Radisson continues to intersect high-grade gold at depth and within the current resource area at O’Brien
Deep Drilling intersects 16.76 g/t over 4.00 m and 8.49 g/t Au over 2.00 m at the Lower 36E zone
Infill Drilling intersects 11.13 g/t over 3.30 m at the Upper 36E Zone
Drill results continue to validate the 2019 litho-structural model for O’Brien
Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF): (“Radisson” or the “Company”) today announced significant high-grade Gold intercepts from the 20,000 m exploration drill program underway at its O’Brien gold project located along the Larder-Lake-Cadillac Break halfway between Rouyn-Noranda and Val-d’Or in Quebec, Canada. (See figure 1).
The ongoing 20,000 m drill program, announced in August 2019, represents the company’s first exploration program to test targets defined by the new litho-structural model (released February 2019). A key objective of the first round of drilling was to further validate the model and better define high potential targets for resource expansion and conversion.
“We are encouraged by results received so far. While still in the early stages of our exploration campaign at O’Brien, drilling to date has exceeded our expectations. All drill holes completed on 36E demonstrate strong vertical continuity of mineralization and highlight the potential for meaningful resource expansion/conversion. Most notable are the drill intercepts at the Lower 36E Zone including 16.76 g/t over 4.00 m, in hole OB-19-101 and the previously released 66.71 g/t over 4.70 m, in hole OB-19-92W2b, which strongly suggest a high-grade enrichment vector from 550 m to 850 m, similar to the structures previously mined at the O’Brien mine. In addition, hole OB-19-98 intersected 8.49 g/t over 2.00 m, 955 m below surface and 92 m west of hole OB-19-92W2b, highlighting the potential for mineralization to extend laterally and even deeper. Most importantly, results continue to validate our new geological interpretation and have increased our confidence in multiple high potential targets, which we expect to drill-test over the coming months.
Our current cash position of approximately $8.5M puts us in a strong position to significantly expand the ongoing 20,000 m program, more details will be provided in coming weeks. Results to date have reaffirmed our confidence in the new geological model and resource growth potential at O’Brien. Over the coming months, we look forward to steady stream of exploration updates that we believe will help demonstrate the O’Brien project’s true potential and unlock significant value for our shareholders.” commented Mario Bouchard, President and CEO.
Notable drill holes (see table companying press release for details):
Lower 36E Zone, below 550 m
- 8.49 g/t over 2.00 m from 1052.10 m core length within a broader mineralized interval of 4.00 m including visible gold showing at 1051.10 m.
Hole OB-19-101: Multiple intercepts including,
- 5.25 g/t over 2.00 m from 768.00 m core length;
- 16.76 g/t over 4.0 m from 788.00 m core length within a broader mineralized interval of 13.00 m grading 5.61 g/t Au;
- 4.00 g/t over 2.50 m from 810.70 m core length.
Upper 36E Zone, above 550 m
Hole OB-19-100: Multiple intercepts including,
- 48.70 g/t over 0.50 m from 131.5 m core length;
- 11.13 g/t over 3.30 m from 201.70 m core length included in an interval of 7.72 g/t Au over 5.00 m including visible gold showings from 201.70 m;
- 6.36 g/t over 2.10 m from 212.2 m core length;
- 11.15 g/t over 0.70 m from 248.6 m core length.
Lower 36E Zone (below 550 m) Exploration
- Drilling so far indicates potential for a high-grade mineralized vector from 550 – 955 m (vertical depth).
- Deeper drilling suggests the potential for mineralization to extend further at depth.
Drilling undertaken to date at the Lower 36E zone suggests good vertical continuity to mineralization below 550 m (vertical depth). Hole OB-19-101 intersected 16.76 g/t Au over 4.00 m at a vertical depth of 667 m and approximately 178 m vertically above a previously released intercept from Hole OB-19-92W2b which returned 66.71 g/t over 4.70 m at a vertical depth of 845 m. In addition, a deeper hole OB-19-98 returned 8.49 g/t over 2.00 metres at a vertical depth of 955 m. Although additional drilling will likely be required to establish the resource potential and depth extension at the 36 E Zone, results so far suggest the potential for a high-grade mineralized vector between 550 m and 955 m which remains open at depth.
After completing drill hole OB-19-101w1, drill rig number 1 was moved approximately 200 m to the east to focus on a potential second high-grade mineralized vector. This target is located near an historical drill hole that returned 17.46 g/t Au over 1.00 m at 1,120 m vertical depth. This historical drill hole highly correlates to an enrichment vector, and one of the main zones defined in current resources on Upper 36E.
Upper 36E Zone (above 550 m) Exploration
- Drilling within the resource area continues to return positive results suggesting the potential for resource conversion/expansion above 550 m.
Infill drill hole OB-19-100 completed in the resource area, intersected 11.13 g/t Au over 3.30 m, and 6.36 g/t Au over 2.10 m, respectively at 201.70 m and 212.20 m core length. This drill hole also intersected 48.70 g/t Au over 0.50 m, in the Pontiac sediments at 131.50 m core length. Assays are pending for a number of holes drilled in the Upper 36E zone.
Vintage and Kewagama Zones
Drill holes on the Vintage Zone are aimed on exploration targets. To date, drill rig number 2 has completed 4 holes that were directed on the possible extensions of previously intersected gold structures. Visible Gold has been encountered in 1 drill hole currently being drilled. After completion, this drill rig will focus on resource expansion and conversion targets for the remaining of the drill program.
Fully funded to expand current drill program
- With approximately $8.5M1 in treasury, Radisson is fully funded to complete and expand the ongoing 20,000 m drill program. Further drill plans are expected to be finalized in the near future based on results from the ongoing program.
1 Estimated as at January 15th, 2020.
- To date 26 drill holes have been completed for a total of 15,555 m, assays are pending for 7,002 m of drilling in 13 drill holes of which 6 contained visible gold.
- (See Visible gold at 90 m core length in drill hole OB-19-106 and 610.35 m core length in drill hole OB-19-111).
Drilling results and pending assays
|Hole||From (m)||To (m)||Length (m)||Grade g/t Au||Zone||Comments|
|OB-19-98||1,051.10||1,054.10||3.00||5.98||Lower 36E||Graywacke (Piché)|
|including||1 052.10||1 054.10||2.00||8.49||Lower 36E||Graywacke (Piché)|
|OB-19-99||-||-||-||-||36E Infill||Geotechnical characterisation|
|OB-19-100||131.50||132.00||0.50||48.70||36E Infill||Graywacke (Pontiac)|
|OB-19-100||201.00||206.00||5.00||7.72||36E Infill||Conglomerate (Piché)|
|OB-19-100||212.20||214.30||2.10||6.36||36E Infill||Porphyry (Piché)|
|OB-19-100||248.60||249.30||0.70||11.15||36E Infill||Basalt (Piché)|
|OB-19-101||768.00||770.00||2.00||5.25||Lower 36E||Porphyry (Piché)|
|OB-19-101||788.00||792.00||4.00||16.76||Lower 36E||Porphyry (Piché)|
|OB-19-101||810.70||813.20||2.50||4.00||Lower 36E||Basalt (Piché)|
|OB-19-101w1||-||-||-||-||36E Infill||Assays pending*VG|
|OB-19-102||-||-||-||-||36E Infill||Assays pending|
|OB-19-103||-||-||-||-||36E Infill||Assays pending|
|OB-19-104||-||-||-||-||36E Infill||Assays pending*VG|
|OB-19-105||-||-||-||-||F Zone||Assays pending*VG|
|OB-19-106||-||-||-||-||36E Infill||Assays pending*VG|
|OB-19-107||-||-||-||-||F Zone||Assays pending|
|OB-19-109||-||-||-||-||36E Infill||Assays pending|
|OB-19-111||-||-||-||-||F Zone||Assays pending*VG|
|OB-19-111w1||-||-||-||-||F Zone||Assays pending*VG|
|OB-19-113||-||-||-||-||Lower 36E||In progress|
Results are presented as down hole width; true widths are estimated between 70 to 80% of down-hole thickness.
January 2020 conferences
On January 17th and 18th, Radisson will be attending and presenting at the Metals Investors Forum, held in Vancouver at the Rosewood Georgia Hotel.
On January 19th and 20th, Radisson will be attending the Vancouver Resource Investment Conference at the Vancouver convention center. Investors are invited to visit the company at booth #409.
On January 22nd and 23rd, Radisson will be displaying drill core from hole 18-84, 19-92w2b and 19-101, at the coreshack of the AME Roundup conference. Investors are invited to visit the company at booth #922.
All drill cores in this campaign are NQ in size. Assays were completed on sawn half-cores, with the second half kept for future reference. The samples were analyzed using standard fire assay procedures with Atomic Absorption (AA) finish at ALS Laboratory Ltd, in Val-d’Or, Quebec. Samples yielding a grade higher than 5 g/t were analyzed a second time by fire assay with gravimetric finish at the same laboratory. Samples containing visible gold were analyzed with metallic sieve procedure. Standard reference materials and blank samples were inserted prior to shipment for quality assurance and quality control (QA/QC) program.
Richard Nieminen, P. Geo, Exploration manager, acts as a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the technical information in this press release.
About Radisson Mining Resources Inc.
Radisson is a gold exploration company focused on its 100% owned O’Brien project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Quebec. The Bousquet-Cadillac mining camp has produced over 21,000,000 ounces of gold over the last 100 years. The project hosts the former O’Brien Mine, considered to have been the Abitibi Greenstone Belt’s highest-grade gold producer during its production (1,197,147 metric tons at 15.25 g/t Au for 587,121 ounces of gold from 1926 to 1957; Kenneth Williamson 3DGeo-Solution, July 2019). For more information on Radisson, visit our website at www.radissonmining.com or contact:
On behalf of the board of directors
President and CEO, director
For more information on Radisson, visit our website at www.radissonmining.com or contact:
Director, Corporate development
Certain information contained in the press release are subject to receipt of all regulatory approvals. 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 release.
All statements, other than statements of historical fact, contained in this press release including, but not limited to, those relating to the intended use of proceeds of the Offering, the development of the O’Brien project and generally, the above “About Radisson Mining Resources Inc.” paragraph which essentially describes the Corporation’s outlook, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements and future events, could differ materially from those anticipated in such statements. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward looking information can be found in Radisson’s disclosure documents on the SEDAR website at www.sedar.com.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s endeavours to develop the O’Brien project and, more generally, its expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.