Radisson Mining Resources (TSXV: RDS; US-OTC: RMRDF) has encountered more high-grade mineralization during a resource expansion drill program at its O'Brien gold project in northwestern Quebec, about halfway between the towns of Rouyn-Noranda and Val d'Or.
Highlights included 57.48 grams gold per tonne over 2.80 metres starting from 848.80 metres downhole, including 196 grams gold per tonne over 0.80 metre in drillhole OB-20-156w1. Drillhole OB-20-169 returned 14.51 grams gold over 2 metres starting from 619 metres, and 62.80 grams gold over 1 metre within a broader interval of 18.42 grams gold over 5 metres starting from 731.40 metres downhole in drillhole OB-20-180.
The drill program so far suggests a continuity of mineralization below the current resource depth limit of mostly 400 metres, the company reported in a press release, and noted that "multiple high-priority drill targets remain to be tested to expand potential resources in the area."
The company says it has identified three high-grade mineralized trends that are about 300 metres, 600 metres and 900 metres, respectively, to the east of the historic O'Brien mine. The mineralized trends, Radisson said, "bear similarities with structures previously mined at O'Brien down to a depth of 1,100 metres." The O'Brien mine produced about 587,000 oz. of gold grading 15.25 grams gold per tonne between 1926 and 1957.
Drill results released in early February included 24.22 grams gold over 3 metres starting from 1,017 metres vertical depth in drillhole OB-20-174W1b, about 280 metres below portions of the resource boundary.
Drilling at the project began in August 2019 and the company expects to complete 130,000 metres before the end of this year.
Radisson has focused its drill campaign within a strike length of about 1 km to the east of the O'Brien mine, an area the company says is only "a small portion" of the more than 5.2 km of strike it controls along the Cadillac Break.
The project sits in the Bousquet-Cadillac mining camp along the renowned Larder-Lake-Cadillac Break in the Abitibi, and Radisson notes that there are five potential mills (LaRonde, Westwood, Camflo, Lac Herbin and Beacon) within 75 km of the project that could custom mill material from the deposit.
A July 2019 resource estimate identified 1.91 million indicated tonnes grading 6.67 grams gold per tonne for 408,700 ounces of gold and 1.5 million inferred tonnes averaging 5.29 grams gold for 255,000 oz. of gold. The numbers were based on a cut-off grade of 3.0 grams gold per tonne.
The company has about $13.7 million in cash.
Over the last year Radisson has traded within a range of 10 ? and 40 ? per share and at press time was trading at 33.5 ?. The junior has about 220 million common shares outstanding for a market cap of roughly $74 million.