ROUYN-NORANDA, Quebec., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF): (“Radisson” or the “Company") is pleased to announce significant high-grade gold intercepts from the ongoing 130,000 m exploration drill program at its 100% owned O’Brien gold project located along the Larder-Lake-Cadillac Break (see location map 1 and location map 2), halfway between Rouyn-Noranda and Val-d’Or in Quebec, Canada.
- Deep drilling highlights resource expansion potential at depth along high-grade trend #1,
• 24.22 g/t Au over 3.00 m core length, approx. 280 m below the resource boundary, including consecutive intercepts of
• 34.10 g/t Au over 1.00 m,
• 26.20 g/t Au over 1.00 m, and
• 12.35 g/t Au over 1.00 m
° OB-20-181: Multiple high-grade intercepts 120 m to 170 m below the resource boundary
• 13.74 g/t Au over 1.70 m (incl. 28.70 g/t Au over 0.80 m), and
• 19.63 g/t over 3.40 m including consecutive intercepts of,
• 22.40 g/t Au over 1.10 m
• 18.25 g/t Au over 1.20 m, and
• 18.35 g/t Au over 1.10 m
° OB-20-174W1b is a wedge off pilot hole OB-20-174, which also intercepted multiple mineralized zones (albeit lower grade) 30 m to the west of the above high-grade intercept.
° OB-20-174 and OB-20-174W1b are the deepest holes drilled along trend #1 since the beginning of this drill campaign in 2019.
- 130,000 m drill program (commenced Aug 2019) underway at O’Brien.
° 60,499 m completed thus far with results pending for 11,360 m
- Cash balance of approx. $14.5 M
Notable drill results
|Hole||Zone||From (m)||To (m)||Core Length (m)||Au (g/t) Uncut||Comments|
|OB-20-174W1B|| || || || || || |
| || ||1,017.00||1,020.00||3.00||24.22|| South Porphyry*VG|
| ||Including||1,017.00||1,018.00||1.00||34.10|| |
| ||And||1,018.00||1,019.00||1.00||26.20|| |
| ||And||1,019.00||1,020.00||1.00||12.35|| |
|OB-20-181|| || || || || || |
| || ||850.50||852.20||1.70||13.74|| South Mafic Volcanic*VG|
| ||Including||851.40||852.20||0.80||28.70|| |
| ||AND||893.60||897.00||3.40||19.63|| South Porphyry|
| ||Including||893.60||894.70||1.10||22.40|| |
| ||And||894.70||895.90||1.20||18.25|| |
| ||And||895.90||897.00||1.10||18.35|| |
|1. VG denotes the presence of visible gold|
|2. Core length or down hole width. True widths are estimated at 70% to 80% of down hole width. To the extent possible, primary intercepts reflect minimum mining width (1.5 m true width) consistent with assumptions used in the 2019 resource estimate.|
|3. Assay grades shown uncapped. A capping factor of 60 g/t Au was used in the 2019 resource estimate|
|4. Table includes only intercepts that meet 5 g/t Au cut-off and minimum mining width constraints used in the 2019 MRE. For a full listing of drill results from current drilling program click here.|
Resource expansion potential at depth along mineralized trend #1 (300 m east of the old O’Brien Mine)
Hole OB-20-174w1b returned 24.22 g/t Au over 3.00 m core length (see figure 3 for Au grade distribution) at a vertical depth of 930 m approximately 280 m below the boundary of resources. In addition, OB-20-181 returned multiple high-grade intercepts including 13.74 g/t Au over 1.70 m core length (vertical depth of 785 m) and 19.63 g/t Au over 3.40 m (vertical depth of 820 m), the high-grade intercepts were respectively obtained approximately 120 m and 170 m below the resource boundary.
OB-20-174w1b is a wedge off pilot hole OB-20-174 which also intersected multiple lower-grade mineralized zones approximately 30 m west of the above intercept. OB-20-174 and OB-20-174W1b are the deepest holes drilled since the beginning of the program to test the extension of mineralized trend #1.
The high-grade intercepts obtained in hole OB-20-174w1b and OB-20-181 appear to have been obtained in the same geological units. These intercepts along with other previously released intercepts including 66.71 g/t Au over 4.70 m (OB-19-92W2b), 37.76 g/t Au over 2.00 m (OB-19-98W2), 23.57 g/t Au over 2.60 m (OB-19-107), 45.33 g/t Au over 2.20 m (OB-20-148W1) and 110.97 g/t Au over 2.50 m (OB-20-167) demonstrate continuity of high grade mineralization down to a vertical depth of 950 m and up to 350 m below currently defined resources on trend #1.
Drilling at O’Brien continues to validate the litho-structural model while highlighting resource growth potential laterally and at depth
Drilling to date has continued to define and expand three high-grade mineralized trends, located approximately 300 m, 600 m and 900 m respectively to the east of the old O’Brien Mine. Mineralized trends identified bear similarities with structures previously mined at O’Brien down to a depth of 1,100 m (historical production of 587 koz grading 15.25 g/t).
Drilling so far has demonstrated continuity of mineralization well below the boundary of defined resources in all three trends, which remain open for expansion laterally and at depth. In trend #1, drilling has highlighted continuity of mineralization down to a vertical depth of 950 m, approximately 350 m below the boundary of resources that are limited to a vertical depth of 600 m. In trend #2, drilling has highlighted continuity of mineralization down to a vertical depth of 770 m, approximately 300 m below the boundary of resources that are mostly within 400 m from surface. In trend #3, drilling has traced mineralization down to 500 m vertical depth from surface. Current resources are mostly confined to between surface and 240 m vertical depth.
Almost all drilling conducted as part of the ongoing campaign has been within a strike length of approximately 1 km to the east of the old O’Brien mine, representing only a small portion of more than 5.2 km of prospective strike that Radisson controls along the Cadillac Break.
60,499 m of drilling completed to date with assays pending for approx. 11,360 m
This release represents approximately 3,196 m of drilling. Released results to date (since the commencement of drilling in August 2019) represent approximately 39% of the 130,000 m envisioned to be complete by the end of 2021. As of January 31, 2021, the company remains well funded with approximately $14.5 m in cash.
Figure 4. Visible gold in OB-20-174, OB-20-174W1b and OB-20-181
Figure 5. O’Brien Gold Project: Resource Block Model @ 5.0 g/t cut-off; Longitudinal section looking North
Figure 6. O’Brien Gold Project: Cross section – 1st mineralized trend
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 Au 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, blank samples and duplicates were inserted prior to shipment for quality assurance and quality control (QA/QC) program.
Kenneth Williamson, M.Sc., P.Geo., Senior Advisor, Geology and Nicolas Guivarch, M. Sc., P.Geo., Exploration Manager are the qualified persons pursuant to the requirements of NI 43-101, and have reviewed and approved the technical disclosure in this press release.
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 Quebec’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
CEO and Director
For more information on Radisson, visit our website at www.radissonmining.com or contact:
Director, Corporate development
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.