Richmont & Mountain Lake - outstanding drill results in NFLD
As promised..
Why they insist on using oz/ton is beyond me.
Anyway, excellent results and the stock barely moved.
(apologies for the format - go to the link for a better view)
biz.yahoo.com
Richmont Mines Inc. and Mountain Lake Resources Inc.: Excellent Drilling Results on the Valentine Lake Property
Wednesday April 7, 10:19 am ET
MONTREAL--(BUSINESS WIRE)--April 7, 2004--
Richmont Mines Inc. (AMEX:RIC - News; TSX:RIC - News) and Mountain Lake Resources Inc. (TSX VENTURE:MOA - News) announce drilling results on the Valentine Lake property, located in central Newfoundland, 55 km south of the town of Buchans.
Richmont Mines has an option to acquire a 70% interest in the Valentine Lake property by carrying out $2.5 million in exploration work by October 31, 2007.
During the due diligence period which ended March 31, 2004, Richmont Mines drilled six holes totalling 4,150 feet in the main zone.
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2004 DRILLING RESULTS(1)
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Gold Gold Estimated
Drill hole From To Interval grade grade cut true thickness
(feet) (feet) (feet) (oz/t) (1 oz/t) (feet)
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VL-04-86(i) 153.9 214.7 60.8 0.21 0.17 27.6
including 174.9 214.7 39.8 0.27 0.20 18.0
VL-04-87 275.8 437.2 161.4 0.19 0.15 40.5
including 389.3 437.2 47.9 0.29 0.26 12.2
VL-04-88(i) 398.8 421.8 23.0 0.92 0.56 18.9
VL-04-89 710.3 716.9 6.6 0.12 0.12 3.3
VL-04-90 413.4 421.6 8.2 0.02 0.02 6.2
VL-04-91 594.0 621.6 27.6 0.15 0.15 17.7
including 603.9 621.6 17.7 0.23 0.20 11.5
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(i)Visible gold
(1)Method of analysis
The analyses were conducted at the Eastern Analytical Ltd. laboratory
in Springdale, Newfoundland, by means of fire assay fusion on 30
grams of material with atomic absorption (AA) finish. The rejects
from all the zones of interest were sent to the ALS Chemex laboratory
in Val-d'Or, Quebec, for a second fire assay fusion with AA finish on
30 grams of material. For samples assaying greater than 0.20 oz/t Au,
fire assay with gravimetric finish was used. The cutoff grade for the
high values was set at 1 oz/t. The rejects from drill holes 90 and 91
are currently being analyzed at the ALS Chemex laboratory.
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PREVIOUS DRILLING RESULTS
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Gold Gold Estimated
Drill hole From To Interval grade grade cut true thickness
(feet) (feet) (feet) (oz/t) (1 oz/t) (feet)
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VL-10 405.0 420.0 15.0 0.18 0.18 12.2
VL-18 115.2 125.0 9.8 0.02 0.02 7.5
VL-24 617.1 626.9 9.8 0.71 0.51 7.4
VL-25 574.6 584.5 9.8 0.04 0.04 7.5
VL-30 705.7 720.5 14.8 0.09 0.09 11.1
VL-31 535.1 566.6 31.5 0.26 0.26 23.2
VL-32 488.2 501.3 13.1 0.22 0.22 9.6
VL-33 732.7 739.3 6.6 0.13 0.13 4.8
VL-36 NSV
VL-39 NSV
VL-45 531.1 537.6 6.6 0.15 0.15 4.8
VL-47 517.9 531.0 13.1 0.12 0.12 9.6
VL-98-6 533.6 540.7 7.1 0.43 0.43 5.5
VL-98-7 NSV
VL-99-4 1,218.0 1,240.3 22.3 0.11 0.11 14.7
VL99-7 421.1 459.8 6.9 0.31 0.31 5.1
VL99-8 NSV
02VL-79 45.9 55.0 9.0 0.21 0.21 6.7
02VL-80 NSV
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NSV equals No significant values
The drilling confirmed the continuity of the gold structure over a
thickness of more than 40 feet oriented 240 degrees N and dipping 65
degrees toward the northwest. This zone is located near the contact
between a felsic intrusion and a sedimentation unit. The gold zone is
part of an altered and sheared felsic intrusion controlled by sheared
mafic dykes. The estimated true thicknesses are based on the dip of
the gold mineralization encountered in:
- quartz-tourmaline veins with pyrite masses of variable thickness (1
to 12 inches) oriented at various angles with respect to the core
axis;
- quartz-tourmaline cementation with disseminated pyrite in layered
zones;
- disseminated pyrite in the variously sheared and altered felsic
intrusion.
Following these drilling results, 323 additional claims were staked, increasing the surface area of the Valentine Lake property to 17,347 hectares. The extended property covers the favourable contact containing the mineralized zone over a distance of more than 40 km.
Exploration work was interrupted by the spring thaw and a drilling program will resume in June or as soon as ground conditions permit. The next drilling program will verify the extent of the main zone, which remains open laterally and at depth. The Valentine Lake project will be Richmont Mines' main exploration target in Newfoundland.
National Instrument 43-101
The exploration program was conducted by qualified geologist as required by National Instrument 43-101, under the supervision of Mr. Jules Riopel, M.Sc. Geo., Principal Exploration Geologist, an employee of Richmont Mines Inc.
Disclosure regarding forward-looking statements
This news release contains forward-looking statements that include risks and uncertainties. The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-U.S. exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenues and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be detailed in periodic reports from Richmont Mines Inc.
Valentine Lake Property's maps are available on CCNMatthews' Web Site at the following address: www2.cdn-news.com |
