Drilling on Radisson Mining Resources' (TSXV: RDS; US-OTC; RMRDF) 100%-owned flagship O'Brien gold project in Quebec continues to hit high-grade mineralisation below the current resource.
Radisson said the drilling campaign has continued to define and expand three high-grade mineralised trends, located approximately 300, 600, and 900 metres, respectively, to the east of the past-producing O'Brien mine. The mine produced 587,121 oz. of gold between 1926 and 1957 and 10,852 oz. from 1974 to 1981.
Highlights include drillhole OB-20-174W1b, which intersected 3 metres grading 24.22 grams gold per tonne starting from 1,017 metres, including 1 metre of 34.10 grams gold. The hole was drilled approximately 280 metres below the resource boundary and as a wedge off pilot hole OB-20-174, a previously reported drill hole 30 metres to the west.
Radisson said that the holes are the deepest holes so far drilled along the high-grade trend #1 since the drill program began in August 2019 and were drilled to test the resource expansion potential at depth.
Hole OB-20-181, drilled 120 metres to 170 metres below the resource boundary, returned 1.7 metres grading 13.74 grams gold from 850.5 metres, including 3.4 metres of 19.63 grams gold from 893.6 metres.
Both OB-20-174W1b and OB-20-181 demonstrate the continuity of high-grade mineralisation down to a vertical depth of 950 metres and up to 350 metres below the resources on trend #1 , the company said.
To date, the company has completed 60,499 metres of a 130,000-metre drill program on the project, which is located half-way between Rouyn-Noranda and Val-d'Or along the world-renowned Larder-Lake-Cadillac fault.
A mineral resource estimate for the project in 2019 outlined 950,000 indicated tonnes grading 9.48 grams gold per tonne for 289,000 oz. contained gold and inferred resources of 617,000 tonnes grading 7.31 grams gold for 145,000 ounces. The resource estimate used a 5 gram gold per tonne cut-off grade.
As of the end of January, the company held $14.5 million in cash to fund the drill program, which it plans to complete by the end of this year.
At press time in Toronto, Radisson Mining Resources was trading at 30 ? per share within a 52-week trading range of 9 ? and 40 ?. The company has around 220 million common shares outstanding for a $65.9-million market capitalization.