TORONTO, Dec. 4, 2018 /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 (the "Property") located in the west central area of the Swayze Greenstone belt approximately 35 kilometres east of Goldcorp's Borden Gold Project.
In September 2018 the Company completed a Spectral Induced Polarization (IP)/Resistivity and Magnetic surveys to expand to depth and to the west the earlier IP survey completed in the summer of 2015 and the fall of 2016 on Richmond's Aguara East Zone claims. As reported in 2015 and 2016 IP and Magnetic surveys were successful in identifying a well-defined geophysical 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 metres. Modelling of the data obtained from the July 2015 and November 2016 combined surveys identified multiple targets at vertical depths down to the IP survey limit of approximately 200 metres.
Fall 2018 IP surveying on the newly cut Aguara western extension grid was successful in identifying five anomalous trends (identified as RW-1, and RW-4 through RW-7, see attached map). The significant trend identified is RW-1, which appears to be the extension of the Aguara East IP Anomaly that was the focus of the first three phases of diamond drilling. Trend RW-1 is centered about the West Grid Baseline and has now been extended from (metres) Line 3+00 E to Line 6+00 W. The trend is associated with apparent resistivities exceeding 10,000 ohm-m and is suggestive of strong quartz-carbonate alteration associated with possible gold mineralization.
Trend RW-5 is a prominent chargeability anomaly initially identified in the northeastern part of the survey grid and has now been extended to 7+50 W from 2+25 E. This trend is associated with apparent resistivities that are 1,000 ohm-m or lower, and has no history of diamond drilling.
Trend RW-4 is noted at the southern edge of the survey grid from lines 0+75 W to 3+75 W and is characterized by apparent chargeabilities exceeding 10 mV/V. A formational source is suspected here and is of no further exploration interest for the time being.
Trend RW-6 is a new anomaly that appears to originate approximately at line 5+25 W in the southern part of the survey grid. This anomalous IP response strikes to the northwest and was observed at dipole separations of n=8 and n=9, which is indicative of deeper sources (greater than 100 m). This anomaly appears to extend to the edge of the survey grid at 9+00 W, where it becomes quite wide and deep, and is open along strike to the west and to depth. The associated resistivities of this anomaly exceed 10,000 ohm-m and may also be indicative of possible gold mineralization.
Trend RW-7 is observed intermittently at larger dipole separations also indicating a greater depth to source. This trend is located between RW-1 and RW-5 and is quite well defined along lines 3+00 W, 3+75 W and 5+25 W. Associated resistivities of this anomaly are in excess of 10,000 ohm-m and there is no history of diamond drilling in this area of the Property.
Multiple drill hole collar locations have been recommended for follow-up testing of these new targets and plans are underway for the potential resumption of drilling in the winter of 2019. 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,
Warren Hawkins, P.Eng, Exploration Manger
SOURCE Richmond Minerals Inc.
For further information: Warren Hawkins at (416) 603-2114, ext. 20.