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Successful drilling by Richmond Minerals encourages more work

By Gregory Reynolds

Jan 25, 2017

Good drill results from 2015 is encouraging Richmond Minerals Inc. to go forward with its Chapleau area project.

Phase II drilling resumed in July of 2016

Each of four holes in the Aguara East Anomaly intersected gold mineralization. The gold mineralization was widespread, with intersections ranging from 0.42 g/t gold over 44 m to 0.39 g/t gold over 87 m. The highest grade reported was 3.87 g/t gold over one metre in diamond-drill hole RS15-19.

Richmond is conducting a second phase of diamond drilling to follow-up on these results, particularly with a view to test for higher-grade gold intervals at depth.

On Nov. 19, 2015 the company said “as previously announced in June of this year, a geophysical survey grid was cut on four of the company’s 100%-owned claims located immediately to the east of the Aguara gold showing, followed by the completion of Spectral Induced Polarization (IP)/Resistivity & Magnetic surveys. The surveys were successful in identifying a well-defined IP anomaly characterized by high chargeability and resistivity down to approximately 50 m and a prominent coincidental magnetic anomaly (named the Aguara East Anomaly), having a northeast orientation and a strike length in excess of 825 metres.

To test these targets Richmond completed 900 m of diamond drilling in six holes. All holes for this phase of work were drilled at an azimuth of 180 degrees, and at an inclination of -45 degrees

Ridley Lake Gold Project is centrally located within the Swayze Greenstone Belt (the SGB) in north central Ontario.

 Recent significant gold discoveries within the SGB include the Cote Lake deposit (acquired by IAMGold in April 2012 for $585 million), and the recent Probe Mines Borden Lake gold discovery, a multi-million ounce gold deposit located approximately 37 km to the west and on strike with Richmond’s Ridley Lake Project.

Probe was acquired in March 2015 by mining giant Goldcorp Inc. for $526 million, setting off a staking rush around the community of Chapleau. The Borden Project is about 10 km east of Chapleau.

The Richmond Project is located in Rollo and Raney Townships, Porcupine Mining Division or more specifically 40 km southwest of the community of Foleyet and 120 km west-southwest of the City of Timmins. The project can be accessed year round by a network of logging and bush roads.

The project consists of 154 contiguous unpatented mining claims. Richmond owns 50% of the central core of 35 mining claims, and 100% of the surrounding 119 mining claims.

Richmond is a mineral exploration company listed on the Toronto Venture Stock Exchange which has been actively engaged since the early 1980s in exploration projects located throughout the provinces of Quebec and Ontario.

Its current focus is exploration of the Ridley Lake Gold Project located in the heart of central Ontario’s Swayze Greenstone Belt.

On April 11, 2016 Richmond announced that it had completed a non-brokered private placement financing for aggregate gross proceeds of up to $100,000. The offering consisted of the sale of 2,000,000 hard dollar units at $0.05 per unit.

Richmond intends to use the net proceeds from the offering to fund continued exploration on its Ridley Lake Property and for general working capital purposes.

Early exploration work on the property dates back to 1932 prospecting. Two quartz veins (the Cyril Knight and the Aguara Showings) trending in an east-west strike orientation were discovered in the central property area.

These veins were exposed on surface for strike lengths up to 245 m, with widths varying between 1 and 3 m. Assays from these veins were highly variable, with grades ranging from trace values up to 23 g/tonne gold (0.7 ounces per ton).

Between 1932 and 1982, little exploration work was carried out on the property. Richmond staked claims covering the quartz vein showing areas and completed geophysical surveys, mapping, and trenching between 1982 and 1988. Results from this exploration work determined that the showing areas were coincident with magnetometer and induced polarization anomalies of 3 to 4 times background levels.

A limited program of diamond drilling testing these geophysical anomalies and surface showings was undertaken in 1989 (2,471 m in 13 holes). Eleven of 13 holes intersected broad zones of gold mineralization, with one hole failing to reach its target depth due to caving.