ROUYN-NORANDA, Quebec, May 07, 2024 (GLOBE NEWSWIRE) — Radisson Mining Resources Inc. (TSX-V: RDS, OTCQB: RMRDF) (“Radisson” or the “Company”) is pleased to announce drill results and the acceleration of the ongoing drill program, with the mobilization of a second drill rig, to its 100%-owned 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.
Highlights:
- Drill program well underway with 22 drill holes (11,808 metres) completed, to date
- 5,165 metres of assays still pending from 9 drill holes on Trends 2 and 3
- Several broader intervals of gold mineralization intersected in Pontiac Sediments coupled with multiple historical diamond drill hole intervals open up new opportunity
- Radisson well-funded to expand drill program with more than $ 7.0 million in treasury 1
Key High-Grade Highlights:
- OB-23-286 intersected 9.70 g/t Au over 4.00 m 2
- OB-23-289 intersected 6.54 g/t Au over 4.50 m, including 10.02 g/t Au over 2.20 m
- OB-24-305 intersected 6.40 g/t Au over 4.00 m
Key Bulk Intersection Highlights:
- OB-24-306 intersected 0.84 g/t Au over 49.70 m, including 3.97 g/t Au over 8.20 m
- OB 23-288 intersected 0.70 g/t Au over 28.90 m, including 3.96g/t Au over 4.50 m
1)Estimated as of April 30, 2024
2)g/t=grams pertonne; Au=gold; m=metres
“We are pleased that our resource expansion drilling announced today at O’Brien in Trend 4, which is located approximately 1,200 m to the east of the old O’Brien mine, continues to yield high-grade results. In addition, we are quite intrigued by the discovery of much broader intervals of mineralization between 20 m and 50 m wide in the Pontiac Sediments in Trend 4 as highlighted by hole OB-24-306, which intersected 49.70 m grading 0.84 g/t Au. These results coupled with other historical intervals of broader mineralization in Trend 4 come as a positive surprise for us and merit additional work and investigation to better understand the potential of this largely untested dimension of the deposit,” commented Chairman of the Board of Directors and Interim President & CEO, Denis Lachance.
Lachance continued: “With our strong financial position, we were able to ramp up exploration work during Q1, including refining additional drill targets. We are excited to be able to further accelerate this ongoing drill program with the addition of a second drill rig and look forward to sharing further details about the drill program expansion in coming weeks. We remain focused on creating value for our shareholders through resource expansion, additional discoveries, and project derisking with several ongoing studies in preparation for future phases of project development at O’Brien.”
Results published today are from nine drill holes completed on Trend 4, a sector where current resources are limited to the first 400 vertical metres from surface. New and previously released drill holes demonstrate continuity of high-grade mineralization down to a vertical depth of 550 m in this area, which remains open for expansion over 750 m, both laterally and at depth.
In addition to the high-grade mineralization targeted in the Piché Group, which comprises most of the mineral resource estimate, several broad intervals of gold mineralization were obtained in the Pontiac Sediments to the south, which were not previously known to host such mineralization. Based on these results, the Radisson team reviewed drill holes from previous campaigns and was able to identify several other additional broad intervals of mineralization in the Pontiac Sediments. (see Table 2). To further support the interpretation of the findings, samples from twelve additional intervals from historical drill holes where similar veining was observed yet never assayed, will also be collected and assayed.
Table 1: Trend 4 Drill Results Summary
| Drill Hole | Zone | From (m) | To (m) |
Core Length (m) | Au (g/t) – Uncut |
Comments |
| OB-23-286 | Trend # 4 | |||||
| 291.00 | 337.70 | 45.70 | 1.11 | Pontiac Sediments*VG | ||
| Including | 291.00 | 295.00 | 4.00 | 9.70 | Pontiac Sediments*VG | |
| Which includes | 292.00 | 293.00 | 1.00 | 37.70 | Pontiac Sediments*VG | |
| 332.10 | 334.50 | 2.40 | 3.32 | |||
| OB-23-287 | Trend # 4 | |||||
| 56.30 | 59.00 | 2.70 | 4.73 | Piché Group | ||
| OB-23-288 | Trend # 4 | |||||
| 331.10 | 360.00 | 28.90 | 0.70 | Pontiac Sediments | ||
| and | 628.20 | 632.70 | 4.50 | 3.96 | Piché Group | |
| Including | 628.20 | 629.70 | 1.50 | 9.85 | Piché Group | |
| OB-23-289 | Trend # 4 | |||||
| 364.50 | 369.00 | 4.50 | 6.54 | Piché Group | ||
| Including | 364.50 | 366.70 | 2.20 | 10.02 | Piché Group | |
| OB-24-305 | Trend # 4 | |||||
| 135.50 | 139.50 | 4.00 | 6.40 | Pontiac Sediments*VG | ||
| Including | 135.50 | 136.50 | 1.00 | 20.40 | Pontiac Sediments*VG | |
| OB-24-306 | Trend # 4 | |||||
| 67.80 | 117.50 | 49.70 | 0.84 | Pontiac Sediments*VG | ||
| Including | 67.80 | 76.00 | 8.20 | 3.97 | Pontiac Sediments*VG | |
| Which includes | 67.80 | 71.00 | 3.20 | 7.97 | Pontiac Sediments*VG |
- VG denotes the presence of visible gold.
- True widths estimated at 70% to 80% of core length.
- Assay grades shown uncapped. A capping factor of 40 g/t Au was used in the 2023 resource estimate.
Table 2: Trend 4 Broader Intervals from Historical Holes Summary
| Drill Hole | Zone | From (m) | To (m) |
Core Length (m) | Au (g/t) – Uncut |
Comments |
| RM-11-01 | Trend # 4 | |||||
| 57.50 | 97.00 | 39.50 | 1.21 | Pontiac Sediments | ||
| OB-21-228 | Trend # 4 | |||||
| 160.00 | 197.10 | 37.10 | 1.08 | Pontiac Sediments | ||
| OB-21-229 | Trend # 4 | |||||
| 140.20 | 165.00 | 24.80 | 1.04 | Pontiac Sediments | ||
| OB-17-057 | Trend # 4 | |||||
| 147.50 | 166.00 | 18.50 | 0.92 | Pontiac Sediments | ||
| OB-17-061 | Trend # 4 | |||||
| 163.60 | 194.90 | 31.30 | 0.52 | Pontiac Sediments | ||
| OB-17-060 | Trend # 4 | |||||
| 195.60 | 206.00 | 10.40 | 0.68 | Pontiac Sediments | ||
| OB-20-144 | Trend # 4 | |||||
| 30.30 | 45.00 | 14.70 | 0.53 | Pontiac Sediments |
Image 1. Second Drill Rig Mobilized at the O’Brien Gold Project
Targeting Completed During Phase 1
Phase 1 of the drill program was designed to grow Inferred resources in areas with strongest veining and grade continuity within the first 500 m below surface, between Trends 0 and Trend 4.
Radisson has completed 11,808 m since the commencement of the program in September 2023 and expects to provide further details about the expansion of the drill program while reporting additional results in the coming weeks.
With the resource modeling and the compilation of historical gold values from the historic O’Brien mine, the vein’s behaviour and gold distribution along each vein are well understood, allowing for efficient targeting of high-grade vectors that extend for over 400 m vertically in some cases. The intercepts published today, in combination with previous results from this program (see Radisson Intersects 81.83 g/t Gold Over 3.00 m) support this concept in areas targeted for resource growth.
Figure 1. Phase I Drill Program Plan Map
Figure 2. Pontiac Sediments Trend #4 Section
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 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
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
[email protected]
Kristina Pillon
Manager, Investor Relations
604.908.1695
[email protected]
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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