Richmond Minerals Inc. is pleased to provide an update for exploration work at the Company’s Ridley Lake Gold Project located in the west central area of the Swayze Greenstone belt approximately 35 kilometres east of Goldcorp’s Borden Gold Project.
A geophysical survey grid was cut on four of the Company’s 100%-owned claims located immediately to the east of the Aguara gold showing, followed by the completion of Spectral Induced Polarization (IP)/Resistivity & Magnetic surveys. The surveys were successful in identifying a well-defined IP anomaly characterized by high chargeability and resistivity and a prominent coincidental magnetic anomaly (the “Aguara East anomaly”), having a northeast orientation and a strike length in excess of 825 meters.
A limited IP/Resistivity survey conducted in 1983 identified a high chargeability and resistivity anomaly (the “Aguara anomaly”) having a strike length of approximately 245 meters. This limited IP/resistivity survey demonstrated a clear association between the northeast trending gold showing and a northeast striking anomalous IP/Resistivity trend. The diamond drill programme conducted in 1989 substantiated the association between significant intervals of gold mineralization and the results of the limited IP/Resistivity. The geophysical program on the Aguara East grid has been successful in extending the strike length of the entire Aguara anomaly to now in excess of 1 kilometre.
Richmond has identified several priority drill targets within the Aguara east anomaly on its 100% owned Aguara East claims and the Company is planning a 1,500 meter first phase drilling program scheduled for next month.