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TORONTO, May 6, 2021 /CNW/ - Richmond Minerals Inc. (TSXV: RMD) ("Richmond" or the "Company") is pleased to announce Phase IV diamond drilling results from the Company's Ridley Lake Project located within the Swayze Greenstone Belt, approximately 37 miles east of Newmont Goldcorp's Borden gold deposit in Raney and Rollo Townships, Ontario.
This phase of drilling continued to test the induced polarization ("IP") anomalies characterized by high chargeability and resistivity identified in the Aguara and Agaura West property areas. Richmond completed 2,427.6 m of diamond drilling in six holes, with each hole being drilled at an azimuth of 180 degrees with an inclination of -45 degrees. The GPS coordinates and of the drill hole collars are provided below (zone 17):
Total Depth (m)
Significant results obtained are reported as follows:
Please note that Hole RS20-38 did not reach its target depth of 550 m and was stopped at 200 m due to broken drill rods. Holes RS20-33 and RS20-34 tested the high chargeability and resistivity RW-1 anomaly located at the western end of the Aguara West Zone. Hole RS20-35 intersected broad zones of anomalous gold and may define the western limit of the Aguara West zone. Holes RS21-36 and RS21-37 were collared to test for gold mineralization in the RW-5 IP anomaly located approximately 300 m west of the RS20-34 collar location. Hole RS-21-36 also intersected broad zones of pyrite mineralization with anomalous gold values and Hole RS-21-37 was collared as a 50 m step out west of Hole RS-21-36. The Aguara West zone remains open to depth and the RW-5 zone remains open to depth and west along strike.
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 for gold analysis using fire assay with atomic adsorption or gravimetric finish. Check samples were also submitted to Northern Mining Analytical Labs of Timmins, Ontario for gold analysis using fire assay with atomic adsorption and gravimetric finish.
The gold-bearing intervals observed in the drill core are found within various metavolcanic rock types associated with areas of shear zone development, areas of intense carbonatization, and spatial association with porphyritic intrusions. Further diamond drilling will be undertaken to test for depth extensions of gold mineralization in the Aguara West area of the Ridley property.
Richmond management is also pleased to announce the resumption of exploration work on the Oberzeiring Polymetallic Property located in the Styria Mining District of Austria. Exploration this spring will be focussed on grab sampling and geophysical surveying (magnetic, self- potential and IP) of a newly discovered ancient (Celtic or Roman) mining area about 6 km south of the town of Oberzeiring, and priority target areas Purgstallofen and Dorfgraben located 2.5 km south of the medieval Oberzeiring silver mine. Grab sampling of Oberzeiring artisanal mining and tailings sites in 2020 yielded values up to 10.5 g/t gold, 76.8 g/t silver, 5,610 g/t copper and 381 g/t cobalt (see Richmond news release dated July 27, 2020).
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.
On Behalf of Richmond Minerals,
Franz Kozich, President
Warren Hawkins, P. Eng, Exploration Manager
CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Richmond's objectives, goals or future plans, including successful completion of the Transaction. There is no guarantee that the Transaction will be completed on the terms announced in this press release or at all. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in general economic conditions and conditions in the financial markets; the ability of Richmond to raise funds pursuant to future offerings, including the second tranche of the Offering; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments, and those risks set out in Richmond's public documents filed on SEDAR. Although Richmond believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Richmond disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Richmond Minerals Inc.
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