TORONTO, July 29, 2015 /CNW/ - Richmond Minerals Inc. (TSX-V: RMD) ("Richmond" or the "Company") is pleased to provide an update for exploration work at the Company's Ridley Lake Gold Project located in the west central area of the Swayze Greenstone belt approximately 35 kilometres east of Goldcorp's Borden Gold Project.
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 and a prominent coincidental magnetic anomaly (the "Aguara East anomaly"), having a northeast orientation and a strike length in excess of 825 meters.
A limited IP/Resistivity survey conducted in 1983 identified a high chargeability and resistivity anomaly (the "Aguara anomaly") having a strike length of approximately 245 meters. This limited IP/resistivity survey demonstrated a clear association between the northeast trending gold showing and a northeast striking anomalous IP/Resistivity trend. The diamond drill programme conducted in 1989 substantiated the association between significant intervals of gold mineralization and the results of the limited IP/Resistivity. The geophysical program on the Aguara East grid has been successful in extending the strike length of the entire Aguara anomaly to now in excess of 1 kilometre.
Richmond has identified several priority drill targets within the Aguara east anomaly on its 100% owned Aguara East claims and the Company is planning a 1,500 meter first phase drilling program scheduled for next month.
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,
President and CEO
SOURCE Richmond Minerals Inc.
For further information: Warren Hawkins, P. Eng, Exploration Manager at (416) 603-2114