TORONTO, Oct. 15, 2020 /CNW/ - Richmond Minerals
Inc. (TSXV: RMD) ("Richmond" or the "Company") is
pleased to provide an update for exploration work at the Company's
Ridley Lake Gold Project (the "Property") located in the west
central area of the Swayze Greenstone belt approximately 35
kilometers east of Newmont's Borden Gold Project. The Company has
been granted a one year exclusion of time request from the Ontario
Ministry of Energy, Northern Development and Mines for the Ridley
Lake Property claims. Exploration work will now resume on or about
the first week of November and will include Phase IV diamond
drilling of the Aguara West geophysical targets identified in the
fall 2018 exploration program. Some high lights from previous
diamond drilling at the Ridley Property include 33 m of 1.26 g/t gold in hole RS16-20,
136 m of 0.31 g/t gold in hole
RS17-30, and 126 m of 0.25 g/t gold
in hole RS17-31.
Specifically the proposed 3,000 m
diamond drilling program in the Aguara West zone will test the
significant trend identified as RW-1, which appears to be the
extension of the Aguara East IP Anomaly that was the focus of the
first three phases of diamond drilling. This phase of drilling will
also target Trend RW-5 consisting of a prominent chargeability
anomaly initially identified in the northwestern part of the survey
grid. Both of these trends are associated with apparent
resistivities that are 10,000 ohm-m or lower and are suggestive of
strong quartz carbonate alteration with possible gold
mineralization, and have no history of diamond drilling.
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 STATEMENT: This news release contains forward-looking
information which is not comprised of historical facts.
Forward-looking information involves risks, uncertainties and other
factors that could cause actual events, results, performance,
prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information. Forward
looking information in this news release includes, but is not
limited to, Richmond's objectives,
goals or future plans, including successful completion of the
Transaction and Offering. There is no guarantee that the
Transaction and Offering will be completed on the terms announced
in this press release or at all. Factors that could cause actual
results to differ materially from such forward-looking information
include, but are not limited to, changes in general economic
conditions and conditions in the financial markets; the ability of
Richmond to raise funds pursuant
to the Offering; changes in demand and prices for minerals;
litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments, and those risks
set out in Richmond's public
documents filed on SEDAR. Although Richmond believes that the assumptions and
factors used in preparing the forward-looking information in this
news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. Richmond disclaims any intention or obligation
to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, other than
as required by law.
Neither the TSX-V nor its Regulation Services Provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Richmond Minerals Inc.