ROUYN-NORANDA, Quebec, Oct. 29, 2019 (GLOBE NEWSWIRE) — Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF): (“Radisson” or the “Company”) today announced significant high-grade Gold intercepts from the 20,000 m exploration drill program underway at its O’Brien gold project located along the Larder-Lake-Cadillac Break halfway between Rouyn-Noranda and Val-d’Or in Quebec, Canada. (See figure 1)
“We are encouraged by this new high-grade gold discovery, suggesting potential continuity for high-grade gold mineralization up to 300 metres below the current resource area at the 36E zone. This is a first and very important sign of validation for our new geological interpretation, with further follow up drilling, hole 19-92w2b is one of the most significant drill holes in the history of the company. I’m confident we will have a steady flow of encouraging news supporting the new interpretation through the remaining of the drilling campaign,” commented Mario Bouchard, President and CEO.Press release highlights:Drill hole OB-19-92w2b intersected 66.71 Gold over 4.70 m, 300 m below deepest known mineralization on the 36E Zone. (See figure 2 and 3)
The newly reported intercept occurred at a vertical depth of 850 m (OB-19-92w2b), within a smoky quartz vein that carry visible gold (VG) and arsenopyrite-pyrite mineralisation’s in association with typical biotite alteration. These mineralization’s are hosted by the quartz porphyry and conglomerates of the Piché Group, like the ones above in the resource area (from surface to 550 m depth), and the old O’Brien mine which produced down to a depth of 1,150 m and remains untested below.
In addition, 100 m west of OB-19-92w2b, the recently completed OB-19-98 has intersected numerous quartz veins in association with abundant arsenopyrite (1-10%) and biotite rich basalt, porphyry and conglomerates of the Piché rock group. This interval of 39.00 metres (core length) lies 350 m below current resources area at approximately 900m vertical depth. Visible Gold (VG) was also observed further down the hole. Assays are pending.
The visible gold found in hole OB-19-92w2b and the strongly mineralized intersection in hole OB-19-98 are encouraging data-points in the process of validating the vertical continuity of the mineralised shoots on the 36E and the F zones and also the exploration potential at depth on the overall land package.
On the Kewagama area, three drill holes (OB-19-93, OB-19-94, OB-19-95) have returned significant gold assay results within the Pontiac and Piché rock groups (see table). Some of these intercepts, in the Pontiac, align with the ENE structures outlined in the litho-structural model published in 2019.
Further infill drilling confirmation to come with future drill holes could have significantly positive implications for future resource growth at the O’Brien Project.
The main objectives of the 20,000 m drilling program underway are;
Validation of the New Geological Model on which the New Resource Estimate was established in July 2019 (See Radisson’s New Mineral Resource Estimate and Geological model deliver; 9.48 g/t Au for Indicated resources and 7.31 g/t Au for Inferred resources)Resource expansion and conversion within the footprint of current resources (See figure 4, 5 et 6).Exploration on high-priority targets established on the Kewagama and the Vintage Zone.
2 drill rigs are active at O’Brien and assays are currently pending for 3,350 m of drilling. One rig is targeting the extension of high-grade mineralised shoots on 36E and the F zones while the other rig is currently drilling resource expansion and conversion targets on 36E.
With approximately $5.5 million in cash, Radisson is fully funded to complete the ongoing 20,000 m drill program (estimated at $2.5 million).
*VG; Denotes presence of visible gold
Results are presented as down hole width; true widths are estimated between 70 to 80% of down-hole thickness.20,000 m drill programExploration below 550 metresOne diamond drill rig is focused on the vertical extension of the highest-grade mineralized shoots on the 36E and F Zone, where high-priority exploration targets were established below current resources. Deepest level of the resource area is only at 550 metres vertical depth and remains largely untested below. The first diamond drill hole, OB-19-92, reached and ended in the Larder-Lake-Cadillac Break for a length of 1,053m. This hole, which ended east of the targeted area, shows anomalous gold values that are associated with quartz veining hosted within the Piché rock group. From this drill hole 3 wedged holes were planned. The first two wedged holes, OB-19-92w1 and OB-19-92w2a, were abandoned due to technical difficulties before reaching the targeted areas. The third wedge hole, aimed to the west, intersected 66.71 g/t Gold over 4.70 m., at 130 metres west of the pilot hole OB-19-92.In addition, OB-19-98 has intersected numerous quartz veins in association with abundant arsenopyrite (1-10%) and biotite rich basalt, porphyry and conglomerates of the Piché rock group. This interval of 39.00 metres (core length) lies 350 m below current resources area at approximately 900m vertical depth. Visible Gold (VG) was also observed further down the hole in a quartz vein. Assays are pending.Resource expansion and conversion and explorationThe second diamond drill rig has completed 5 drill holes (3 published today) covering exploration targets on the shallower Kewagama zone. At first glance, some of the modelled structures, the ENE, appear to extend southwest in the Pontiac sediments. Numerous fault planes have been observed in these drill holes and will require further interpretation by our geologists. This drill rig is currently active on drill targets for resource expansion and conversion on the 36E zone. These drill holes will also be used for geological characterization for the environmental studies underway.Through 2019 the second rig, will also be conducting exploration drilling on the Vintage Zone (North of the Larder-Lake-Cadillac Break). The New Litho-Structural model also unlocked exploration targets on O’Brien West, located a few metres west of the old O’Brien mine.QA/QC
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 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 and blank samples were inserted prior to shipment for quality assurance and quality control (QA/QC) program.2019 ConferencesFrom November 1st to 4th, Radisson will be attending the 2019 New Orleans Investments Conference, at the Hilton New Orleans Riverside. The company will be presenting at 4:15pm on November 4th in Area 2 of the Exhibit Hall. Investors are invited to visit the company at booth #408.On November 15th and 16th, Radisson will be attending and presenting at the Metals Investors Forum, held in Vancouver at JW Marriot Parq hotel.Qualified Person
Richard Nieminen, P. Geo, Exploration manager, acts as a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the technical information in this press release.About 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 Abitibi Greenstone Belt’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:Mario Bouchard
President and CEO, directorFor more information on Radisson, visit our website at www.radissonmining.com or contact:Certain information contained in the press release are subject to receipt of all regulatory approvals. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward-Looking StatementsAll 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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