TORONTO, Dec. 13 /CNW/ - Richmond Minerals Inc. (Richmond) is pleased to provide the following corporate project update regarding the Triple Lake property near Timmins, Ontario, the Grenville joint venture with Fort Chimo Minerals (CNQ: FORT) in Quebec, and the Lac Mistamisk project near Schefferville, Quebec.
Line-cutting and geophysical surveying have been completed over the CF-1 and CF-2 claim blocks of the Triple Lake group of properties. Preliminary examination of the data confirms the presence of several geophysical anomalies. While performing the ground surveys, crews encountered mineralization in numerous outcrops and in angular floats. The mineralization observed includes chalcopyrite, malachite, bornite, magnetite and pyrite. Numerous grab samples have been collected and sent for assay. Results are pending. The geophysical data is presently being reviewed for priority drill target selection.
Geophysical, geological and geochemical studies were undertaken by the Institut National de la Recherche Scientifique - Eau, Terre et Environment (INRS - ETE) researchers over the Richmond/Fort Chimo Bondy gneiss complex joint venture property south east of Mont Laurier, Quebec during the recent fall season. Preliminary results are extremely promising. Application of specialized processing techniques to regional gravity data has identified an association with regional crustal structures and mineral showings on the Bondy gneiss complex. In particular, the Bing copper showing, in which grab samples assayed as high as 10.05% copper and greater than 1 once per ton silver, occurs at the intersection of two such structures. Analysis of the gravity data also suggests the presence of mafic intrusions beneath aero magnetic and electromagnetic highs on the Bondy property approximately 2 kilometers northwest of the Bing copper showing. Similar mafic bodies are interpreted beneath Iron Oxide Copper Gold (IOCG) style ore deposits worldwide (e.g. northern Sweden). Sulphides composed of chalcopyrite, pyrite and magnetite were discovered at a well-defined electromagnetic anomaly within the aeromagnetic and gravity high. A series of northeast striking mineralized breccia zones were documented on the northeast margin of the coincident gravity and aero magnetic anomaly. The mineralization identified in grab samples includes chalcopyrite, pyrite and magnetite. Anomalous uranium values were also detected in this area. Follow-up work will include stripping and trenching work, and detailed ground geophysics, followed by diamond drill target selection and drilling.
Negotiations with Long Point First Nation regarding an exploration agreement at the Halle township volcanogenic massive sulphide base metal target near Belleterre, Quebec have been progressing well. It is anticipated that an agreement will be reached shortly. Exploration work, including detailed ground geophysics and diamond drilling will commence immediately after an agreement has been finalized.
Laboratory results have been received for the Lac Mistamisk drilling program. No significant results were obtained and no further work at Lac Mistamisk is planned at this time.
Warren Hawkins, P.Eng, in his capacity as Qualified Person under National Instrument 43-101 has reviewed the contents of this release.
We seek safe harbor.
On Behalf of the Board of Directors
(signed)
Paul Ankcorn, President
Neither the TSX Venture Exchange Inc. nor any other regulatory body
accept responsibility for the adequacy or accuracy of this news release.
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