Ridley Lake Gold Project - Richmondminerals

Key Facts

The Property consists of 196 contiguous unpatented single cell and boundary mining claims in which Richmond owns a 100% interest.

Claims

The Property is centrally located within the Swayze Greenstone Belt, and covers an 8 kilometer section of the Ridout Shear Zone (the “RSZ”). The RSZ is currently believed to be the extension of the Larder Lake Break (i.e. host of the Kirkland Lake Gold Camp), and is the major structural feature in the region that is host to numerous gold deposits and occurrences.

Location

Recent significant gold discoveries nearby associated with the Ridout Shear Zone include the Trelawney Cote Lake deposit (acquired by Iamgold in April 2012 for $585 million) located on strike 48 km to the east, and the Probe Mines Borden Lake gold discovery (acquired by Goldcorp for $526 million), located on strike 37 km to the west.

Recent Significant Discoveries in the Area

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/t gold (0.7 ounces per ton).

Early Exploration

The Property can be accessed year-round by a network of logging and bush roads. It 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 metavolcanicmetasedimentary belt.

Accessibility

Gold mineralization discovered through diamond drilling to date at the project is associated with a variety of geological features which include shear zone development, quartz carbonate stockwork systems and contacts between felsic and mafic flows.

Gold Mineralization Discovered

Exploration History and Local Geology

Early exploration work on the Property dates back to 1932 prospecting. At that time two significant quartz vein systems (the Cyril Knight and the Aguara Showings) trending east/west were discovered in the central and north central property area.

These veins were exposed on surface for lengths up to 245 m, with widths varying between 1 and 3 m. Gold 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.

In 1982 Richmond staked claims covering the quartz vein showing areas and completed geophysical surveys, mapping, and trenching between 1983 and 1988. Results from this exploration work determined that the Aguara and Cyril Knight showing areas were coincident with magnetic and induced polarization anomalies of 3 to 4 times background levels.

Project Presentation

Dated: 2019

Local Geology

The Property is underlain by 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.
Dikes and sills of quartz-feldspar porphyry with occasional granitoid stocks are commonly found throughout the belt.
Also common are mafic to ultramafic rocks intruding metasedimentary-metavolcanic sequences as diorite to gabbroic sills and as diabase dike sets.

Gold mineralization discovered through diamond drilling in the Aguara Zone is associated with a variety of geological features that include:

Shear zone development producing permeable conditions favourable for hydrothermal circulation.
Carbonatization of mafic volcanics possibly releasing gold into the system.
Development of silicified, carbonatized, chloritized, mineralized fracture zones.
Emplacement of the feldspar porphyry sill/dike and quartz carbonate vein stockworks creating a “heat engine” for hydrothermal re-concentration and wall rock mineralization.