ROUYN-NORANDA, QUEBEC--(Marketwired - Apr 20, 2015) - Radisson Mining Resources Inc. (TSX VENTURE:RDS) ("Radisson") is pleased to announce the completion of a mineral resources estimate update for its wholly owned O'Brien gold project. The estimate was prepared in accordance with National Instrument 43-101 (NI 43-101) by independent firm InnovExplo. The main points compared to the last update done in October 2013 are highlighted below.
Highlights
- 13% increase of the indicated resources, for a total of 119,819 ounces Au;
- 181% increase of the inferred resources, for a total of 188,466 ounces Au;
- The Kewagama area was incorporated to the current mineral resources estimate;
- The current resources estimate includes the 36E and Kewagama areas (Figure 1);
- Potential for resources expansion laterally and at depth.
President Mario Bouchard commented: "The Kewagama area integration to the O'Brien project is in line with our corporate strategy to develop and enhance our main asset. The management is confident to move forward with the project to create economic benefits, collective wealth and added value for our shareholders in a sustainable manner."
Current Mineral Resources Estimate - April 10th 2015
| |
Indicated Resources |
Inferred Resources |
| Cut off grade |
Tonnes |
Grade
g/t Au |
Ounces
Au |
Tonnes |
Grade
g/t Au |
Ounces
Au |
| 3.5 g/t Au |
570,800 |
6.53 |
119,819 |
918,300 |
6.38 |
188,466 |
More than 41,000 metres of drilling conducted on the Kewagama area were compiled and incorporated to the current mineral resources estimate. Then, as of today, the Old O'Brien, the 36E and Kewagama areas will all be part of what we'll call the « O'Brien project ».
In this regard, Radisson will begin data compilation and interpretation of the Old O'Brien area, home of 110,786 historic gold ounces. These "resources" are historical in nature and should not be relied upon. It is unlikely they conform to current NI 43-101 criteria or to CIM Standards and Definitions, and they have not been verified to determine their relevance or reliability. They are included in this section for illustrative purposes only and should not be disclosed out of context. The purpose of the future work, for this additional area, will be to complete a mineral resources estimate in compliance with National Instrument 43-101.
Radisson's team is pleased with the O'Brien project 3D block model delivered by InnovExplo. The 3D model will be useful to identify many exploration targets in order to expand the resources with additional drilling (Figure 2).
Pre-Economic Assessment Continuation
The 4.5km project is located in the heart of the Bousquet-Cadillac mining camp along the world renowned Larder-Lake-Cadillac Fault. Current mineral estimate of both the 36E and Kewagama areas will be integrated into the PEA that will be completed by InnovExplo.
The company encourages investors to consult the O'Brien project 3D block model preview on its website homepage at www.radissonmining.com.
2015 - O'Brien Project - Mineral Resources Estimate at a 3.5 g/t Au Cut-Off (O'Brien and Kewagama Claim Blocks) and Sensitivity at Other Cut-Off Scenarios
| Indicated |
|
Inferred |
| |
|
|
|
|
|
|
|
|
|
|
| Area |
Cut-off |
Tonnage |
Grade
g/t Au |
Ounces |
|
Area |
Cut-off |
Tonnage |
Grade
g/t Au |
Ounces |
| |
2.00 |
1,384,700 |
4.22 |
188,049 |
|
|
2.00 |
3,388,500 |
3.64 |
396,601 |
| |
2.50 |
991,200 |
5.01 |
159,770 |
|
|
2.50 |
2,254,100 |
4.36 |
315,725 |
| All |
3.00 |
748,800 |
5.75 |
138,456 |
|
All |
3.00 |
1,525,300 |
5.12 |
251,293 |
| areas |
3.50 |
570,800 |
6.53 |
119,819 |
|
areas |
3.50 |
918,300 |
6.38 |
188,466 |
| |
4.00 |
444,300 |
7.33 |
104,676 |
|
|
4.00 |
663,500 |
7.42 |
158,273 |
| |
5.00 |
320,800 |
8.43 |
86,939 |
|
|
5.00 |
486,200 |
8.52 |
133,245 |
- The Independent and Qualified Persons for the Mineral Resource Estimate, as defined by NI 43-101, are Pierre-Luc Richard, P.Geo., M.Sc. and Alain Carrier, P.Geo., M.Sc., of InnovExplo Inc., and the effective date of the estimate is April 10, 2015.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- The resource model includes the previously named 36E and Kewagama zones. The historical O'Brien mine area is not included in this resource as it is not compiled nor validated at the time this estimate is being published. The model includes 56 gold-bearing zones; not all of which include resource at the official cut-off grade. A dilution envelope was also modelled, but no resource at the official cut-off grade is being reported for said envelope.
- Results are presented in situ and undiluted.
- Sensitivity were compiled at 2.0, 2.5, 3.0, 3.5, 4.0 and 5.0 g/t Au cut-off grades. The official resource is reported at 3.5 g/t Au cut-off grade.
- Cut-off grades must be re-evaluated in light of prevailing market conditions (gold price, exchange rate and mining cost).
- A fixed density of 2.67g/cm3 was used for all zones.
- A minimum true thickness of 1.5 m was applied, using the grade of the adjacent material when assayed, or a value of zero when not assayed.
- High grade capping (Au) was done on raw assay data and established on a sector basis (Western zones: 65 g/t, Eastern zones: 30 g/t, Western dilution zone: 3.5 g/t Eastern dilution zone: 4.0 g/t).
- Compositing was done on drill hole intercepts falling within the mineralized zones (composite = 0.80 m).
- Resources were evaluated from drill hole using a 2-pass inverse squared distance (ID2) interpolation method in a block model (block size = 3 m x 3 m x 3 m).
- The inferred category is only defined within the areas where blocks were interpolated during pass 1 or pass 2. The indicated category is only defined in areas where the maximum distance to closest drill hole composite is less than 20m for blocks interpolated in pass 1. Reclassification was conducted locally in order to respect CIM guidelines.
- Ounce (troy) = metric tonnes x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t).
- The number of metric tonnes was rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
- InnovExplo is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect the Mineral Resource Estimate.
About Radisson mining resources
Radisson is a Quebec-based mineral exploration company. The O'Brien project, cut by the regional Larder-Lake-Cadillac Fault, is Radisson's main asset. The old O'Brien Mine, is considered to have been the Abitibi Greenstone Belt's highest-grade gold producer during its production (1,310,356 short tons at 0.448 oz/t from 1925 to 1956; RPA, May 2007).
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The Independent and Qualified Persons for the Mineral Resources Estimate, as defined by NI 43-101, are Pierre-Luc Richard, P.Geo., M.Sc. and Alain Carrier, P.Geo., M.Sc., of InnovExplo Inc. They confirm that they have reviewed this press release and that the scientific and technical information is consistent.
InnovExplo will file the technical report, in accordance with National Instrument 43-101, on SEDAR within 45 days of this release.
Consultant Yolande Bisson, Eng. MBA, acts as a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the technical information in this release.
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.