Radisson expands ongoing O’Brien drill program to 60,000 m
ROUYN-NORANDA, Quebec, Feb. 27, 2020 (GLOBE NEWSWIRE) — Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF): (“Radisson” or the “Company”) is pleased to announce the significant expansion of the ongoing drill program at its flagship O’Brien project, from 20,000 m to 60,000 m. The O’Brien gold project is located along the Larder-Lake-Cadillac Break halfway between Rouyn-Noranda and Val-d’Or in Quebec, Canada. (See figure 1 and 2).
The ongoing drill program, announced in August 2019, represents the company’s first exploration program to test targets defined by the new litho-structural model (released February 2019). A key objective of the first round of drilling was to further validate the model and better define high potential targets for resource expansion and conversion.Highlights:The ongoing drill program which commenced in August 2019, has been expanded to 60,000 m (from 20,000 m)° Since August 2019, approximately 20,000 m of drilling have been completed, with results released for 13,780 m.
° An additional 40,000 m of drilling has started in the last week of February.
° Drilling will continue with at least two surface drill rigs operating 24×7.
The expanded drill program will focus on:1. Resource expansion and conversion within and outside the July 2019 resource boundary.
2. High-priority exploration targets established down-plunge of high-grade enrichment vectors.Radisson is fully funded to complete the 60,000 m drill program° Current cash balance of $7.8 M1
° All-in drill costs at O’Brien are averaging $110 – $120/m, well below the industry average.
1 As at February 25, 2020.See:° O’Brien current resources longitudinal section
° Lower 36E longitudinal section
“Since the commencement of the program in 2019, drilling at O’Brien has continued to deliver excellent results demonstrating the continuity of high-grade mineralization within and below the current resource area. We believe this is a testament to our robust litho-structural model that has proven to be quite accurate in targeting high-grade mineralization both in the Upper and Lower zones. The model comprises 63 mineralized zones, that in places show sub-vertical enrichment trends very similar to structures mined previously at the old O’Brien mine where 90% of the historic production came from only three veins with an average grade of 15.25 g/t Au. “In particular, we are encouraged by our success at the Lower 36E Zone, the primary target of drilling so far, where multiple high-grade gold intercepts suggest good continuity of mineralization within what appears to be a high grade enrichment vector now drilled from 550 m to 955 m. (See Press releases from October 29, 2019, January 17, 2020 and February 7, 2020). While there has been limited deep drilling to the east of this area, our model and historical information suggests the potential for additional steeply plunging enrichment vectors at set intervals from west towards east. Our expanded drill program will target these vectors within and below the current resource area.“This is the largest drill campaign undertaken at O’Brien, and with a robust model to guide our targeting efforts, we are optimistic that results will drive meaningful resource growth, demonstrate the O’Brien project’s exploration potential and unlock significant value for our shareholders. We look forward to providing the market with regular exploration updates in the coming months as we ramp up our expanded program”, commented Mario Bouchard, President and CEO.PDAC 2020Radisson is pleased to announce its participation at the Prospectors Developers Association of Canada (PDAC) 2020 Conference at both the Investors Exchange and the Core Shack held in the Metro Toronto Convention Centre. The management wishes to invite investors to visit the company at:Investors Exchange from March 1 to 4, 2020
Booth # 2908Core Shack from March 1 to 2, 2020
Booth #3105AQualified Person
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.Radisson Mining Resources Inc.
Radisson is a well-financed 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, Quebec. 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; Kenneth Williamson 3DGeo-Solution, July 2019). For more information on Radisson, visit our website at www.radissonmining.com or contact:On behalf of the board of directorsMario Bouchard
President and CEO, directorFor 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 StatementsAll statements, other than statements of historical fact, contained in this press release including, but not limited to, those relating to the intended use of proceeds of the Offering, the development of the O’Brien project and generally, the above “About Radisson Mining Resources Inc.” paragraph which essentially describes the Corporation’s outlook, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements and future events, could differ materially from those anticipated in such statements. 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. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s endeavours to develop the O’Brien project and, more generally, its expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.