top of the skarn. These anomalies will be tested further in next field
season by digging deeper trenches.
Magnetic Survey
The magnetic survey was flown with drones by Geoscan Ltd on 25m line spacing at an
altitude of 50m. The data collected is being processed by Southern Geoscience
Consultants in Perth, whilst the full interpretation is still being worked on, initial results at
the eastern end show the magnetic data has a relatively quiet texture with some
distinctive features that clearly show the geometries of folded lithologies and locations of
structural features, along which known mineralization is aligned (See Figure 3 below).
The drone magnetic data will be integrated with all other geological datasets to yield
precise target locations for further detailed exploration in the next field season.
Geochemistry Survey
Detailed soil sampling on a 50m grid was conducted over 7km of identified structures
within the tenement. The results show continuous zones of anomalism for gold and
copper (see Figure 2 below) that coincide with key structures identified in the Structural
Survey undertaken by O. V. Vaulin in 2022 and further supported by the recent magnetic
survey. The geochemistry also indicated zones not previously identified which will be
tested in next year’s field season.
Figure 1: Tenement Map showing location of latest Trenches and Mapped Skarn Structure.
Figure 2: Tenement Map showing anomalous geochemical contours for copper and gold.
Figure 3: Magnetic Response of Eastern End of Tenement Showing Structure Definition Identified in the Structural
Survey Undertaken by O. V. Vaulin in 2022, Coincident with High-Grade Copper and Gold and Magnetic Features.
Figure 4: Tenement Map Showing Different Mineralised Zones with Coincident High- Grade Outcropping Copper
and Gold Results
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 with its new partners, the
Villar Family. The team has secured a mining permit for the Project, with a view to moving
quickly and safely to a producing gold and copper company.
The Chanach Project, although earlier stage, is advancing well and is believed to have
strong potential to be similar to or better than the Mabilo Project, with both a high-grade,
large Copper – Gold Porphyry Skarn system, combined with a high-grade epithermal gold
system.
RTG also has a number of exciting new opportunities including the Panguna Project in
Bougainville, which it remains committed to while also considering further 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: 14 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 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. 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 Zabolotny 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 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. 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 Results,
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 consents 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, estimates 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 statements 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, securities 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.