Richmond Minerals Inc. (TSX-V: RMD) (“Richmond” or the “Company”) is pleased to announce Phase II diamond drilling results from the Company’s Ridley Lake Project located within the Swayze Greenstone Belt, approximately 23 miles due east of Goldcorp’s Borden Lake gold deposit.
This phase of drilling continued to test the well-defined induced polarization anomaly characterized by high chargeability and resistivity and a prominent coincidental magnetic anomaly (the “Aguara East anomaly”) at depths beneath the Phase I results reported last fall and along strike to the east. Richmond completed 1,121 meters (“m”) of diamond drilling in five holes. All holes for this phase of work were drilled at an azimuth of 180 degrees, and at an inclination of -45 degrees.
The local grid coordinates of the hole collars are provided in the table below:
Holes RS16-20 and RS-22 were collared to test for gold mineralization beneath RS15-19, Hole RS16-21 was collared to test for gold mineralization between holes RS15-14 and RS15-19, and holes RS16-23 and RS16-24 were collared to test for gold mineralization stepping out to the east along the Aguara East Anomaly. Results obtained are reported in the table below.
The drill intervals reported above represent core intersection length and true widths are not known at this time. A QA/QC program was employed consisting of inserting laboratory prepared standards and blanks and duplicates into the core sample stream. Samples were submitted to Activation Laboratories of Ancaster, Ontario (independent from Richmond) for gold analysis using fire assay with atomic adsorption or gravimetric finish.
The gold-bearing intervals are associated with several geological features observed in all drill holes which include areas of shear zone development, areas of intense carbonatization, and spatial association with porphyritic intrusions. Richmond management is extremely pleased with these results, particularly with those in hole RS16-20, which are among the best obtained to date from the Ridley Lake Property.
The Company is planning a third phase of diamond drilling for the upcoming fall season with a view to test for higher-grade gold intervals at depth and along strike to the east.
Warren Hawkins, P.Eng, a “Qualified Person”, within the meaning of Nation Instrument 43-101- Standards of Disclosure for Minerals Projects, has reviewed and approved the scientific and technical information contained in this news release. Mr. Hawkins is not considered to be “independent” of the Corporation (as defined in National Instrument 43-101), as he currently holds securities of the Corporation.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company’s current beliefs as well as assumptions made by and information currently available to the Company. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
On Behalf of Richmond Minerals,
Franz Kozich, President
Warren Hawkins, P. Eng, Exploration Manager
SOURCE Richmond Minerals Inc.
For further information: Warren Hawkins, P. Eng, Exploration Manager at (416) 603-2114