Richmont Mines Provides Exploration Update for Island Gold Project

Richmont Mines (TSX:RIC,NYSEMarket:RIC) announced an update on the previously announced Island Gold exploration drilling program, which continues to demonstrate the significant potential of this cornerstone asset.
As quoted in the press release:

The overall program has four main objectives: 1) To test the near-mine potential to extend mine life above the 860 metre level; 2) to test the down plunge extension of the deposit between the 860 and 1,500 metre levels; 3) to test the east-west lateral extension beyond the known deposit; and 4) to test high-priority gold targets on the prospective Island Gold Property. Drilling efforts are ongoing and it is expected that the entire drilling program will be completed by the end of April, 2016.
Near-Mine Lateral Exploration
Very encouraging drilling results to date from the near-mine lateral exploration program provide increasing confidence in the potential to extend the Phase 1 mine life to the east and west of the main deposit area above the 860 metre level, beyond the six years considered in the recent Preliminary Economic Assessment( PEA). Currently 3 drills are working in these areas and the program is expected to be completed by April, 2016.
Approximately 14,700 metres of a planned 36,000 metres (5,000 metres from the 450 metre level and 31,000 metres from the 620 metre level) have been completed to date. The drilling is focused on east-west targets that are contiguous to the main deposit area considered in the PEA. Highlights include (all results are reported with estimated true width and high grade capped at 95 g/t):

• Hole 450-467-38: 34.94 g/t gold over 2.35 metres
• Hole 450-467-44: 23.83 g/t gold over 2.35 metres
• Hole 620-543-17: 14.77 g/t gold over 2.10 metres
• Hole 620-536-15: 11.95 g/t over 2.26 metres
• Hole 620-536-26: 8.61 g/t over 3.12 metres

Deep Directional Drilling 
The deep directional drilling program designed to test the down plunge extension of the deposit between the 860 and 1,500 metre levels and to follow-up on a single deep hole from surface that intersected 19.87 g/t over 3.93 metres at a depth of 1,200 metres, successfully intersected 25.6 g/t gold over 4.67 metres, approximately 270 metres from the earlier high grade intersection. The objective of the deep drilling program is to test the deposit at depth and to increase confidence in the vertical extension of the deposit for potential resource growth. To date, approximately 5,800 metres (4 holes) of the planned 23,000 metres of drilling have been completed, including 3 pilot holes and 1 exploration hole. Currently 3 drills are on site and the directional program is expected to be completed by April 2016.
The 3 pilot holes were planned to intersect the upper end of the target area below the 860 metre level, with an additional 10 holes to be drilled from each of the pilot holes down to the 1,500 metre level. Hole MH1 intersected the down plunge extension of the main zone at a vertical depth of 1,011 metres, and Holes MH2, MH3 and MH3-1 were positioned above and to the east of the MH1 hole at the upper east boundary of the target area to test the down plunge extension from that angle. Highlights include:

• Hole MH1: 25.6 g/t gold over 4.67 metres
• Hole MH2: 2.55 g/t gold over 4.09 metres
• Hole MH3: 1.15 g/t gold over 0.35 metres
• Hole MH3-1: 1.48 g/t gold over 5.29 metres

Eastern Lateral Exploration 
Drilling results to date from exploration drilling program to the east of the main deposit area successfully demonstrate the potential to increase the resource inventory to the east of the mine. Currently, 2 drills are working in this area and the program is expected to be completed by February 2016.
Approximately 5,700 metres of a planned 12,000 metres (7,000 metres from surface and 5,000 metres from the 340 metre level) have been completed to date with results indicating potential extension of the system to the east, including a new area of interest (Hole GD-620-01) located approximately 600 metres to the east of the main deposit, below and to the east of the Goudreau Zone. Highlights include:

• Hole 340-580-09: 5.47 g/t gold over 9.00 metres
• Hole 340-580-08: 5.69 g/t gold over 2.57 metres
• Hole GD-620-01: 24.57 g/t gold over 1.26 metres

Western Lateral Exploration 
Drilling results to date from the exploration drilling program to the west of the main deposit area provide additional confidence in the potential extension of the mineralized system to the west. Drilling has been suspended in this area until January pending receipt of additional assay results and the program expected to be completed by April 2016.
Approximately 5,900 metres of a planned 8,000 metres (2,500 metres from surface and 5,500 metres from the 190 metre level) have been completed to date and results show potential extensions of the known deposit. Highlights include:

• Hole 190-419-12A: 10.43 g/t gold over 3.19 metres
• Hole LC-388-01: 5.52 g/t gold over 1.44 metres
• Hole LC-15-01: 4.03 g/t gold over 1.23 metres

Regional Surface Exploration 
A 7,500 metre regional exploration program was previously announced that will test the east and west regional extensions of the Island Gold deposit along strike as well as for new deposits within the Goudreau shear zone. It is expected that the drilling program will be launched in early 2016. The regional program will include drilling of selected high-priority gold targets identified by the exploration team, based on their previous work and compilations, elsewhere on the highly prospective 77 km² Island Gold Property.

Richmont Mines President and CEO, Renaud Adams, stated:

We are very encouraged with the early results from the entire exploration program, particularly from the near-mine drilling that is directly contiguous to the PEA deposit area, as this demonstrates significant potential to increase resources above the 860 metre level and add very profitable production ounces, which can utilize existing infrastructure and extend mine life. Additionally, continued exploration success laterally could also support a potential expansion to 1,150 tonnes per day, which was presented in the recent PEA. We remain very optimistic that the deposit extends vertically below the 1,000 metre level with considerable potential for resource expansion.

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