ROUYN-NORANDA, Quebec, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTCQB: RMRDF) (“Radisson” or the “Company”) is pleased to announce results from three deep diamond drill holes completed at its 100%-owned O’Brien Gold Project (“O’Brien” or the “Project”) located in the Abitibi region of Québec. These results are part of Radisson’s ongoing and fully-funded 35,000 metre drill program, and represent the first deep drill holes of the current campaign.
The three drill holes reported today represent an approximately 200 metre wide fence to the west, centre and east of the down-plunge extension of a high grade mineralization trend at the Project labeled “Trend 1.” The fence was located at a vertical depth of approximately 1,100 metres, 170 metres below the base of the existing Mineral Resource and below the level of the historic workings at the adjacent O’Brien mine. Of note, DDH OB-24-324, the central hole of the fence located directly below “Trend 1”, returned a wide intersection of high-grade mineralization with extensive visible gold (Figures 1, 2 & 3 and Tables 1 & 2).
Results Highlights:
OB-24-324 intersected 27.61 grams per tonne (“g/t”) gold (“Au”) over 6.0 metres, including 102.00 g/t Au over 1.1 metres, and a separate mineralized interval averaging 6.83 g/t Au over 10.0 metres, including 40.20 g/t Au over 1.5 metres;
OB-24-322 intersected a mineralized interval averaging 8.75 g/t Au over 5.2 metres, including 27.20 g/t Au over 1.4 metres.
Matt Manson, President & CEO, commented: “The results reported today represent a significant extension of high-grade mineralization at the O’Brien Project at depth. We have successfully intersected the down plunge extension of one of the principal high-grade gold trends at O’Brien. The 6-metre core interval of almost an ounce per tonne gold in OB-24-324, well mineralized throughout and with extensive visible gold, was achieved in the location predicted by our deposit model at a vertical depth of approximately 1,100 metres, a full 170 metres below previous drilling. For context, approximately 75% of our existing Mineral Resource is defined at depths above 600 metres. The two other deep holes reported today also intersected vein mineralization within alteration zones at the same depth, confirming the lateral continuity of the O’Brien mineralizing system generally and with noteworthy high-grade intercepts in OB-24-322 in particular. Taken together, this deep drilling is demonstrating the significant upside potential of the Project below the existing Mineral Resource. Two rigs are currently active, one targeting shallower targets within the existing Mineral Resource model, and one continuing to target deeper, down-plunge step-outs. We will be reporting additional drill results as they become available.”
Long Section and Plan View of Gold Vein Mineralization and Mineral Resources at the O’Brien Gold Project, with DDH OB-24-321, 322 and 324 illustrated.
Gold mineralizing quartz-sulphide veins at O’Brien occur within a thin band of interlayered mafic volcanic rocks, conglomerates, and porphyric andesitic sills of the Piché Group occurring adjacent to the east-west oriented Larder Lake-Cadillac Break (“LLCB”). Gold, along with pyrite and arsenopyrite, is typically associated with shearing and a pervasive biotite alteration, and developed within multiple Piché Group lithologies and, occasionally, the hanging-wall Pontiac meta-sedimentary rocks.
As mapped at the Historic O’Brien mine, and now replicated in the modern drilling, individual veins are generally narrow, ranging from several centimetres up to several metres in thickness. Multiple veins occur sub-parallel to each other, as well as sub-parallel to the Piché lithologies and the LLCB. Individual veins have well-established lateral continuity, with near-vertical, high-grade shoots developed over significant lengths. The historic O’Brien mine produced over half a million ounces of gold from such veins and shoots at an average grade exceeding 15 g/t and over a vertical extent of at least 1,000 metres.
Based on the modern drilling, the Project has estimated Indicated Mineral Resources of 0.50 million ounces (1.52 million tonnes at 10.26 g/t Au), with additional Inferred Mineral Resources of 0.45 million ounces (1.62 million tonnes at 8.64 g/t Au). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Current exploration is focussed on delineating well developed vein mineralization to the east of the historic mine, with additional high-grade shoots becoming evident in the exploration data over what has been described as a series of repeating trends (“Trends 0 to 5”, Table 1 and Figures 1 and 2).
Notes on Calculation of Drill Intercepts The O’Brien Gold Project March 2023 Mineral Resource Estimate (“MRE”) utilizes a 4.50 g/t Au bottom cutoff, a US$1600 gold price, a minimum mining width of 1.2 metres, and a 40 g/t Au upper cap on composites. Intercepts presented in Table 1 are calculated with a 3.00 g/t Au bottom cut-off, representing the lower limit of cut-off sensitivity presented in the March 2023 MRE. This methodology differs from previous Radisson disclosure, and intercepts reported in this release may not be directly comparable to historical published intercepts. Sample grades are uncapped. True widths, based on depth of intercept and drill hole inclination, are estimated to be 40-80% of core length. Table 2 presents additional drill intercepts calculated with a 1.00 g/t bottom cut-off over a minimum 1.0 metre core length so as to illustrate the frequency and continuity of mineralized intervals within which high-grade gold veins at O’Brien are developed. Drill Hole OB-24-321 did not return any intercepts averaging above 3.00 g/t Au based on unofficial assays received to date (official assay certificates for three samples in OB-24-321, covering the interval italicised in Table 2, are pending).
Today’s results are from three drill holes over 3,660 metres in Trend 1. Visible gold was observed in each hole. Holes were drilled on northerly declinations at initial inclinations of between -77 and -85 degrees, providing a high angle of incidence with the southerly dip of the Piché Group rocks and the vein mineralization. Estimated true widths of drill intercepts at the point of contact with mineralization is estimated to be between 40 and 80% of core length.
Visible Gold in DDH OB-24-324 Over Three Separate Intervals Starting at 1,179 Metres.
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 10 g/t Au were analyzed a second time by fire assay with gravimetric finish at the same laboratory. Mineralized zones 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.
Qualified Person
Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Mr. Richard Nieminen, P.Geo, (QC), a geological consultant for Radisson and a Qualified Person for purposes of NI 43-101. Mr. Nieminen is independent of Radisson and the O’Brien Gold Project.
Radisson Mining Resources Inc.
Radisson is a gold exploration company focused on its 100% owned O’Brien Gold Project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Québec. The Bousquet-Cadillac mining camp has produced over 25 million ounces of gold over the last 100 years. The Project hosts the former O’Brien Mine, considered to have been Québec’s highest-grade gold producer during its production. Indicated Mineral Resources are estimated at 0.50 million ounces (1.52 million tonnes at 10.26 g/t Au), with additional Inferred Mineral Resources estimated at 0.45 million ounces (1.62 million tonnes at 8.64 g/t Au). Please see the NI 43-101 “Technical Report on the O’Brien Project, Northwestern Québec, Canada” effective March 2, 2023, Radisson’s Annual Information Form for the year ended December 31, 2023 and other filings made with Canadian securities regulatory authorities available at www.sedar.com for further details and assumptions relating to the O’Brien Gold Project.
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This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to planned and ongoing drilling, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, the ability to incorporate new drilling in an updated technical report and resource modelling, the Company's ability to grow the O’Brien project and the ability to convert inferred mineral resources to indicated mineral resources. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements Forward-looking information is based on estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the drill results at O’Brien; the significance of drill results; the ability of drill results to accurately predict mineralization; the ability of any material to be mined in a matter that is economic. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.
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