ROUYN-NORANDA, Quebec, Feb. 15, 2022 (GLOBE NEWSWIRE) —
Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF):
(“Radisson” or the “Company”) is pleased to announce significant high-grade gold intercepts from the ongoing 130,000 m exploration drill program at its 100% owned O’Brien gold project located along the Larder-Lake-Cadillac Break (see
location map 1
and
location map 2
), halfway between Rouyn-Noranda and Val-d’Or in Quebec, Canada.
Key highlights
-
Significant intercepts from
exploration drilling
along
trend #0
(approximately 300 m gap between the old O’Brien Mine and currently modeled resources along trend #1)-
59.79 g/t over 3.00 m
including
173.50 g/t over 1.00 m
(OB-21-235) -
9.43 g/t over 3.00 m
including
16.30 g/t over 1.00 m
(OB-21-231) -
13.55 g/t over 2.00 m
(vertical depth of 620 m) including
53.00 g/t over 0.50 m
(OB-21-247), representing the deepest high-grade intercept in this sector from the ongoing drill program. -
8.71 g/t over 2.05 m including
17.00 g/t over 1.05 m
(OB-21-249)
-
-
Modeled resources in the area are mostly limited to within 240 m of surface. New and previously released results (including
92.89 g/t over 2.60 m, 47.10 g/t over 2.60 m
,
10.87 g/t Au over 3.15 m
and
14.90 g/t over 8.20 m
) demonstrate continuity of high-grade mineralization in the area down to a vertical depth of 620 m and up to 140 m west of currently modeled resources along trend #1. -
Results are pending for approximately 9 additional holes drilled in this sector, with visible gold showings in 5 of those holes.
- Of particular interest are the results from a deep directional drilling program, comprising one pilot hole and 7 branches, to test the depth extent of mineralization in this sector down to more than 800 m from surface (up to 200 m below the extent of previous drilling). All of these holes intersected targeted structures including visible gold occurrences in four holes.
-
130,000 m drill program underway at O’Brien.
- 119,800 m (231 holes) completed as of February 13, 2022 with results pending for 25,500 m in 55 holes of which 24 holes intersected visible gold.
-
Cash balance of approx. $9.0M as of February 15, 2022.
“
Results from the ongoing program highlight the significant high-grade potential along trend #0, which represents the approximately 300 m gap between current resources in trend #1 and historically mined zones at the old O’Brien Mine. This area was never meaningfully drilled prior to the current program, as a result of which its resource contribution is limited and mostly within 240 m from surface. This area became a key focus of our drill program last year, with drill results to date demonstrating the continuity of high-grade mineralization down to more than 600 m depth. Drill results to date from this sector have been very impressive, with 26 holes published, including 14 intercepts returning grades of over 5 g/t and 6 intercepts returning grades of over 10 g/t. We look forward to obtaining results for an additional 9 holes, of which 5 intersected visible gold. This includes results from our first directional drill program comprising one pilot hole and seven branches, drilled to test the depth extent of mineralization down to 800 m or up to 200 m below the limits of previous drilling.
Overall, results from our ongoing 130,000 m drill program continue to impress with 176 holes published so far including 130 intercepts grading over 5 g/t and 55 intercepts grading over 10 g/t. In addition,
results are pending from 55 holes to the east of the O’Brien Mine of which 24 holes have visible gold occurrences. We are also currently drilling some of our most promising deep targets below previously encountered mineralization in trend #1 and #2. We look forward to building momentum with significant news flow in the weeks and months ahead as these results become available,
”
c
ommented Rahul Paul, President and Chief Executive Officer.
Figure 1. O’Brien Gold Project: Trend #0 / #1 – Longitudinal section
Notable drill results
|
Hole |
Zone |
From (m) |
To (m) |
Core Length (m) |
Au (g/t) – Uncut |
Comments |
|
OB-21-198 |
Trend #0 |
|
|
|
|
|
| 245.50 | 247.80 | 2.30 | 4.90 | |||
|
Including |
246.60 | 247.80 | 1.20 | 9.29 | ||
|
OB-21-200 |
Trend #0 |
|
|
|
|
|
| 242.00 | 244.45 | 2.45 | 4.80 | |||
|
Including |
242.00 |
243.10 |
1.10 |
10.60 |
|
|
|
OB-21-220 |
Trend #0 |
|
|
|
|
|
| 603.00 | 606.00 | 3.00 | 3.54 |
VG |
||
|
Including |
604.40 |
604.90 |
0.50 |
20.30 |
|
|
|
OB-21-231 |
Trend #0 |
|
|
|
|
|
| 337.20 | 340.20 | 3.00 | 9.43 |
VG |
||
|
Including |
337.20 |
338.20 |
1.00 |
11.90 |
|
|
|
And |
339.20 |
340.20 |
1.00 |
16.30 |
|
|
|
OB-21-235 |
Trend #0 |
|
|
|
|
|
|
|
280.00 |
283.00 |
3.00 |
59.79 |
VG |
|
|
Including |
281.00 |
283.00 |
2.00 |
89.15 |
|
|
|
Which Includes |
282.00 |
283.00 |
1.00 |
173.50 |
|
|
|
OB-21-247 |
Trend #0 |
|
|
|
|
|
|
|
691.00 |
693.00 |
2.00 |
13.55 |
VG |
|
|
Including |
691.50 |
692.00 |
0.50 |
53.00 |
|
|
|
OB-21-249 |
Trend #0 |
|
|
|
|
|
| 653.95 | 656.00 | 2.05 | 8.71 |
VG |
||
|
Including |
654.95 |
656.00 |
1.05 |
17.00 |
|
|
|
OB-21-281 |
Trend #0 |
|
|
|
|
|
| 64.00 | 66.00 | 2.00 | 6.74 |
VG |
||
|
Including |
65.00 |
66.00 |
1.00 |
13.45 |
|
- VG denotes the presence of visible gold.
- True widths estimated at 70% to 80% of core length.
- Assay grades shown uncapped. A capping factor of 60 g/t Au was used in the 2019 resource estimate.
-
For a full listing of drill results from current drilling program
click here
.
Drilling at O’Brien continues to validate the litho-structural model while highlighting resource growth potential laterally and at depth
Drilling to date has continued to define and expand almost five high-grade mineralized trends, located within a 1,200 m strike respectively to the east of the old O’Brien Mine. Mineralized trends identified bear similarities with structures previously mined at O’Brien down to a depth of 1,100 m (historical production of 587 koz grading 15.25 g/t).
Drilling so far has demonstrated continuity of mineralization well below the boundary of defined resources in all defined trends, which remain open for expansion laterally and at depth. In trend #0, drilling has traced mineralization to a depth of 620 m, while current resources are mostly within the first 240 m. In trend #1, drilling has highlighted continuity of mineralization down to a vertical depth of 950 m, while current resources are mostly limited to a vertical depth of approximately 600 m. In trend #2, drilling has highlighted continuity of mineralization down to a vertical depth of over 800 m, while current resources are mostly within 400 m from surface. In trend #3, drilling has traced mineralization down to 500 m vertical depth from surface. Current resources are mostly confined to within a vertical depth of 240 m. In trend #4, drilling has traced mineralization down to a vertical depth of approximately 330 m.
In addition, the Company has completed an initial 5,700 m exploration program at O’Brien West. In addition to validating geological information from historical drill holes, initial results showcase potential for additional high-grade discoveries in this area. O’Brien West remains open in all direction, with results indicating strong depth continuity in lithological units identical to those observed along strike to the west, reaffirming the upside potential from approximately 2.5 km of largely untested prospective ground west of the O’Brien Mine along the prolific Larder-Lake-Cadillac break.
Almost all drilling conducted as part of the ongoing campaign has been within a strike length representing only a small portion of more than 5.2 km of prospective strike that Radisson controls along the Cadillac Break. Given current geological understanding, the ongoing validation of the litho-structural model, the company estimates there is strong potential for additional high-grade gold trends to be discovered along the whole 5.2 km prospective land package on the prolific Larder-Lake Cadillac Break.
119,800 m of drilling completed to date with assays pending for approx. 25,500 m
This release represents approximately 8,130 m of drilling in 16 drill holes. Released results to date (since the commencement of drilling in August 2019) represent approximately 72% of the approximately 130,000 m planned thus far.
1
As of February 15, 2022, the company remains well funded with approximately $9.0 m in cash.
______________________
1
Estimated as of February 13
th
, 2022
Breakdown of drilling planned, completed and pending results
|
Sector / Trend |
Planned drilling (m) |
To be drilled (m) |
Drilled – Results published |
Drilled – Results pending |
||||
|
metres |
# holes |
# holes (with VG) |
metres |
# holes |
# holes (with VG) |
|||
| O’Brien West | 5,700 | 0 | 5,700 | 12 | 1 | 0 | 0 | 0 |
| Trend #0 | 18,200 | 0 | 14,500 | 26 | 16 | 3,700 | 9 | 5 |
| Trend #1 | 42,900 | 5,400 | 28,100 | 46 | 27 | 9,400 | 20 | 6 |
| Trend #2 | 34,500 | 5,000 | 25,100 | 43 | 20 | 4,400 | 8 | 5 |
| Trend #3 | 16,200 | 0 | 10,200 | 25 | 11 | 6,000 | 14 | 6 |
| Trend #4 | 8,400 | 0 | 6,400 | 15 | 6 | 2,000 | 4 | 2 |
| Kewagama East / Other | 4,300 | 0 | 4,300 | 9 | 3 | 0 | 0 | 0 |
|
Total |
130,200 |
10,400 |
94,300 |
176 |
84 |
25,500 |
55 |
24 |
Summary of results published to date from current program
|
Sector / Trend |
# holes published |
Number of published intercepts grading, |
||||||
|
# holes published |
# holes with VG |
% holes with VG |
>5 g/t Au |
>10 g/t Au |
>15 g/t Au |
>20 g/t Au |
||
| O’Brien West | 12 | 1 | 8 | % | 3 | 1 | 1 | 1 |
| Trend #0 | 26 | 16 | 62 | % | 14 | 6 | 3 | 3 |
| Trend #1 | 46 | 27 | 59 | % | 50 | 21 | 12 | 9 |
| Trend #2 | 43 | 20 | 47 | % | 37 | 14 | 8 | 4 |
| Trend #3 | 25 | 11 | 44 | % | 16 | 9 | 5 | 3 |
| Trend #4 | 15 | 6 | 40 | % | 6 | 2 | 1 | 1 |
| Kewagama East & Other | 9 | 3 | 33 | % | 4 | 2 | 1 | 1 |
|
Total |
176 |
84 |
48 |
% |
130 |
55 |
31 |
22 |
Figure 4. O’Brien Gold Project: Resource Block Model @ 5.0 g/t cut-off; Labeled Longitudinal section
Figure 5. Visible Gold in OB-21-231, OB-21-234, OB-21-247 and OB-21-281
QA/QC
All drill cores in this campaign are NQ in size. Assays were completed on sawn half-cores, with the second half kept for future reference. The samples were analyzed using standard fire assay procedures with Atomic Absorption (AA) finish at ALS Laboratory Ltd, in Val-d’Or, Quebec. Samples yielding a grade higher than 5 g/t Au were analyzed a second time by fire assay with gravimetric finish at the same laboratory. Mineralized zones containing visible gold were analyzed with metallic sieve procedure. Standard reference materials, blank samples and duplicates were inserted prior to shipment for quality assurance and quality control (QA/QC) program.
Qualified Person
Kenneth Williamson, M.Sc., P.Geo., from 3DGeo Solution inc, is acting as an independent Senior Advisor, Geology for Radisson and is the qualified person pursuant to the requirements of NI 43-101. Kenneth Williamson has reviewed and approved the technical disclosure in this press release.
Radisson mining resources Inc.
Radisson is a gold exploration company focused on its 100% owned O’Brien project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Quebec. The Bousquet-Cadillac mining camp has produced over 21,000,000 ounces of gold over the last 100 years. The project hosts the former O’Brien Mine, considered to have been the Quebec’s highest-grade gold producer during its production (1,197,147 metric tons at 15.25 g/t Au for 587,121 ounces of gold from 1926 to 1957; Kenneth Williamson 3DGeo-Solution, July 2019). For more information on Radisson, visit our website at
www.radissonmining.com
or contact:
On behalf of the board of directors
Rahul Paul
President and Chief Executive Officer
For more information on Radisson, visit our website at
www.radissonmining.com
or contact:
Hubert Parent-Bouchard
Chief Financial Officer
819-763-9969
[email protected]
Forward-Looking Statements
All statements, other than statements of historical fact, contained in this press release including, but not limited to, those relating to the intended use of proceeds of the Offering, the development of the O’Brien project and generally, the above “About Radisson Mining Resources Inc.” paragraph which essentially describes the Corporation’s outlook, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements and future events, could differ materially from those anticipated in such statements. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward looking information can be found in Radisson’s disclosure documents on the SEDAR website at
www.sedar.com
.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s endeavours to develop the O’Brien project and, more generally, its expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/135a70d9-f838-46c5-bb61-b5504832e8c1
https://www.globenewswire.com/NewsRoom/AttachmentNg/61f79f0a-c88d-4922-992b-753467ce9ad8
https://www.globenewswire.com/NewsRoom/AttachmentNg/e1d27ec9-bddf-4a03-ad2b-e6a0c15ca387
https://www.globenewswire.com/NewsRoom/AttachmentNg/dbb819d8-8791-42f8-9eab-3c04131cc8a0
https://www.globenewswire.com/NewsRoom/AttachmentNg/ddc747a9-9837-4118-8584-f87bc071f3e3
