Richmond Minerals Announces Receipt of Exclusion of Time Request and Resumption of Exploration Work at the Ridley Lake Gold Project
Richmond Minerals Announces Receipt of
Exclusion of Time Request and Resumption of
Exploration Work at the Ridley Lake Gold
Project
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.
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%SEDAR: 00009282E
For further information:
Franz Kozich, President, Warren Hawkins, P. Eng., Exploration Manager,
E: [email protected], Tel: 416-603-2114
CO: Richmond Minerals Inc.
CNW 17:00e 15-OCT-20