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):
ID
|
Silver
|
Gold
|
Barium
|
Zinc
|
Copper
|
Cobalt
|
Manganese
|
Lead
|
Antimony
|
6001
|
7.95
|
0.01
|
1490
|
375
|
11.9
|
12.2
|
62
|
275
|
338
|
6002
|
2.04
|
10.5
|
210
|
198
|
5610
|
381
|
183
|
15
|
60.4
|
6003
|
1.03
|
2.21
|
240
|
169
|
1730
|
97.6
|
130
|
36.9
|
123.5
|
6006
|
1.51
|
1.17
|
370
|
91
|
1240
|
31.5
|
28
|
49.9
|
141.5
|
8001
|
1.94
|
3.68
|
220
|
<2
|
1520
|
116.0
|
33
|
7.2
|
188
|
8002
|
1.14
|
2.54
|
160
|
<2
|
1480
|
461
|
103
|
17.5
|
177
|
8005
|
4.65
|
0.01
|
20
|
19
|
45.8
|
1.4
|
259
|
142
|
12.7
|
8006
|
19.35
|
0.01
|
830
|
35
|
89
|
14.8
|
8870
|
1660
|
1400
|
8007
|
19.6
|
0.01
|
870
|
13
|
64
|
14.0
|
8710
|
1690
|
1540
|
8008
|
46.8
|
0.01
|
1150
|
33
|
248
|
2.9
|
32900
|
2270
|
1020
|
8009
|
17.5
|
0.005
|
50
|
10
|
46.9
|
2.5
|
807
|
3680
|
1390
|
8010
|
39
|
0.01
|
730
|
439
|
334
|
6.4
|
3590
|
10900
|
1930
|
8011
|
76.8
|
0.03
|
130
|
39
|
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.