Richmond Minerals Inc. (TSX-V: RMD) (“Richmond” or the “Company”) is pleased to announce Phase I 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.
As previously announced in June of this year, a geophysical survey grid was cut on four of the Company’s 100%-owned claims located immediately to the east of the Aguara gold showing, followed by the completion of Spectral Induced Polarization (IP)/Resistivity & Magnetic surveys. The surveys were successful in identifying a well-defined IP anomaly characterized by high chargeability and resistivity down to approximately 50 m and a prominent coincidental magnetic anomaly (the “Aguara East anomaly”), having a northeast orientation and a strike length in excess of 825 meters. To test these targets Richmond completed 900 m of diamond drilling in 6 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:
|
Hole No. |
Grid East (m) |
Grid North (m) |
|
RS15-14 |
L0 |
0 + 62N |
|
RS15-15 |
L0 |
0 + 15N |
|
RS15-16 |
L075E |
0 + 64N |
|
RS15-17 |
L450E |
2 + 77N |
|
RS15-18 |
L525E |
2 + 99N |
|
RS15-19 |
L075E |
1 + 01N |
Hole RS15-14 was collared near historic hole S89-08, in order to compare the geology and assay values with those reported in 1989. Assay results obtained are reported in the table below.
|
Hole No. |
From (m) |
To (m) |
Width (m) |
Grade (g/t Au) |
|
RS15-14 Including |
45 66 80 122 129 |
132 74 82 125 132 |
87 8 2 3 3 |
0.32 1.12 1.81 0.90 1.29 |
|
RS15-15 Including |
27 27 73 80 |
82 35 74 82 |
55 8 1 2 |
0.46 2.14 1.43 0.92 |
|
RS15-16 Including |
64 64 86 89 91 103.1 |
108 65 88 90 92 107 |
44 1 2 1 1 3.9 |
0.42 1.11 1.04 1.32 2.54 1.05 |
|
RS15-19 Including |
55 55 109 109 131.7 135 141 |
142 56.8 142 110 134 137 142 |
87 1.8 33 1 2.3 2 1 |
0.39 3.25 0.67 3.87 3.09 1.11 1.04 |
The drill intervals reported above represent core intersection length and true widths are not known at this time.
The gold-bearing intervals are associated with mafic to intermediate metavolcanic units and with a porphyry unit that was encountered in all four holes for which results were reported. Preliminary review of the geological and assay data suggests that the gold-bearing zone plunges to the east. Hole RS15-19 was drilled below hole RS15-16 and clearly indicates an increase of the width of the gold-bearing zone and an increase of grade with depth (0.67 g/t in hole 19 versus 0.42 g/t in hole 16 for the same vertical section).
Holes RS15-17 and -18 were drilled to test an IP anomaly identified at the northeast corner of the property and returned no significant values. Richmond’s technical team is currently of the opinion that holes RS15-17 and -18 were drilled above the gold-bearing zone due to the apparent eastern plunge.
Richmond is planning a second phase of diamond drilling to follow-up on these results, particularly with a view to test for higher-grade gold intervals at depth.
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. 