ROUYN-NORANDA, Quebec, June 23, 2020 (GLOBE NEWSWIRE) — Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF): (“Radisson” or the “Company”) is pleased to announce the addition of one diamond drill rig to the O’Brien project, bringing the total drills on site to 3 rigs. This additional drill rig was mobilized on June 19, 2020 and has been set up on drilling a pilot hole on the Lower F Zone. The ongoing drill program, expanded to 60,000 metres in February 2020, represents the company’s first exploration program to test targets defined by the new litho-structural model (released February 2019).
The new drill rig is testing the western extension of the enrichment vector drilled down to a depth of 950 m on the Lower 36E Zone. Current resources are largely limited to 600 m vertical depth, deeper drill holes including OB-19-92W2b (66.71 g/t Au over 4.70 m) and OB-19-98 (8.49 g/t Au over 2.00 m) have highlighted the potential for a high-grade mineralized trend down to a depth of 950 m. Assays are pending for three wedge holes drilled to establish continuity of high-grade mineralization and to target resource growth in this area. A pilot hole, from which wedge holes are planned is currently being drilled in this area, below an intercept of 23.57 g/t Au over 2.60 m, within a broader intercept of 8.29 g/t Au over 9.00 m.
The second drill rig, which is completing a hole on Lower 36E, will focus on defining a second enrichment vector intersected by drilling at approximately 300 metres east from the 36E Zone. Several targets have been planned in this area, following up on previously reported intercepts of 8.35 g/t Au over 6.00 m (hole OB-20-124) as well as 14.30 g/t Au over 2.00 m and 22.17 g/t Au over 1.80 m (Hole OB-19-106). While drilling and current resources in this area are largely limited to the upper 400 m, there are indications that the trend could extend deeper to 1,100 m where a historical intercept returned 17.46 g/t Au over 1.00 m.
The third drill rig will target resource expansion opportunities near-surface as well as in the gap between current resources and the old O’Brien Mine.
See figure 3
“Since the commencement of the program, drilling at O’Brien has continued to deliver remarkable results demonstrating the continuity of high-grade mineralization in two enrichment vectors within and outside the current resource area. Having a third drill rig operating on-site will enable the company to work on multiple high potential targets at the same time.
“The fully-funded 60,000 m drill program represents the largest exploration campaign undertaken at O’Brien and results released so far represent only ~35% of the program, we remain on track to complete this campaign by year-end. With a robust model to guide our targeting efforts, we are optimistic that results will drive meaningful resource growth, demonstrate the O’Brien project’s exploration potential and unlock significant value for our shareholders. We look forward to providing the market with regular exploration updates in the coming months as we increase the pace of drilling”, commented Mario Bouchard, CEO and Director.
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.
About 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
Chief Executive Officer, Director
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]
Certain information contained in the press release are subject to receipt of all regulatory approvals. 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 release.
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.
