Richmont Exposes Island Gold Deep C Zone Mineralization Over 92 Metres, Confirms Grade and Continuity of Resource
April 24 2014 - 08:15AM
Marketwired
Richmont Exposes Island Gold Deep C Zone Mineralization Over 92
Metres, Confirms Grade and Continuity of Resource
MONTREAL, QUEBEC--(Marketwired - Apr 24, 2014) - Richmont Mines
Inc. (TSX:RIC)(NYSEMKT:RIC), ("Richmont" or the "Corporation"), is
pleased to announce that access to the upper portion of the Island
Gold Deep resource has been achieved with approximately 130 metres
of development into the C Zone, on claims that are 100% owned by
the Corporation, at a vertical depth of 560 metres (the 560 level).
An approximate 92 metre length of this development is well
mineralized, and corresponds well with the previously established
resource. Chip sample results (face) obtained for the C mineralized
zone during lateral drift development over the 92 metres averaged a
cut grade of 12.73 g/t over an average width of 2.92 metres. This
grade value should be seen as indicative, as the capping value used
(75 g/t) needs to be confirmed by further studies. Results from
definition drilling completed within the deep resource offer
additional confirmation of prior exploration data for Island Gold
Deep. Approximately 5,000 metres of definition drilling has been
done in the upper part of the C zone resource at 25 metre spacing,
and results will enable a better definition of the resource limits
for both the C and B zones. Ramp development is ahead of schedule
and currently at the 610 metre level, and is on pace to reach a
depth of 635 metres before year-end.
Highlights:
- Results from chip sampling on the face over 92 metres of
lateral development on the 560 metre level of the mine averaged
12.73 g/t (cut to 75 g/t) over a 2.92 metre width (please see Chart
2 for details);
- Ramp has reached a vertical depth of 610 metres, and a fourth
level will soon be established at that depth (existing levels are
at vertical depths of 535 metres, 560 metres, and 585 metres);
- First long-hole stope from Island Gold Deep expected to be
mined from the 560 metre level to the 585 metre level in the latter
part of 2014, on 100%-owned Richmont ground;
- Notable results obtained from definition drilling completed in
2014 include (all cut grades over true widths): 36.40 g/t Au over
4.46 metres, 33.14 g/t Au over 5.05 metres and 16.98 g/t Au over
3.80 metres in the C Zone, and 19.82 g/t Au over 2.09 metres, 10.16
g/t Au over 3.99 metres and 14.41 g/t Au over 3.29 metres in the B
Zone (please see to Table 1 for details, and Chart 2 for
locations);
- New exploration drilling results not included in the existing
resource base include (all cut grades over true widths): 14.23 g/t
Au over 4.39 metres in the C Zone, and 7.83 g/t Au over 5.0 metres
in an undefined zone (please see Table 2 for details).
Paul Carmel, President and CEO, commented: "We have achieved yet
another milestone at Island Gold Deep - that of accessing the deep
C Zone for the first time and seeing that the continuity and grades
of the deposit have been confirmed. So far we have three levels
opened up at Island Gold Deep, with a fourth (610 metre) to be
excavated very shortly. The ramp will reach our targeted 635 metre
level before year-end and may potentially be continued to the 660
metre level depending on the availability of jumbo crews. We are
already beginning to lay the groundwork for extraction of the first
long-hole stope from Island Gold Deep later in the year, yielding
further geotechnical data before beginning the process of
establishing reserves. We are delighted with the progress we are
making at Island Gold Deep as it continues to transform the Island
Gold Mine into a long-life, low-cost, cornerstone asset for
Richmont."
Chart 1: Composite Longitudinal Section - Island Gold
Deep
Chart 2: Island Gold Mine - 560 Metre Level Face Sampling
Results
TABLE 1 ISLAND GOLD DEEP DEFINITION DRILLING RESULTS(1) |
Hole Number |
Hole Length (metres) |
From (metres) |
To (metres) |
True Width (metres) |
Uncut Grade (g/t Au) |
Cut Grade(2) (g/t Au) |
Zone(3) |
Vertical depth of Intersection (metres) |
510-480-20 |
165.00 |
115.90 |
119.36 |
3.21 |
1.41 |
1.41 |
C |
542.08 |
510-480-21 |
140.35 |
98.86 |
103.29 |
4.40 |
12.99 |
11.38 |
C |
507.51 |
|
inc. |
98.86 |
99.31 |
0.44 |
110.88 |
95.00 |
|
|
510-480-22 |
150.00 |
95.18 |
97.61 |
2.41 |
1.25 |
1.25 |
C |
501.38 |
510-480-23 |
250.00 |
128.20 |
131.30 |
2.65 |
4.54 |
4.54 |
C |
567.18 |
510-480-24 |
220.00 |
140.10 |
143.50 |
2.66 |
14.55 |
14.55 |
C |
569.30 |
510-480-25 |
225.00 |
206.85 |
214.02 |
4.46 |
84.64 |
36.40 |
C |
654.42 |
|
inc. |
206.85 |
209.19 |
1.46 |
242.81 |
95 |
|
|
510-480-26 |
140.00 |
87.23 |
89.60 |
2.27 |
0.54 |
0.54 |
C |
487.72 |
510-480-27 |
300.00 |
211.50 |
215.00 |
2.08 |
81.35 |
25.69 |
C |
666.48 |
|
inc. |
212.80 |
213.65 |
0.50 |
324.19 |
95.00 |
|
|
|
|
224.10 |
229.50 |
3.20 |
7.74 |
7.74 |
B |
676.16 |
535-497-12 |
144.70 |
108.00 |
111.35 |
2.92 |
2.01 |
2.01 |
C |
569.29 |
535-497-13 |
156.00 |
125.06 |
128.26 |
2.67 |
4.24 |
4.24 |
C |
594.25 |
535-497-14 |
213.00 |
135.96 |
142.60 |
5.07 |
2.34 |
2.34 |
C |
614.91 |
535-497-15 |
179.45 |
145.00 |
148.12 |
2.26 |
1.51 |
1.51 |
C |
626.72 |
535-497-16 |
180.00 |
147.60 |
151.65 |
2.89 |
7.39 |
7.39 |
C |
629.52 |
|
|
174.77 |
178.20 |
2.46 |
4.31 |
4.31 |
B |
645.22 |
535-497-17 |
231.00 |
146.53 |
153.65 |
5.05 |
52.55 |
33.14 |
C |
627.00 |
|
inc. |
148.58 |
151.10 |
1.79 |
142.21 |
87.36 |
|
|
|
|
163.39 |
166.29 |
2.06 |
3.01 |
3.01 |
B |
635.27 |
535-497-18 |
171.00 |
135.60 |
138.44 |
2.13 |
2.23 |
2.23 |
C |
603.54 |
535-497-19 |
162.50 |
119.85 |
127.50 |
6.36 |
5.26 |
5.26 |
C |
593.16 |
535-497-20 |
171.00 |
124.71 |
133.45 |
6.89 |
2.94 |
2.94 |
C |
596.84 |
535-497-21A |
186.00 |
131.85 |
136.50 |
3.38 |
16.98 |
16.98 |
C |
597.46 |
560-481-01 |
90.00 |
60.68 |
64.20 |
2.49 |
0.85 |
0.85 |
C |
592.81 |
|
|
74.14 |
77.43 |
2.32 |
5.67 |
5.67 |
B |
598.79 |
560-481-02 |
90.00 |
65.30 |
69.52 |
2.37 |
2.86 |
2.86 |
C |
575.57 |
560-481-03 |
81.00 |
54.43 |
57.50 |
2.31 |
1.05 |
1.05 |
C |
594.18 |
560-481-04 |
87.00 |
57.25 |
60.83 |
2.45 |
1.79 |
1.79 |
C |
589.20 |
560-481-05 |
90.00 |
72.40 |
76.00 |
2.32 |
0.89 |
0.89 |
C |
613.41 |
|
|
86.70 |
90.00 |
2.09 |
19.82 |
19.82 |
B |
622.70 |
560-481-06 |
111.00 |
97.00 |
101.5 |
2.31 |
5.83 |
5.83 |
C |
638.69 |
560-481-07 |
111.00 |
85.00 |
89.30 |
2.38 |
18.91 |
18.91 |
C |
630.40 |
560-481-08 |
110.00 |
75.59 |
81.94 |
3.67 |
2.91 |
2.91 |
C |
617.44 |
560-481-09A |
120.00 |
76.10 |
79.50 |
2.03 |
0.44 |
0.44 |
C |
608.60 |
|
|
117.00 |
120.00 |
1.82 |
129.92 |
17.73 |
B |
631.35 |
|
inc. |
118.26 |
118.56 |
0.18 |
1,216.91 |
95.00 |
|
|
560-481-10 |
90.00 |
58.10 |
65.10 |
4.78 |
20.49 |
6.23 |
C |
578.53 |
|
inc. |
59.61 |
60.00 |
0.27 |
351.02 |
95.00 |
|
|
585-497-01 |
171.00 |
119.62 |
128.56 |
7.47 |
31.90 |
8.93 |
C |
634.50 |
|
inc. |
126.30 |
126.70 |
0.33 |
608.66 |
95.00 |
|
|
|
|
133.63 |
137.66 |
3.37 |
11.01 |
11.01 |
B |
639.00 |
|
inc. |
136.20 |
136.66 |
0.38 |
84.84 |
84.84 |
|
|
585-497-02 |
165.00 |
115.36 |
120.70 |
4.46 |
1.53 |
1.53 |
C |
620.17 |
|
|
126.70 |
131.46 |
3.99 |
10.16 |
10.16 |
B |
623.28 |
585-497-03 |
174.80 |
131.00 |
135.75 |
3.64 |
1.76 |
1.76 |
C |
639.43 |
|
|
148.86 |
153.14 |
3.29 |
14.41 |
14.41 |
B |
646.27 |
585-497-04 |
177.00 |
121.40 |
126.00 |
3.65 |
2.87 |
2.87 |
C |
622.00 |
TOTAL |
5,052.80 |
|
|
|
|
|
|
|
|
|
(1) |
Please see the Regulation 43-101 at the end of this release for
full analysis details. |
|
|
(2) |
A
high grade assay capping value of 95 g/t Au was used for the C and
B zones (a capping of 75 g/t is presently used at the Island Gold
Mine). |
|
|
(3) |
The B
Zone is found in the hanging wall of the C Zone. |
In addition to further delineating the Island Gold Deep resource
base through the 2014 definition drilling program, the Corporation
continues to compile results from 2013 exploration drilling.
Detailed in Table 2 below are new results from approximately 8,700
metres of exploration drilling completed at the Island Gold Mine.
These results were not included in the updated January 2014
resource estimation.
TABLE 2 NEW ISLAND GOLD DEEP EXPLORATION DRILLING RESULTS(1) |
Hole Number |
Hole Length (metres) |
From (metres) |
To (metres) |
True Width (metres) |
Uncut Grade (g/t Au) |
Cut Grade(2) (g/t Au) |
Zone(3) |
Vertical depth of Intersection (metres) |
425-503-03 |
145.80 |
91.40 |
97.15 |
4.39 |
14.23 |
14.23 |
C |
477.50 |
425-503-06 |
178.00 |
116.00 |
119.12 |
2.27 |
8.22 |
8.22 |
C |
502.19 |
450-467-05 |
852.00 |
644.70 |
651.07 |
2.23 |
5.68 |
5.53 |
B |
1,041.27 |
|
inc. |
650.70 |
651.07 |
0.13 |
97.54 |
95.00 |
|
|
|
|
770.20 |
781.40 |
4.17 |
3.39 |
3.39 |
G1 |
1,152.62 |
450-467-06 |
531.00 |
317.40 |
321.84 |
2.85 |
3.02 |
3.02 |
X |
653.05 |
|
|
475.00 |
478.93 |
2.64 |
3.35 |
3.35 |
X |
741.43 |
450-467-12 |
531.00 |
387.10 |
390.54 |
2.62 |
8.87 |
8.87 |
G |
675.81 |
|
|
452.45 |
459.00 |
5.00 |
12.21 |
7.83 |
X |
709.93 |
460-456-02 |
844.00 |
415.10 |
418.30 |
0.89 |
22.95 |
12.40 |
X |
851.95 |
|
inc. |
417.45 |
417.90 |
0.13 |
115.00 |
40.00 |
|
|
|
|
807.00 |
814.50 |
2.10 |
3.67 |
3.67 |
B |
1,209.71 |
460-456-03 |
639.00 |
345.00 |
348.00 |
2.23 |
3.57 |
3.57 |
B |
673.73 |
|
|
471.70 |
475.00 |
2.47 |
11.36 |
9.78 |
G1 |
744.10 |
|
inc. |
473.64 |
474.30 |
0.49 |
47.9 |
40.00 |
|
|
|
|
529.05 |
533.00 |
2.95 |
3.91 |
3.91 |
X |
776.07 |
460-456-18A |
675.00 |
345.40 |
350.50 |
2.01 |
11.03 |
9.48 |
X |
771.22 |
|
inc. |
346.45 |
346.80 |
0.14 |
62.54 |
40.00 |
|
|
460-456-21 |
792.00 |
618.62 |
628.00 |
5.89 |
3.90 |
3.59 |
X |
887.38 |
|
inc. |
619.18 |
619.62 |
0.28 |
46.57 |
40.00 |
|
|
460-456-22 |
807.00 |
652.50 |
661.77 |
4.89 |
3.51 |
3.51 |
X |
967.69 |
460-456-23 |
870.00 |
75.82 |
78.46 |
1.00 |
10.43 |
10.43 |
X |
538.67 |
510-480-17 |
250.00 |
158.22 |
161.38 |
2.54 |
6.71 |
6.71 |
B |
593.26 |
510-480-19 |
220.00 |
172.29 |
175.86 |
2.53 |
3.86 |
3.86 |
B |
562.78 |
535-497-09 |
210.00 |
145.54 |
151.64 |
4.58 |
4.58 |
4.58 |
B |
618.66 |
|
|
205.55 |
208.45 |
2.23 |
3.08 |
3.08 |
G1 |
647.89 |
535-497-10 |
190.00 |
66.85 |
70.73 |
3.14 |
8.52 |
6.06 |
E1E |
573.63 |
|
|
128.27 |
132.60 |
3.54 |
3.00 |
3.00 |
B |
602.08 |
425-503-03 |
145.80 |
86.30 |
89.35 |
2.32 |
4.07 |
4.07 |
D |
480.60 |
TOTAL |
8,732.60 |
|
|
|
|
|
|
|
|
|
(1) |
Please see the Regulation 43-101 at the end of this release for
full analysis details. |
|
|
(2) |
A
high grade assay capping value of 95 g/t Au was used for the C and
B zones (a capping of 75 g/t is presently used at the Island Gold
Mine). For all other zones, a high grade assay capping value of 40
g/t Au was used. |
|
|
(3) |
E1E,
D and D1 Zones are found in the footwall of the C Zone. "B", "G"
and "G1" correspond to three zones found in the hanging wall of the
C Zone. "X" corresponds to presently undefined zones, and are not
included in the resource. |
Details about the Island Gold Mine Property
The 59.0 km2 (5,900 hectares) Island Gold property is located 83
km northeast of Wawa, Ontario. Ore from the Island Gold Mine is
processed at Richmont's on-site mill, an 850 tonne per day rated
CIP facility. Since Island Gold began commercial production in
October 2007, Richmont has produced more than 256,000 ounces of
gold. Underground operations are accessed via a ramp, and mining
activities currently reach a vertical depth of approximately 400
metres.
About Richmont Mines Inc.
Richmont Mines has produced over 1,400,000 ounces of gold from
its operations in Quebec, Ontario and Newfoundland since beginning
production in 1991. The Corporation currently produces gold from
the Island Gold Mine in Ontario and the Beaufor, Monique and W Zone
mines in Quebec. The Corporation is also advancing the Island Gold
Deep resource located directly beneath the Island Gold Mine in
Ontario. With over 20 years of experience in gold production,
exploration and development, and prudent financial management, the
Corporation is well-positioned to cost-effectively build its
Canadian reserve base and to successfully enter its next phase of
growth. Richmont routinely posts news and other important
information on its website (www.richmont-mines.com).
Forward-Looking Statements
This news release contains forward-looking statements that
include risks and uncertainties. When used in this news release,
the words "estimate", "project", "anticipate", "expect", "intend",
"believe", "hope", "may" and similar expressions, as well as
"will", "shall" and other indications of future tense, are intended
to identify forward-looking statements. The forward-looking
statements are based on current expectations and apply only as of
the date on which they were made.
The factors that could cause actual results to differ materially
from those indicated in such forward-looking statements include
changes in the prevailing price of gold, the Canadian-United States
exchange rate, grade of ore mined and unforeseen difficulties in
mining operations that could affect revenue and production costs.
Other factors such as uncertainties regarding government
regulations could also affect the results. Other risks may be set
out in Richmont Mines' Annual Information Form, Annual Reports and
periodic reports.
Cautionary note to US investors concerning resource
estimates
Information in this press release is intended to comply with the
requirements of the Toronto Stock Exchange and applicable Canadian
securities legislation, which differ in certain respects with the
rules and regulations promulgated under the United States
Securities Exchange Act of 1934, as amended ("Exchange Act"), as
promulgated by the SEC. The reserve and resource estimates in this
press release were prepared in accordance with Regulation 43-101
adopted by the Canadian Securities Administrators. The requirements
of Regulation 43-101 differ significantly from the requirements of
the United States Securities and Exchange Commission (the
"SEC").
U.S. Investors are urged to consider the disclosure in our
annual report on Form 20-F, File No. 001-14598, as filed with the
SEC under the Exchange Act, which may be obtained from us (without
cost) or from the SEC's web site: http://sec.gov/edgar.shtml.
Regulation 43-101
The exploration program was conducted by qualified persons as
defined by Regulation 43-101. Specifically, the program was
overseen by Mr. Daniel Adam, Geo., Ph.D., Vice-President,
Exploration, who is a Qualified Person as defined by Regulation
43-101, and an employee of Richmont Mines Inc. Mr. Adam verified
and approved the information in this press release. The analyses
were conducted at Lab Expert laboratory in Rouyn-Noranda, Quebec,
by means of fire assay fusion with atomic absorption (AA) and
gravimetric finish.
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Investor Relations:Jennifer AitkenRichmont Mines Inc.514
397-1410 ext.
101jaitken@richmont-mines.comwww.richmont-mines.com
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