ROUYN-NORANDA, Quebec, Oct. 14, 2020 (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 60,000 m exploration drill program at its O’Brien gold project located along the Larder-Lake-Cadillac Break, halfway between Rouyn-Noranda and Val-d’Or in Quebec, Canada.
Highlights
Step-out drilling
highlights resource growth potential
250
m
below currently defined resources on the second mineralized trend
(600 m east of the old O’Brien Mine)
-
Hole OB-20-156 intersected
6.89 g/t Au over 21.10 m
including;-
4.81 g/t Au over 2.00 m
(760 m vertical depth) -
11.32 g/t Au over 11.80 m
(775 m vertical depth) which includes:-
38.11 g/t Au over 2.10 m
-
20.39 g/t Au over 2.30 m
-
-
- OB-20-156 represents the deepest hole drilled to test the second trend as part of the ongoing drill campaign and appears to have intersected at least three distinct high-grade mineralized structures almost 250 m below the boundary of current resources in the area.
-
The intercepts were obtained 355 m down-plunge from a previously released intercept grading
8.35 g/t Au over 6.00 m
(Hole OB-20-124). - Current resources in this area are largely limited to a vertical depth of 400 m. Drilling so far suggests continuity of mineralization to a vertical depth of almost 700 m based on today’s results as well as previously released holes OB-20-124 and OB-19-106 (14.30 g/t Au over 2.00 m and 22.17 g/t over 1.80 m).
- In addition, results from the ongoing campaign appear to tie in with high-grade resources above 400 m, and within a high-grade mineralized trend that could possibly extend further to approximately 1,100 m where a deeper historical intercept returned 17.46 g/t over 1.00 m.
- Assays are pending for wedge holes OB-20-156W1, OB-20-156W2 and additional drill holes completed with the objective of exploring the down-plunge continuity and expanding current resources in the area.
See
Figure 1. OB-20-156: Au grade distribution
Deep drilling on the first mineralized trend
(300 m east of the old O’Brien Mine)
intersects mineralized structures including visible gold
approximately 400 m below the
current
resource boundary
-
Assays are pending for recently completed hole OB-20-174 which intersected targeted mineralized structures from 915 m to 1,070 m vertical depth, including visible gold at 960 m vertical depth, representing 360 m below the boundary of defined resources on the first mineralized trend (see
Visible gold in hole OB-20-174
). - Resources defined in the first mineralized trend are limited to 600 m vertical depth, previously released results suggest continuity of high-grade mineralization below the resource boundary down to a depth of 950 m vertical depth, and in an area extending 300 m laterally and 350 m vertically.
- Two wedge holes are planned with the objective of testing the continuity of mineralization above and to the east of OB-20-174.
-
Visible gold in hole OB-20-174 was obtained 130m below the
previously released
intercept of 66.71 g/t Au over 4.70 m
obtained in hole OB-19-92w2b. -
Recent results
have also demonstrated the potential to laterally expand mineralization in the first mineralized trend to the east and west. This includes 45.33 g/t over 2.20 m (OB-20-148W1) in addition to a number of holes that intersected visible gold in mineralized structures and for which assays are pending (OB-20-164, OB-20-167, OB-20-168 and OB-20-170).
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 three high-grade mineralized trends, located approximately 300 m, 600 m and 900 m 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 three trends, which remain open for expansion laterally and at depth.
- In the first trend, drilling has highlighted continuity of mineralization down to a vertical depth of 950 m, approximately 350 m below the boundary of resources that are limited to a vertical depth of 600 m.
- In the second trend, drilling has highlighted continuity of mineralization down to a vertical depth of 700 m, approximately 300 m below the boundary of resources that are mostly within 400 m from surface.
- In the third trend, drilling has traced mineralization down to 500 m vertical depth from surface. Currently defined resources are mostly confined to between surface and 240 m vertical depth.
-
Almost all drilling conducted as part of the ongoing campaign has been within a strike length of approximately 1 km to the east of the old O’Brien mine, representing only a small portion of more than 5 km of prospective strike that Radisson controls along the Cadillac Break.
52,500 m of drilling completed to date with assays pending for approx. 15,600 m
- Released results to date (since the commencement of drilling in August 2019) represent only 62% of the total planned 60,000 m program.
- The company is funded to expand the program to over 75,000 m.
“Today’s results highlight why our ongoing drilling program is in its most exciting phase, as we continue to systematically step out to expand mineralization at O’Brien along strike and at depth. Assays from OB-20-156 represent some of the best results received since the start of the
drill
program and suggest the potential to expand resources
within the second mineralized trend.
In addition, we eagerly look forward to assays from OB-20-174, which intersected visible gold in the
Piché
volcanics
, the targeted lithologies,
well below the resource boundary of the first mineralized trend.
While the majority of our work program has been focused within 1 km along strike to the east of the historic O’Brien Mine, we believe there is significantly more upside to be unlocked from a prospective land package that includes more than 5 km of strike length along the prolific Cadillac Break.
”
commented Mario Bouchard, Chief Executive Officer
Notable drill results
|
Hole |
From (m) |
To (m) |
Core Length 1 (m) |
Au (g/t) , Uncut 2 |
Comments |
|
OB-20-156 |
|||||
|
778.00 |
799.20 |
21.20 |
6.89 |
Piché Basalt | |
|
Including |
778.00 |
780.00 |
2.00 |
4.81 |
|
|
And |
787.40 |
799.20 |
11.80 |
11.32 |
|
|
Including |
787.40 |
789.50 |
2.10 |
38.11 |
|
|
w hich i ncludes |
788.50 |
789.50 |
1.00 |
68.10 |
|
|
And |
796.90 |
799.20 |
2.30 |
20.39 |
|
|
w hich Includes |
797.80 |
799.20 |
1.40 |
32.40 |
|
| 1. Core length or down hole width. True widths are estimated at 70% to 80% of down hole width. To the extent possible, primary intercepts reflect minimum mining width (1.5 m true width) and consistent with assumptions used in the 2019 resource estimate. |
| 2. Assay grades shown uncapped. A capping factor of 60 g/t Au was used in the 2019 resource estimate |
Figure
2
. O’Brien Gold Project: Resource Block Model @ 5.0 g/t cut-off; Longitudinal section looking North
Figure
3
. O’Brien Gold Project: Second mineralized trend – Longitudinal and Cross Sections
Figure
4
. O’Brien Gold Project: First mineralized trend – Cross Section
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. Samples containing visible gold were analyzed with metallic sieve procedure. Standard reference materials and blank samples were inserted prior to shipment for quality assurance and quality control (QA/QC) program.
Qualified Person
Richard Nieminen, P. Geo, Exploration manager, acts as a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the technical information 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 Abitibi Greenstone Belt’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
Mario Bouchard
CEO and Director
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.
For more information on Radisson, visit our website at www.radissonmining.com or contact: Hubert Parent-Bouchard Director, Corporate development 819-763-9969 [email protected]
