QualityStocks.net News – Red Lake Exploration, Inc. (RLKX.OB) Reports Mining Results from its Santa Rosa Property Located in Chile

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Red Lake Exploration, Inc. (OTCBB: RLKX) is one of our highlighted companies this month. The company is focused on acquiring, exploring and developing mineral properties in Chile. The Company’s headquarters are located in Richmond, Canada. Its primary project, the Farellon property, is situated in the promising Canadalaria Iron Oxide Copper Gold belt.

In our client’s news today,

Red Lake Exploration announced a summarization of its results of the contract mining regarding its Santa Rosa copper-gold property in Chile. The Santa Rosa property consists of two mining and exploration concessions, totaling 110 hectares. It is located within the highly prospective Candelaria iron-oxide-copper-gold (IOCG) belt. The strong potential of this property has been confirmed by the identification of multiple mineralized structures with significant alteration indicators of IOCG systems.

Red Lake acquired the option on the Santa Rosa property in February of this year. As terms of the agreement, the vendor pays the Company a royalty of 5% of the net proceeds received from the sale of the ore mined. From October to February, the vendor sold 3,004 tonnes of material to a Chilean national mining company at an average grade of 1.3% copper. High-grade ore sold to the company included 1.57 tonnes grading 19.78% copper and 13.90 grams per tonne of gold. The vender can continue mining the property at the discretion of Red Lake.

The company’s president, John Di Cicco, stated, “These encouraging results confirm our belief in the potential of the Santa Rosa project. The planned drill program has been designed to follow up on the success of the contract mining as well as testing other prospective targets.”

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