TORONTO, Dec. 12, 2016 /CNW/ - Richmond Minerals
Inc. (TSX-V: RMD) ("Richmond" or the "Company") is
pleased to provide an update for exploration work at the Company's
Ridley Lake Gold Project located in the west central area of the
Swayze Greenstone belt approximately 35 kilometres east of
Goldcorp's Borden Gold Project.
In November 2016 the Company
completed a Spectral Induced Polarization (IP)/Resistivity survey
to expand to depth the earlier IP survey completed in July 2015 on Richmond's 100% owned Aguara East claims. As
reported in July 2015, IP and
Magnetic surveys were successful in identifying a well-defined IP
anomaly characterized by high chargeability and resistivity and a
prominent coincidental magnetic anomaly (the "Aguara East
anomaly"), having a northeast orientation and a strike length in
excess of 825 meters.
Modelling of the data obtained from the July 2015 and November
2016 combined surveys has identified multiple targets at
vertical depths down to the latest IP survey limit of approximately
200 meters. These deeper model targets are observed below
Phase II drill holes RS-16-20 (which returned an intersection of
1.26 grams per ton gold over 33 meters including 4.11 grams per ton
gold over 7 meters) and RS-16-22 and may indicate stronger pyrite
mineralization (and possibly gold mineralization) with increasing
depth in this area of the Aguara East Anomaly. On Section 0, a very
strong chargeability zone was identified beneath Phase I drill
holes RS-16-14 and 15 that appears to extend beneath the IP
survey's maximum penetration depth of 200 meters. In
addition, a deep strong chargeability anomaly is also observed in
the model along Section 3+75 meters east. It was also
noted that Phase II drill holes RS-16-23 and 24 were drilled along
the edge of these new deeper targets. Consequently a Phase III
round of drilling with holes collared at 2+00 meters north is
warranted.
Warren Hawkins, P.Eng, a
"Qualified Person", within the meaning of Nation Instrument 43-101-
Standards of Disclosure for Minerals Projects, has reviewed and
approved the scientific and technical information contained in this
news release. Mr. Hawkins is not considered to be "independent" of
the Corporation (as defined in National Instrument 43-101), as he
currently holds securities of the Corporation.
Cautionary Note Regarding Forward-Looking Statements: Certain
disclosure in this release constitutes forward-looking statements.
In making the forward-looking statements in this release, the
Company has applied certain factors and assumptions that are based
on the Company's current beliefs as well as assumptions made by and
information currently available to the Company. Although the
Company considers these assumptions to be reasonable based on
information currently available to it, they may prove to be
incorrect, and the forward-looking statements in this release are
subject to numerous risks, uncertainties and other factors that may
cause future results to differ materially from those expressed or
implied in such forward-looking statements. Readers are cautioned
not to place undue reliance on forward-looking statements. The
Company does not intend, and expressly disclaims
any intention or obligation to update
or revise any forward-looking statements whether as
a result of new information, future events or otherwise, except as
required by law.
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 news release.
On Behalf of Richmond Minerals,
Franz Kozich
President
SOURCE Richmond Minerals Inc.