Radisson files NI 43-101 Technical report for the O'Brien Resource Estimate on SEDAR
ROUYN-NORANDA, Quebec, Aug. 29, 2019 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF): (“Radisson” or the “Company") is pleased to announce the filing of a technical report titled, “Technical Report and Mineral Resource Estimate for the O’Brien gold project, Abitibi, Quebec“ (the “Resource Estimate”) with an effective date of July 15, 2019. The independent NI 43-101 technical report completed for the Company by 3DGeo-Solution includes the resource estimate of the O’Brien gold project located along the Larder-Lake Cadillac Break (“L-L-C”) halfway between the two mining towns of Rouyn-Noranda and Val-d’Or, PQ.
The report is available on SEDAR and on Radisson’s website. The report supports Radisson’s opportunity of exploring and developing a high-grade gold project located along a major fault, within a world-renowned mining camp and host of a historical high-grade production (1,197,147 metric tons at 15.25 g/t Au for 587,121 ounces of gold from 1926 to 1957; 3DGeo-Solution, July 2019);
Press release highlights:
See 3D O’Brien Gold project 3D Longitudinal View looking NNE
New Mineral Resource Estimate
Using a 5.00 g/t Au cut-off grade, the current mineral resource estimate reports:
- Indicated Resources of 949,700 tonnes at 9.48 g/t Au, for a total of 289,400 oz Au
- Inferred Resources of 617,400 tonnes at 7.31 g/t Au, for a total of 145,000 oz Au
The New Mineral Resource Estimate is based on:
- The New litho-structural interpretation released in March 2019
- 16,201 m additional drilling from F, 36E and Vintage Zones.
Large increases in contained gold ounces and average gold grades
The new mineral resource estimate has resulted in a large increase of contained gold oz per vertical meter as grade and contained ounces have increased across all categories at all cut-offs. (See table 1 below)
New Litho-Structural Model unlocks the “jewellery” box mystery of the high-grade O’Brien mine
The new structural model has resulted in a much better comprehension of the O’Brien gold project, highlighting a strong compatibility with the historic data and geometry of the Old O’Brien mine, where only 3 veins returned 90% of the historic production at an average grade of 15.25 g/t Au.
New Litho-Structural Model unlocks Significant property wide Exploration Potential along strike and at depth (See O’Brien gold project longitudinal section)
Current mineral resource area is only defined to 550 metres depth. Two historical drill intercepts have returned 17.46 g/t Au over 1.00 m and 13.68 g/t Au over 0.32m below 1,000 m depths. Other mines in the area have exceeded depths well below 1,000 m. Current mineral resource area is adjacent to the old O’Brien mine where historic production reached a vertical depth of 1,100 metres and remains untested below.
High-priority resource expansion and exploration drill targets have been defined:
- In vertical extension of the 36E and F Zones
- Infill targets and in vertical extension of the Kewagama zone
- On the Vintage Zone
- Near surface on O’Brien West
Table 1: 2019 O’Brien Project Mineral Resource Estimate at a 5.00 g/t Au base case cut-off and Sensitivity at other cut-off scenarios
| Indicated resources | Inferred resources | |||||||
| Zones | Cut-off (g/t Au) | Tonnes (t) | Grade (g/t Au) | Ounces (oz) | Tonnes (t) | Grade (g/t Au) | Ounces (oz) | |
| All zones | 7.00 | 544,600 | 12.16 | 212,800 | 243,600 | 9.69 | 75,900 | |
| 6.00 | 712,100 | 10.82 | 247,700 | 374,700 | 8.54 | 102,900 | ||
| 5.00 | 949,700 | 9.48 | 289,400 | 617,400 | 7.31 | 145,000 | ||
| 4.00 | 1,350,300 | 7.99 | 346,700 | 975,000 | 6.27 | 196,600 | ||
| 3.50 | 1,599,900 | 7.32 | 376,800 | 1,208,100 | 5.78 | 224,700 | ||
| 3.00 | 1,906,200 | 6.67 | 408,700 | 1,500,200 | 5.29 | 255,000 | ||
| 1. | The independent qualified person for the current 2019 MRE, as defined by NI 43-101, is Kenneth Williamson, M.Sc., P.Geo, of Kenneth Williamson 3DGeo-Solution. The effective date of the estimate is July 15th, 2019. | ||||||
| 2. | The Mineral Resources are classified as Indicated and Inferred Mineral Resources and are based on the 2014 CIM Definition Standards. | ||||||
| 3. | These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. | ||||||
| 4. | Results are presented undiluted | ||||||
| 5. | Sensitivity was assessed using cut-off grades from 3.00 g/t Au to 7.00 g/t Au. Cut-off grade is function of prevailing market condition (gold price, exchange rates, mining costs, etc) and must therefore be re-evaluated accordingly. | ||||||
| 6. | Base case cut-off grade of 5.00 g/t Au was established considering the narrow nature of the mineralized zones, a gold price of 1,350.00 US$/oz or 1,755.00 C$/oz using a 1.30 exchange rate, a recovery of 87.4%, a gold selling cost of 5.00 C$/oz, an overall mining cost of 67.50 C$/t, a processing cost of 65.00 C$/t and a G&A / Environmental cost of 32.50 C$/t. | ||||||
| 7. | High grade capping of 60.00 g/t Au was applied to raw assay grades prior to compositing. Compositing length was established at 1.50 m. Interpolation was realized using an inverse distance cubed (ID3) methodology within a 3m x 3m x 3m cell-size block model. | ||||||
| 8. | Density data (g/cm3) was set to 2.82 g/cm3 based on available density measurements. | ||||||
| 9. | A minimum true thickness of 1.5 m was applied for the construction of the mineralized zones model, which consist of 63 different mineralized zones. | ||||||
| 10. | Following recommendation of Form 43-101F1, the number of metric tons and ounces was rounded to the nearest hundredth. Any discrepancies in the totals are due to rounding effects. | ||||||
| 11. | Kenneth Williamson 3DGeo-Solution is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issues that could materially impact the current Mineral Resource Estimate. | ||||||
Kenneth Williamson 3DGeo-Solution considers the 2019 MRE to be reliable and based on quality data, reasonable hypotheses and parameters that follow CIM Definition Standards and that the results, presented undiluted, are considered to have reasonable prospects for eventual economic extraction.
20,000m Drilling program underway at O’Brien
Two drill rigs are now on site and running at O’Brien with approximately 20,000 meters to be completed by the end of January 2020. Radisson is working on increasing property wide resources by targeting the vertical extension below the 36E, F and Kewagama zones, and by further testing the Vintage Zone. The New Litho-Structural model also unlocked exploration targets on O’Brien West, located a few meters west of the old O’Brien mine. Part of Radisson’s strategy also includes infill drilling within volumes of high-grade inferred resource material where a potential for resource type conversion exists.
Qualified 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.
The Independent and Qualified Person for the Mineral Resources Estimate, as defined by NI 43-101, is Kenneth Williamson, M.Sc., P.Geo, of Kenneth Williamson 3D Geo-solution, and confirms that he has reviewed this press release and that the scientific and technical information is consistent.
About Radisson Mining Resources Inc.
Radisson is a 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 directors
Mario Bouchard
President and CEO, director
For more information on Radisson, visit our website at www.radissonmining.com.
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 Statements
All 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 endeavors 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.
Hubert Parent-Bouchard Director, Corporate development 819-763-9969 hpbouchard@radissonmining.com
