The Conversation (0)
Richmont Mines Inc. (TSX:RIC,NYSEMKT:RIC) has achieved access to the upper portion of the Island Gold Deep resource with approximately 130 metres of development into the C Zone at a vertical depth of 560 metres. The claims are wholly owned by Richmont, and the company continues to delineate the resource through its 2014 definition drilling program while compiling results from 2013 exploration drilling.
As quoted in the press release:
An approximate 92 metre length of this development is well mineralized, and corresponds well with the previously established resource. Chip sample results (face) obtained for the C mineralized zone during lateral drift development over the 92 metres averaged a cut grade of 12.73 g/t over an average width of 2.92 metres. This grade value should be seen as indicative, as the capping value used (75 g/t) needs to be confirmed by further studies. Results from definition drilling completed within the deep resource offer additional confirmation of prior exploration data for Island Gold Deep. Approximately 5,000 metres of definition drilling has been done in the upper part of the C zone resource at 25 metre spacing, and results will enable a better definition of the resource limits for both the C and B zones. Ramp development is ahead of schedule and currently at the 610 metre level, and is on pace to reach a depth of 635 metres before year-end.
Richmont CEO, Paul Carmel, said:
We have achieved yet another milestone at Island Gold Deep – that of accessing the deep C Zone for the first time and seeing that the continuity and grades of the deposit have been confirmed. So far we have three levels opened up at Island Gold Deep, with a fourth (610 metre) to be excavated very shortly. The ramp will reach our targeted 635 metre level before year-end and may potentially be continued to the 660 metre level depending on the availability of jumbo crews. We are already beginning to lay the groundwork for extraction of the first long-hole stope from Island Gold Deep later in the year, yielding further geotechnical data before beginning the process of establishing reserves. We are delighted with the progress we are making at Island Gold Deep as it continues to transform the Island Gold Mine into a long-life, low-cost, cornerstone asset for Richmont.
Click here to read the Richmont Mines Inc. (TSX:RIC) press release
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