Properties

Swayze Gold Project Overview

Property Description

Richmond Minerals Inc.’s Ridley Lake gold project (the “Project”) is centrally located within the Swayze Greenstone Belt (the “SGB”) in north central Ontario. Recent significant gold discoveries within the SGB include the Cote Lake deposit (acquired by Iamgold in April 2012 for $585 million), and the recent Probe Mines Borden Lake gold discovery, a multi-million ounce gold deposit located approximately 23 miles to the west and on strike with Richmond’s Ridley Lake Gold Project (the “Project”).

The Project is located in Rollo and Raney Townships, Porcupine Mining Division or more specifically 40 km southwest of the town of Foleyet and 120 km west-southwest of the city of Timmins. The Project can be accessed year round by a network of logging and bush roads. The Project consists of 154 contiguous unpatented mining claims. Richmond owns 50% of the central core of 35 mining claims, and 100% of the surrounding 119 mining claims.

History

Early exploration work on the Property dates back to 1932 prospecting. Two quartz veins (the Cyril Knight and the Aguara Showings) trending in an east-west strike orientation were discovered in the central property area. These veins were exposed on surface for strike lengths up to 245 m, with widths varying between 1 and 3 m. Assays from these veins were highly variable, with grades ranging from trace values up to 23 g/tonne gold (0.7 ounces per ton).

Between 1932 and 1982, little exploration work was carried out on the Property. Richmond staked claims covering the quartz vein showing areas and completed geophysical surveys, mapping, and trenching between 1982 and 1988. Results from this exploration work determined that the showing areas were coincident with magnetometer and induced polarization anomalies of 3 to 4 times background levels.

A limited program of diamond drilling testing these geophysical anomalies and surface showings was undertaken in 1989 (2,471 m in 13 holes). Eleven of 13 holes intersected broad zones of gold mineralization, with one hole failing to reach its target depth due to caving. Details of diamond drilling results are provided below.

Further exploration work was halted in 1990 due to the filing of a Certificates of Pending Proceedings on title to the Property’s mining claims (the “Certificates”). The Certificates were associated with an unrelated mining project in which the Plaintiff alleged that investment funds intended for the unrelated mining project were actually used to fund exploration work on Richmond’s Swayze project. Exploration work remained dormant at the Swayze Property until the Ontario Superior Court recently dismissed the Certificates in January of this year. At the time of the dismissal, these proceedings were the oldest outstanding civil litigation in Ontario.

Property Geology

The Property is underlain by part of a major sequence of early Precambrian volcanics and sediments referred to as the Swayze volcanic complex or the Swayze-Deloro metavolcanic-metasedimentary belt. This complex is an east-west trending belt composed, from the margins inward of mafic metavolcanics succeeded by metasediments with several centres of felsic volcanism along its length. Intercalated with the mafic metavolcanics are thin bands of iron formation or ferruginous metasediments of silicate carbonate or sulphide association. Felsic intrusives are common within the belt and are emplaced as dikes and sills of quartz-feldspar porphyry with occasional granitoid stocks. Mafic to ultramafic rocks intrude metasedimentary-metavolcanic sequences as diorite to gabbroic sills and stocks of early Precambrian age, and as diabase dike sets.

Gold Mineralization

Gold mineralization discovered through diamond drilling to date on the Property is associated with a variety of geological features which include:

  • Shear zone development producing permeable conditions favourable for hydrothermal circulation.
  • Carbonatization of mafic volcanics possible releasing gold into the system.
  • Development of silicified, carbonatized, chloritized, mineralized fracture zones.
  • Development of quartz carbonate veins +/- chlorite veins, stringers and stockworks generally with sulphide mineralization in the surrounding wallrock and containing lower grade gold values.
  • Emplacement of the feldspar porphyry sill/dike creating a “heat engine” for hydrothermal re-concentration.
  • Higher concentration of both disseminated and cubic pyrite mineralization.
  • Contacts between mafic to intermediate flows and slightly coarser-grained mafic to intermediate flows.
  • Contact between mafic flows and felsic to intermediate flows, and proximity to mafic intrusive dikes.

Summary of 1989 Drill Results

Historical drill results for Property as reported in 1989 are as follows:

Gold Values Related to Quartz Veins, Stringers and Stockworks
Hole Location From (feet) Width (feet) Au (oz/ton)
S89-1 050W-150N 850 4 0.06
S89-3 100E-075N 181.5 2 0.023
263 3 0.05
S89-4 150E-125N 452 3 0.03
S89-5 200E-100N 294 3 0.02
362.5 4.5 0.024
S89-7 300E-100N 188 2 0.09
355 5 0.09
S89-8 410E-100N 302 3 0.03
369 1.5 0.04
Gold Values Related to Highly Fractured Shear Zones
Hole Location From (feet) Width (feet) Au (oz/ton)
S89-1 050W-150N 714 2 0.074
S89-2 010E-100N 318.5 5 0.034
S89-3 100E-075N 289 10 0.043
S89-6 250E-175N 570 6 0.053
Gold Values Related to Feldspar Porphyry Intrusive
Hole Location From (feet) Width (feet) Au (oz/ton)
S89-1 050W-150N 846 8 0.06
858 2 0.03
866 10 0.05
S89-3 100E-075N 418 3 0.05
S89-4 150E-125N 514 10 0.20
529 3.5 0.13
S89-5 200E-100N 416 2 0.04
S89-6 250E-175N 586 3 0.04
616 5 0.032
655 3.5 0.044
661 4.3 0.072
667 3 0.07
S89-7 300E-100N 379 1.5 0.034
411 3.4 0.17
S89-8 410E-100N 395 2.2 0.04
401.5 6 0.04
411 3.4 0.03
428 1 0.03
Gold Values Possibly Related to Mafic Flow and Felsic to Intermediate flow Contacts
Hole Location From (feet) Width (feet) Au (oz/ton)
S89-1 050W-150N 874 2 0.063
S89-11 100W-100N 646 20 0.046
S89-13 0-200N 956 2.5 0.032
Gold Values Possibly Related to Mafic Flow and Felsic to Intermediate flow Contacts
Hole Location From (feet) Width (feet) Au (oz/ton)
S89-2 010W-100N 367.5 3 0.09
471 2 0.031
S89-3 100E-075N 341 5 0.023
S89-4 150E-125N 452 3 0.03
S89-5 200E-100N 268 3 0.05
S89-6 250E-175N 547 2.5 0.064
570 6 0.053
S89-7 300E-100N 188 2 0.09
263 3 0.04
331 3.2 0.18
343.5 3.5 0.03
S89-8 410E-100N 175 2.5 0.03
252 4.1 0.051
281.5 5.5 0.06
302 2.8 0.03
369 1.5 0.04
S89-11 100W-100N 536 2 0.04
577 5.3 0.044
S89-12 150W-100N 786 2 0.031
S89-13 11-200N 908 3 0.10
Gold Values Near Mafic Dikes
Hole Location From (feet) Width (feet) Au (oz/ton)
S89-2 010E-100N 367.5 3 0.09
S89-11 100W-100N 460 3 0.11
577 5.3 0.044
584 4 0.07

Present-Day Interpretation of 1980’s Exploration Data

Magnetic Data

Generally, review of the airborne and ground magnetic data shows that most of the property area is underlain by mafic volcanics. The magnetic data suggest that the magnetic properties of the mafic volcanics are variable as expressed by the distinct magnetic feature in the east central claim area.

Closer contouring of the data would reveal far more detailed information; however, new recommended magnetic surveys will provide far improved magnetic maps.

VLF-EM Survey

The collected data are of good quality. Numerous, nearly east striking conductor were determined. They vary in length from 100 ft. to 2000 ft. They are most likely caused by conductive contacts, shears and faults. The axis of the conductors is shown on the compilation map.

Induced Polarization/Resistivity Survey

The IP/Resistivity survey was incomplete, covering the general area of the Cyril King Showing and the approximate southeast corner of the central claim group that includes the Aguara Showing.

The survey incorporated an electrode separation of 50 ft., and dipole separations of 50 ft. and 100 ft. which resulted in an approximate effective investigative depth of 35 ft. Consequently, only the near surface sources were detected.

Excellent correlation is recognized between the Aguara Showing and IP Target 1 (up to six times background) which is associated with apparent resistivities >10 000 ohm-m. This target is open to the east and to depth. With regard to the Cyril Knight Showing, IP/Resistivity survey coverage was incomplete making it difficult to establish correlation with the geophysical data. It is noteworthy that a relatively strong and untested IP Target is on strike with the Cyril Knight showing, at its northeastern end.

Richmond is in the process of applying for exploration permits and intends to mount a substantial diamond drilling program in at the Ridley Lake Property to test for eastern and depth extensions of Aguara Showing and the Cyril Knight Showing. Given the “nugget effect” common to lode gold style deposits in Canadian Precambrian Shield greenstone belts, Richmond will utilize larger diameter core (as compared to the diameter of the 1989 core) in order to obtain more representative gold samples.

PICTURES FROM OUR SEPTEMBER/OCTOBER 2015 DRILLING PROGRAM:

11 - Secure storage of core at the Watershed location

09 - Drill Core Logging facility at the Watershed location

10 - Cutting of core at the Watershed location

07 - Drilling of hole RS-15-16 (2)

08 - Drill Collar RS-15-16

04 - Placing drill rig on location for RS-15-14

03 - Pulling of drill rig to drill site

07 - Drilling of hole RS-15-16 (1)

06 - Drillers' Camp

01 - Prep of access to drill site

02- Prep of site for drillhole RS-15-14

Paramount Technolab