RMD.V · 2020-07-27 12:00:00

Oberzeiring Polymetallic Project Exploration Update

Exploration Programs

Oberzeiring Polymetallic Project Exploration

Update

TORONTO

July 27, 2020

/CNW/ -

Richmond Minerals Inc. ("Richmond" or the

"Company")

(TSXV: RMD) is pleased to announce that the field campaign at the Oberzeiring

Polymetallic project in Styria,

Austria

has commenced. The Oberzeiring project (the "Project")

comprises 99 granted claims covering around 35 km² located in the Styria Mining district of

Austria

The Project contains one of the largest silver mines in the Eastern Alps that operated during

medieval times producing reportedly high-grade lead, zinc, silver and gold mineralization. In

September 2019

, a verification sampling program associated with preparation of a NI 43-101

compliant technical report for the Company returned grades up to 6.4 g/t gold and 384 g/t silver

from existing underground workings and artisanal mine sites (the Oberzeiring Polymetallic Project NI

43-101 technical report is available for review at the Company's website:

www.richmondminerals.com

Historical Mine and Tailings Sampling

The initial 2020 exploration approach includes mapping and sampling of ancient artisanal mining and

tailings sites found throughout the Project area. Twenty rock grab samples from several artisanal

mine galleries and neighbouring tailings sites were collected last month and sent to ALS

Laboratories in

Ireland

for analysis using multi-Element Ultra Trace (ME-MS61). A sample with more

than 1% lead was analysed with the Pb-OG62 method. Selected highlight results are reported as

follows (in g/t):

Silver

Gold

Barium

Zinc

Copper

Cobalt

Manganese

Lead

Antimony

6001

7.95

0.01

1490

375

11.9

12.2

275

338

6002

2.04

10.5

210

198

5610

381

183

60.4

6003

1.03

2.21

240

169

1730

97.6

130

36.9

123.5

6006

1.51

1.17

370

1240

31.5

49.9

141.5

8001

1.94

3.68

220

1520

116.0

7.2

188

8002

1.14

2.54

160

1480

461

103

17.5

177

8005

4.65

0.01

45.8

1.4

259

142

12.7

8006

19.35

0.01

830

14.8

8870

1660

1400

8007

19.6

0.01

870

14.0

8710

1690

1540

8008

46.8

0.01

1150

248

2.9

32900

2270

1020

8009

17.5

0.005

46.9

2.5

807

3680

1390

8010

0.01

730

439

334

6.4

3590

10900

1930

8011

76.8

0.03

130

257

6.1

2160

118.5

546

8012

19.55

0.01

1440

582

122.5

2.9

22300

4550

2820

8013

70.4

0.01

830

106

37.8

0.9

25300

9040

1110

Table: Analysis results from rock chip sampling (LR20142975)

A preliminary review of these laboratory results indicates at least two different high grade

mineralization types:

Type I: mineralization that is associated with enriched lead, zinc and silver concentrations in

random hard rock grab samples with silver concentrations ranging from 1.03 g/t up to 76.8 g/t,

and lead content ranging from 15 g/t up to 1 %;

Type II: gold mineralization that correlates well with elevated concentrations of bismuth, copper,

and cobalt. Gold concentrations in this mineralization type ranged from 0.01 up to 10.5 g/t.

Stream Bed Sampling

The initial approach for 2020 also included sampling of stream sediments with the goal of identifying

and differentiating various catchment areas (such as dry valleys without fine grained sediments

above marble dominated bedrock areas, catchment areas with marble/schist basement strata, and

springs and creeks with fine grained sediments). Conductivity surveying of springs/creeks was also

completed during stream sediment sampling. Thirty two stream sediment samples were collected

and shipped along with QA/QC samples to ALS Minerals in Loughrea,

Ireland

for geochemical

analysis using method AuME-ST44.

Values for silver ranged from 0.05 to 2.17 ppm, gold ranged from 0.5 to 48.5 ppb, manganese

ranged from 282 to 790 ppm, and lead ranged from 8.67 to 36.5 ppm. These initial results show

higher grades of gold and silver close to localities of ancient mine workings and have identified new

prospective areas where no ancient/artisanal mining has been known to occur. Conductivity test

results of stream and spring waters also identified potential mineralized zones over a much broader

Project area than previously expected.

Discussion of Results and Conclusions

Overall positive correlation of elevated gold and silver concentrations in artisanal mine gallery and

tailings dump grab samples with corresponding elevated concentrations in stream samples has been

established.

These initial recent sampling results also appear to confirm exploration results observed in historic

records for the Project. Formerly unknown prospective catchment areas with potential Type I and

Type II mineralized zones have also been identified, and will be the subject of further exploration

efforts moving forward.

The Next Steps:

Detailed geological mapping in areas of higher mineralisation derived from geochemical stream,

mine dump, and underground data;

Follow-up detailed stream sediment sampling in areas with samples of higher mineralisation;

Consultation with geophysicists combining geological and geophysical data directly to delineate

target survey areas;

Re-evaluation and compilation of existing historical geophysical exploration results with the new

exploration database to define targets for drilling;

Establishment of strong stakeholder relationships according to Richmond´s CSR ethics.

To manage and execute the exploration program at the Oberzeiring Project,

Richmond

has retained

GEO Unterweissacher GmbH, an Austrian-based geological consulting company. Dr. Thomas

Unterweissacher, EurGeol and his team are well experienced in planning and executing exploration

campaigns in

Austria

for different public companies targeting commodities including gold and lithium.

More detailed information can be found on

www.geo-unterweissacher.at

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.

Richmond Minerals Inc. is a mineral exploration company actively engaged preious and strategic

metal exploration with projects located in

Northern Ontario

and the Styria Mining District of

Austria

Its exploration focus is development of the Ridley Lake Gold project located in the heart of the

Swayze Greenstone Belt which hosts Iamgold's Cote Lake Project. The Company is also actively

exploring the recently acquired Oberzeiring Polymetallic Property, from which high grade silver and

gold and other strategic metals have been mined dating back centuries.

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. There is no guarantee that the Transaction

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 future offerings, including the second tranche of 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.

View original content:

http://www.newswire.ca/en/releases/archive/July2020/27/c5169.html

%SEDAR: 00009282E

For further information:

Franz Kozich, President, Warren Hawkins, P. Eng., Exploration Manager,

Web: www.richmondminerals.com, E-Mail: [email protected], Phone: +1 (416) 603-

2114

CO: Richmond Minerals Inc.

CNW 17:55e 27-JUL-20

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