TORONTO, June 17, 2016 /CNW/ - Richmond Minerals Inc. (TSX-V: RMD) ("Richmond" or the "Company") is pleased to announce that Phase II diamond drilling will resume on or about July 8, 2016 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.
Phase II of diamond drilling will be focused on targets identified within the Company's 100%-owned claims located immediately east of the Aguara gold showing. Specifically these holes will be collared to test for depth extensions to wide zones of gold mineralization intercepted in holes RMD15-14, RMD15-15, RMD15-16 and RMD15-19 during Richmond's Phase I drilling program conducted last fall.
As reported gold-bearing intervals associated with mafic to intermediate metavolcanic units and a porphyry intrusion were encountered in all four of these Phase I holes. A review of the geological and assay data from Phase I drilling suggests that the gold-bearing zone plunges to the east, with indications of an increase of width and grade of gold mineralization with depth (0.67 g/t in hole 19 versus 0.42 g/t in hole 16 for the same vertical section). Richmond is planning to drill a minimum of 1,500 meters for this phase of diamond drilling and results will be released as they become available.
The Company also announces its annual and general meeting for fiscal year end 2015 will be held at Richmond's corporate head office located at 133 Richmond St. W, Suite 403 on August 12, 2016 at 11 am.
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,
Franz Kozich, President
Warren Hawkins, P. Eng, Exploration Manager
SOURCE Richmond Minerals Inc.
For further information: Warren Hawkins at (416) 603-2114 or email: [email protected]