ROUYN-NORANDA, Quebec, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF) (“Radisson” or the “Company") is pleased to announce the start of a fully funded 20,000 meters drill program at its 100% owned O’Brien gold project, located along the Larder-Lake-Cadillac Break in Cadillac, Québec (See figure 1 and figure 2). Two drill rigs are now on site and running at O’Brien with approximately 20,000 meters to be completed by the end of January 2020. The F Zone, 36E and Kewagama zones of the O’Brien project are located within a 1.5 km corridor directly south of the L-L-C. The Vintage zone is parallel to and between 30 to 85 meters (“m”) north of the L-L-C.
Press release highlights:
New Litho-Structural Model unlocks the “jewellery” box mystery of the high-grade O’Brien mine
The new structural model and resource estimate has resulted in a much better comprehension of the O’Brien gold project, highlighting a strong compatibility with the historic data and geometry of the Old O’Brien mine, where only 3 veins returned 90% of the historic production at an average grade of 15.25 g/t Au.
Exploration below 550 meters
One diamond drill rig will focus on the vertical extension of the highest-grade mineralized shoots on the 36E and F Zone, where high-priority exploration targets established below current resource. Deepest level of the resource area is at only 550 meters depth and remains largely untested below. Two historical drill intercepts have returned 17.46 g/t Au over 1.00 m and 13.68 g/t Au over 0.32m below 1,000 m depths. Other mines in the area have exceeded depths well below 1,000 m. Current mineral resource area is adjacent to the old O’Brien mine where historic production reached a vertical depth of 1,100 metres and remains untested below.
The company is currently drilling a mother hole 150 m below deepest level of the resource area, from a set-up where multiple wedges and drill holes will be completed for an initial 9,000 m.
Exploration potential along strike, to the north, resource expansion and conversion
The second diamond drill rig is currently focused on the shallower Kewagama zone, where high-priority exploration targets have been established for resource expansion and conversion for approximately 4,000 m.
Through 2019 the second rig, will also be conducting exploration drilling on the Vintage Zone (North of the Larder-Lake-Cadillac Break). The New Litho-Structural model also unlocked exploration targets on O’Brien West, located a few meters west of the old O’Brien mine.
20,000 m drill program
High-priority targets were established in recent months, based on the New Litho-Structural interpretation completed in 2019. This interpretation lead to a New Resource estimate published in July, resulting in a large increase of contained gold oz per vertical meter as grade and contained ounces have increased across all categories at cut-offs. (See Radisson’s New Mineral Resource Estimate and Geological model deliver higher grades at O’Brien; 9.48 g/t Au for Indicated resources and 7.31 g/t Au for Inferred resources)
“The resource expansion and exploration of prospective zones established with our New model, will allow for further validation of this New geological understanding. With a strong treasury and a fully financed drill program, we are confident we can generate strong value for our shareholders” commented Mario Bouchard, President and CEO.
Richard Nieminen, P. Geo, Exploration manager, acts as a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the technical information in this press release.
About 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 21,000,000 ounces of gold over the last 100 years. The project hosts the former O’Brien Mine, considered to have been the Abitibi Greenstone Belt’s highest-grade gold producer during its production (1,197,147 metric tons at 15.25 g/t Au for 587,121 ounces of gold from 1926 to 1957; 3D Geo-solution, July 2019).
On behalf of the board of directors
President and CEO, director
For more information on Radisson, visit our website at www.radissonmining.com or contact:
Certain information contained in the press release are subject to receipt of all regulatory approvals. 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 release.
Forward-Looking Statements: This press release may contain certain forward-looking information. All statements included herein, including the scheduled closing date, but other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/60889f60-307b-4af0-8ecf-9b89ff6c56f7