Canada Markets open in 5 hrs 37 mins

Richmond Minerals Samples High Grade Lithium at the Bretstein Project, Central Austria

TORONTO, November 17, 2022--(BUSINESS WIRE)--Richmond Minerals Inc. (TSXV: RMD) ("Richmond" or the "Company") is pleased to provided exploration results for its August field reconnaissance campaign completed at the company’s flagship Bretstein lithium project (the "Project") located in the Styria mining district of Central Austria, Europe. The Bretstein project consists of 191 licenses ("Freischürfe") covering an area of 89.2 km2 and is located close to the Company’s Oberzeiring Polymetallic project. Specifically the field reconnaissance campaign consisted of prospecting and sampling of pegmatite outcrops and boulders with spodumene mineralization within the Project area.

Given its size, the Project has been divided into areas referred to as the Hirnkogel, Keckgraben, and Scharnitzalm areas. Geology of the Hirnkogel area consists of amphibolites, schists, and marble bedrock formations hosting pegmatite veins. Grab samples from pegmatite outcrops returned values ranging from <0.005% to 2.67%. The pegmatite dikes and lenses in the Hirnkogel area look very similar in structure and mineralogy and detailed mapping of the area should clarify the overall geometry of the pegmatite bodies, their structures and possible extensions. Refer to the table below for all sampling details.

The Keckgraben area is located approximately 6 km east of the Hirnkogel area and geologically is very similar to the Hirnkogel area. Keckgraben consists mainly of marble country rock hosting pegmatite veins and lenses having thicknesses up to one meter and containing spodumene crystals within these veins up to 2 cm in length. Grab samples of this material returned Li2O values up to 0.67% (which may have been diluted due to surface weathering, given the presence of larger spodumene crystals usually resulting in higher Li2O values). Detailed mapping of that area should also provide further details about lateral extensions and structures.

The Scharnitzalm area is located approximately 4 km west of the Hirnkogel area and consists of interbedded gneisses, schists, dolomites, with pegmatite lenses and dikes. These pegmatites can reach widths up to 2 m, and contain spodumene crystals up to 6 cm in length. Assay results for grab samples from these Scharnitzalm pegmatites returned Li2O values up to 1.56%. The pegmatite veins are hosted by gneisses/schists, concordant to the foliation, so they are very similar to other (mica-) schist hosted spodumene pegmatites in the Austrian Alps, e.g. mica schist hosted pegmatite veins at the European Lithium (ASX: "EUR") Wolfsberg Lithium Project, located approximately 80 km away, which is expected to be the first licensed lithium mine in Europe.

The next exploration steps planned are detailed mapping at the Hirnkogel, Keckgraben, and Scharnitzalm sub-areas with a focus on the structural trends and possible extensions of the pegmatite veins/lenses to define targets for future drill campaigns together with landowner engagement. Field reconnaissance work for Richmond’s two additional lithium projects at Klementkogel and Wildbachgraben is also planned this winter.

Bretstein Project Grab Sample Results – August 2022 Field Work Campaign

Sample Id

Area

Easting

Northing

Elevation

Li2O %

POI30-HK

Hirnkogel

75254

5244714

1462

1.11

POI29-HK

Hirnkogel

75268

5244822

1379

2.67

POI24-HK

Hirnkogel

75438

5243655

1399

<0.005

POI22-HK

Hirnkogel

74046

5246029

1320

<0.005

POI44-KG

Keckgraben

81392

5243991

1355

0.67

POI42-KG

Keckgraben

81279

5244199

1229

0.02

POI41-KG

Keckgraben

81938

5244013

1195

0.51

POI39-SA

Scharnitzalm

71149

5241788

2171

0.03

POI37-SA

Scharnitzalm

71031

5241229

2099

0.88

POI35-SA

Scharnitzalm

71176

5240977

2123

1.56

POI32-SA

Scharnitzalm

73223

5242448

1443

0.01

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 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 and Offering. There is no guarantee that the Transaction and Offering 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221116006050/en/

Contacts

For information, please contact:
Warren Hawkins, P. Eng.
Exploration Manager
E: warren@richmondminerals.com
Tel: 416-603-2114