Excellent drilling results on the Valentine Lake property
biz.yahoo.com
MONTREAL, April 8 /CNW/ - Richmont Mines Inc. and Mountain Lake Resources Inc. 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 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 Estimated
Gold grade true
From To Interval grade cut thickness
Drill hole (feet) (feet) (feet) (oz/t) (1 oz/t) (feet)
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VL-04-86(x) 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(x) 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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(x) Visible gold
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(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 Estimated
Gold grade true
From To Interval grade cut thickness
Drill hole (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 (equal sign) 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.
Louis Dionne Allen E. Sheito
President and President and
Chief Executive Officer Chief Executive Officer
Richmont Mines Inc. Mountain Lake Resources Inc.
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.
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I used a conversion factor of 31.1g per troy oz.
No change made for ton vs. (metric) tonne.
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2004 DRILLING RESULTS(1)
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---------------- From ------ To ---- Interval --- grade ---- cut ---- TV thickness
Drill hole --- (feet) ---- (feet) --- (feet) ---- (g/t) -- (31.1 g/t) ------(feet)
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VL-04-86 --- 153.9 -- 214.7 ---- 60.8 ----- 6.53 ---- 5.29 ------ 27.6
including --- 174.9 -- 214.7 ---- 39.8 ----- 8.40 ---- 6.22 ------ 18.0
VL-04-87 --- 275.8 -- 437.2 --- 161.4 ---- 5.91 ---- 4.67 ------ 40.5
including --- 389.3 -- 437.2 ---- 47.9 ----- 9.02 ---- 8.09 ------ 12.2
VL-04-88 --- 398.8 -- 421.8 ---- 23.0 ---- 28.61 --- 17.42 ---- 18.9
VL-04-89 --- 710.3 -- 716.9 ---- 6.6 ------ 3.73 ---- 3.73 ------ 3.3
VL-04-90 --- 413.4 -- 421.6 ---- 8.2 ------ 0.62 ---- 0.62 ------ 6.2
VL-04-91 --- 594.0 -- 621.6 ---- 27.6 ---- 4.67 ---- 4.67 ------ 7.7
including ---- 603.9 -- 621.6 ---- 17.7 ---- 7.15 ---- 6.22 ------ 11.5
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As you can see, when put in terms we can relate to, these results are excellent.
No wonder RIC staked a pile more land!
2004 will be kind to us.
S&P |
