TORONTO, April 22 /CNW/ - Richmond Minerals Inc. (RMD: TSXV) ("Richmond")
and Fort Chimo Minerals Inc. (FCM: CNSX) ("Fort Chimo") are pleased to provide
an update on their Bondy Gneiss Complex joint venture project located
approximately 30 kilometres southeast of Mont Laurier, Quebec.
Assay results have been received for diamond drill hole RB-06-08. This
hole was drilled to test the vertical extension of the Bing Zone copper
intersection in drill hole RB-05-08 that returned 0.21% copper over a 37.5
metre width. Hole RB-06-08 assayed 0.14% copper and 0.7 grams per tonne silver
over a 28.51 metre interval, from 74.29 to 102.8 metres down hole. Anomalous
values of gold were also identified. RB-06-08 was drilled at an azimuth of 110
degrees, with an inclination of -45 degrees and was collared 25 metres
southwest of RB-05-08. Mineralization consists of pyrite, chalcopyrite and
bornite, hosted within a garnet biotite bearing quartz-feldspar gneiss.
True width for the Bing Zone is unknown at this time. Assays have been
received from the remaining 12 holes drilled in the Western Zone and the Lac
Harvey Showing. Anomalous values for copper, silver and gold were obtained in
intervals from each hole, however no significant concentrations were detected.
It should also be noted that drilling of the EM-1 Showing could not be
attempted during this initial phase due to frozen local water sources. The
management of Richmond believes that, based on the style and type of
mineralization observed in the nearby Lac Harvey drill holes, the EM-1 target
is a highly prospective target that will be tested during the next phase of
The management of Richmond is very encouraged by these initial drilling
results from the Bondy Gneiss Complex project. Spotting collar locations for
holes 5 and 6 was difficult due to the extreme terrain. As noted in previous
news releases, recent magnetic geophysical data and surface prospecting
indicates that the Bing Zone copper mineralization extends at least 800 metres
north of the Hole 5 and 6 collar locations. The highest concentrations of
copper were obtained in surface grab samples collected from showings found
along the Bing Zone northern extension. Further drilling work to test these
areas will require road upgrading prior to the resumption of drilling work.
Richmond also announces that it has expended the required exploration
expenditure of $2,000,000 pursuant to the joint venture agreement with Fort
Chimo. As a result, Richmond has maintained its option to acquire a 50%
undivided interest in the remaining Grenville project exploration properties,
including the Bondy Property and Halle Township Property.
Warren Hawkins, P.Eng., in his capacity as Qualified Person under
National Instrument 43-101 has reviewed the contents of this news release.
We seek safe harbor.
Neither the TSX Venture Exchange, its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) nor the
Canadian National Stock Exchange has reviewed this press release and
neither accepts responsibility for the adequacy or accuracy of this news
This press release contains certain forward-looking statements, which are
based on the opinions and estimates of management at the date the statements
are made, and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially from
those projected. Neither Richmond or Fort Chimo undertake any obligation to
update forward-looking statements if circumstances or management's estimates
or opinions should change. The reader is cautioned not to place undue reliance
on forward-looking statements.
For further information:
For further information: Birks Bovaird, President or Warren Hawkins,
Exploration Manager, Telephone: (416) 603-2114, Facsimile: (416) 603-8436;
James M. Brady, Fort Chimo Minerals Inc., President, Telephone: (416)
361-2832, Facsimile: (416) 423-9325