ROUYN-NORANDA, Quebec, May 29, 2024 (GLOBE NEWSWIRE) — Radisson Mining Resources Inc. (TSX-V: RDS, OTCQB: RMRDF) (“Radisson” or the “Company”) is pleased to announce that it has expanded its drill program to approximately 35,000 metres (“m”) at its high-grade 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.
Expanded Drill Program Highlights:
- 60-70% of drilling will focus on resource expansion between Trends 0 and 4
- 30-40% of drilling will focus high-priority step-out and exploration targets
Fully-funded for 35,000 m Program (22,000 m left to complete)
- To date 24 drill holes have been completed for a total of 12,960 m
- Assays are pending for 5,804 m in 11 drill holes, including 8 intersections of visible gold on Trend 1, 2 and 3 (see VG in hole OB-24-320 and OB-24-317)
- With approximately $6.5 m1 in treasury, Radisson is fully-funded to complete the remaining portion of the 35,000 m drill program.
1 Estimated as of May 27, 2024
This substantial expansion to the drill program will allow the company to accelerate both resource expansion and exploration efforts, simultaneously. The expanded program will dedicate 60-70% of drilling to growing the current resources in the near high-grade mineralized zones. Concurrently, the Company will prioritize a high-potential 2-kilometre (“km”) target outlined earlier in 2024 in the north-west region of the 74 km2 New Alger area with the objective of making a new discovery. In addition, the Company will be drill-testing below the historic O’Brien Mine underground workings and, 300 metres below the current resources, on Trends 0 and 1. This two-pronged approach underscores Radisson’s commitment to unlocking the full value of the highly prospective O’Brien Gold project through resource growth and further exploration upside.
A total of 24 drill holes (12,960 m) have been completed to date as part of the initial phase of the program. The Company expects to report additional assay results from Phase I in the coming weeks.
“We are excited to expand our drill program to 35,000 metres at O’Brien,” commented Denis V. Lachance, Interim President and Chief Executive Officer. “This substantial increase allows us to focus on growing the current resources, while also pursuing new discoveries across our prospective New Alger area and, for the first time, at depth below the prolific historic O’Brien mine, Trend 0 and Trend 1 where we see strong potential for gold mineralization. With the recent acceleration and upsize of our fully-funded drill campaign, we look forward to an abundance of drill results beginning in the coming weeks.”
Figure 1. Longitudinal section – O’Brien project exploration potential
Figure 2. Longitudinal section – O’Brien East
Visible gold encountered in hole OB-24-320
Visible gold encountered in hole OB-24-317
Exploration Potential – O’Brien Project
Historic O’Brien Mine
The historic O’Brien Mine is considered to be Québec’s highest-grade gold producer during its production between 1926 and 1957 returning over 587,121 ounces of gold at 15.25 g/t Au. Based on the historic data and geometry of the O’Brien mine, it is interpreted that 90% of gold production came from a high-grade trend formed at the crossing of a conjugated system of veins. While the O’Brien mine currently hosts historic resources, the depth extension of that high-grade trend has never been tested below the bottom of the mine sitting at 1,050 m depth. As part of the expanded program, two pilot holes, which could eventually accommodate wedges, have been planned to test the vertical extension of the prolific O’Brien mine.
O’Brien East – Area hosting majority of current resources
The resource expansion will focus on the highest priority targets out of more than 100 targets established near the current resources at O’Brien East, primarily within vertical depths between surface and 500 m within less explored areas, such as high-grade trends (“Trends”) 3 and 4. Under-explored sectors, such as the sector between high-grade Trends 1 and 2, will also be targeted.
Given the current geological understanding and refined geological model, the Company believes there is strong potential for additional high-grade gold trends to be discovered along the 5.2 km prospective land package on the prolific Larder-Lake Cadillac Break (“LLCB”). Mineral resources are open for an additional 750 m to the east and underexplored for 2.5 km to the west of the historic O’Brien mine. The continuity of mineralized zones along steeply plunging trends (80° to 85°) provides good predictability for resource growth and exploration potential.
The high-grade Trends which remain open in the resource area are:
- Trend 0: Open to the west and below 750 m
- Trend 1: Open laterally and below 950 m
- Trend 2: Open laterally and below 900 m
- Trend 3: Open laterally and below 500 m
- Trend 4: Open laterally and below 500 m
O’Brien West
In 2023, modelling and re-interpretation of drilling data available on the LLCB portion of O’Brien West allowed the Company to establish Inferred resources totalling 293,000 tonnes at 7.59 grams per tonne (“g/t”) gold (“Au”) for 72,000 ounces.
With approximately 2.5 km of ground along the prolific LLCB having seen limited exploration work in recent years, O’Brien West also remains open in all directions. Exploration targets, following on an historic intercept of 5.63 g/t Au over 9.00 m, have been established on this sector and are expected to eventually be integrated into the drill program.
About New Alger Exploration Target
New Alger is an over 74 km2 land package in the Pontiac sediments with geological characteristics similar to those of historical and operating mines in the area, with potentially prolific shear-zones, intermediate to felsic dykes and intrusions present. The 2023 glacial till sampling program identified an area in the northwest region of the property with 14 anomalous samples forming a southward dispersion gold grain tail, which matched with a geophysical survey to establish a 2 km drill target. Previous sampling in the area included the collection of a 7.33 g/t Au sample (boulder), indicating the presence of at least one gold-rich zone in the area.
Qualified Person
Richard Nieminen, P. Geo, Geological advisor for Radisson is the Qualified Person as defined by NI 43-101. The Company’s Qualified Person has reviewed and approved the technical content of 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, Québec. The Bousquet-Cadillac mining camp has produced over 25,000,000 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.
For more information on Radisson, visit our website at www.radissonmining.com or contact:
Denis V. Lachance
Chairman, Interim President and CEO
819-806-3340
dlachance@radissonmining.com
Kristina Pillon
Manager, Investor Relations
604.908.1695
kpillon@radissonmining.com
Forward-Looking Statements
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.
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