Richmond Announces Acquisition of a Portfolio of Crtitcal Metal and GOLD Properties IN Central Europe
RICHMOND ANNOUNCES ACQUISITION OF A
PORTFOLIO OF CRTITCAL METAL AND GOLD
PROPERTIES IN CENTRAL EUROPE
TORONTO
,
April 11, 2022
/CNW/ - Richmond Minerals Inc. (TSXV: RMD)
("Richmond" or the
"Company")
is pleased to announce the purchase of 10 exploration properties in
Austria
, Europe.
The land package consists of 554 exploration licenses totaling 256.1 square kilometres in the
Carinthia and Salzberg areas. Including the licenses of
Richmond's
Oberzeiring Project, the
Company now holds a total of 653 exploration licenses covering approximately 300 km
2
within the
mining districts of
Central Europe
. The Company's portfolio now includes Pb-Zn, Ag, Au as well as
Ni-Co-Cu exploration prospects.
Under the terms of the agreement,
Richmond
has made a one-time cash payment of
$30,000
(Australian dollars) to the vendor, High Grade Metals Ltd. ("HGM"), to acquire a 100% interest in the
licenses. Details of the newly acquired properties are provided in the Table below.
Properties
# of Licenses
Area in Km²
New Critical Metal Properties
Leogang W+E
63
29.8
Brixlegg
118
56.5
Seekar + Zinkwand
11
5.6
New Gold Properties
Kreuzeck West
44
19.9
Kreuzeck East
42
19.0
Goldeck-Siflitz
57
25.5
Schellgaden N+S
219
99.8
Total
554
298.9
New Critical Metal Properties
Five of the new properties, totaling 192 exploration licenses, host critical metal mineralization (ie.
cobalt, copper and nickel) and are located in the federal states of Tyrol and
Salzburg, Austria
.
These properties are referred to as the Brixlegg, Leogang West, Leogang East, Seekar, and
Zinkwand Properties.
Located on the border between Tyrol and
Salzburg
, the Loegang Property is well known for its
historical mines dating back to pre-roman times and its nickel and cobalt production in the 19
th
century. Geologically, the Leogang Property is underlain by rocks of the Western Grauwackenzone
Group, consisting of carbonatized metasediments of Paleozoic age. The Leogang Property hosts the
Nöckelberg Mine, of which historical records report grades up to 8.1% Ni and 15.8% Co. HGM
conducted geophysical, geochemical soil sampling, and diamond drilling at the Nöckelberg Property
in 2018. Mine dump samples returned values up to 7.8% Cu, 1.1% Ni, and 0.7% Co. Geophysical
work included geomagnetics and geoelectric surveys that defined potential mineralized bodies that
have yet to be drill tested and are considered priority targets. Geochemical soil sampling (308 soil
samples in a 50x50 m sampling grid) identified an anomaly with values up to 80 ppm Co, 700 ppm
Cu, and 300 ppm Ni at one of these target areas.
The Brixlegg Property is located in the Inn valley close to Innsbruck and is well known for Cu and Ag
mining dating back to medieval times. Co-Ni mineralization has also been documented in the region.
This mineralization is hosted in Paleozoic dolomite and consists of fahlore, bornite, enargite, galena,
and sphalerite sulphide mineralization. Various Ni and Co-bearing minerals such as gersdorffite,
cattierite, and cobaltite are also known to occur at Birxlegg. Additionally, Ni and Co have been mined
between 1941 and 1944 at Silberberg with historical documents reporting grades of 1.38% Co and
0.98% Ni.
The Seekar Property is located near
Salzburg
and is known for its (dating back to 1917) Ag mining
with grades reported up to 250 g/t. Zinkwand is also located near
Salzburg
on the Styria district
border. Five different types of mineralization have been identified at the Zinkwand Property: Ag-rich
Zn-Pb, Ag-rich Cu-As, Cu-Pb-Zn and Ni-Co-Bi-Ag. The potential for critical metal mineralization at
the Seekar and Zinkwand Properties has never been evaluated using modern exploration
techniques.
New Gold Properties
Five of the new properties (notably the Siflitz - Guginock, Leßnig, Lengholz, Fundkofel, and
Schellgaden Mines) totaling 362 exploration licenses host historical gold mines and are located in the
southern part of
Austria
in the federal states of Carinthia and
Salzburg
.
In the 16
th
and 17
th
century the Kreuzeck West, East and Goldeck-Siflitz mines were well known for
their gold production. Limited sampling of these mine workings in the 1970s yielded results from 4.8
to 18.2 g/t Au. Gold mineralization at the Kreuzeck and Goldek Properties is found within a
1,500 m
thick succession of Ordovician to Devonian metasediments that host grayish/black 'greasy' quartz
veins and phyllitic shear zones mineralized with arsenopyrite. In excess of 100 scattered, historical
adits have been identified at the Goldek-Siflitz Property, with only mine dumps and collapsed portals
still visible and accessible. Despite the dense occurrence of historic mines at these newly acquired
gold properties, little in the way of modern exploration work has ever been conducted.
The Schellgaden Property is located in the Kareck complex of the Tauern Formation. Gold
mineralization is found within networks of quartz veins containing arsenopyrite mineralization hosted
in gneissic basement rocks. The Kareck geological unit extends 20 km to south where numerous
historical small scale gold mines (Knappenbaue or Radlgraben) have operated in the past.
Stakeholder Relationships
Richmond
is planning a program of data compilation, prospecting, trenching and drill target definition
for this upcoming field season. HGM built strong relationships with the local landowners, who were
supportive during the last field and drilling campaign in 2018.
Richmond
will follow this strategy in
upcoming exploration efforts.
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.
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%SEDAR: 00009282E
For further information:
Warren Hawkins, P. Eng., Exploration Manager, E:
[email protected], Tel: 416-603-2114
CO: Richmond Minerals Inc.
CNW 17:00e 11-APR-22