TORONTO, Oct. 18, 2017 /CNW/ - Richmond Minerals Inc. (TSX-V: RMD) ("Richmond" or the "Company") is pleased to announce Phase 3 diamond drilling results from the Company's Ridley Lake Project located within the Swayze Greenstone Belt, approximately 23 miles due east of Goldcorp's Borden Lake gold deposit.
This phase of drilling continued to test the well-defined induced polarization anomaly characterized by high chargeability and resistivity at the far eastern end of the Aguara East Zone and to test for depth extensions of gold mineralization reported during the initial diamond drilling in the central Aguara Zone in 1989. Richmond completed 2,258 meters ("m") of diamond drilling in nine holes. All holes for this phase of work were drilled at an azimuth of 180 degrees, at inclinations of -45 or -60 degrees.
The GPS coordinates (zone 17) and inclinations of the drill hole collars are provided below:
| Hole No. |
Easting (m) |
Northing (m) |
Inclination |
| RS17-25 |
372947 |
5303646 |
-45 |
| RS17-26 |
372886 |
5303607 |
-45 |
| RS17-27 |
372875 |
5303654 |
-45 |
| RS17-28 |
372875 |
5303654 |
-60 |
| RS17-29 |
372555 |
5303553 |
-45 |
| RS17-30 |
372555 |
5303553 |
-60 |
| RS17-31 |
372545 |
5303597 |
-60 |
| RS17-32A |
372410 |
5303564 |
-45 |
| RS17-32B |
372398 |
5303589 |
-45 |
Hole RS17-32A did not reach its target depth and was stopped at 28 m after encountering a wide fault zone. Hole RS17-25 was collared to test a magnetic anomaly located just east of the Aguara East IP anomaly and did not return any significant gold values. Results obtained for all remaining holes are reported as follows:
| Hole No. |
Zone |
From (m) |
To (m) |
Width (m) |
Grade (g/t Au) |
| RS17-26 Including |
Aguara East |
25.30 26.3 |
59.98 28.3 |
34.65 2 |
0.25 2.1 |
| RS17-27 |
Aguara East |
107 |
140 |
33 |
0.25 |
| RS17-28 |
Aguara East |
253 |
271 |
17 |
0.29 |
| RS17-29 Including |
Central |
44 163 |
174 174 |
130 9 |
0.22 0.9 |
| RS17-30 Including and including |
Central |
133 182 222 231 |
269 183 240 234 |
136 1 18 3 |
0.31 4.5 1.3 2.9 |
| RS17-31 Including and |
Central |
227 285 341 |
353 294 346 |
126 9 5 |
0.25 1.1 2.1 |
| RS17-32B Including including |
Central |
153 226 238 |
271 259 240 |
112 33 2 |
0.26 0.7 5.3 |
The drill intervals reported above represent axial core length and true widths are not known at this time. A QA/QC program was employed consisting of inserting laboratory prepared standards and blanks and duplicates into the core sample stream. Samples were submitted to Activation Laboratories of Timmins, Ontario (independent from Richmond) for gold analysis using fire assay with atomic adsorption or gravimetric finish.
The gold-bearing intervals are associated with several geological features observed in the drill core which include areas of shear zone development, areas of intense carbonatization, and spatial association with porphyritic intrusions. Considering that mineralized zones appear to be broadening with depth in the central Aguara Zone, further diamond drilling will be undertaken to test for depth extensions of gold mineralization in this area of the property.
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 Manager
SOURCE Richmond Minerals Inc.
For further information: Warren Hawkins, P. Eng, Exploration Manager at (416) 603-2114
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