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Richmont Mines Inc. (TSX:RIC,NYSE MKT:RIC) will undertake additional exploration drilling at its Island Gold project in Ontario. This additional drilling will test a portion of the down plunge projection of the Island Gold deposit.
As quoted in the press release:
The recently approved 4,800 metre exploration drill program (approx. 4 holes) is expected to commence shortly. This program is designed to test the down plunge extension of the deposit between 800 and 1,000 metres of depth, at a total cost of approximately $0.5 million. This is in addition to 3,000 metres of drilling (approx. 4-5 holes) planned from underground that will test the area immediately east of the known deposit below the 800 metre level. An additional 9,800 metres of definition drilling is underway in a number of areas of the mine, as per the 2014 plan, and is expected to contribute to upgrading some of the inferred resources into the measured and indicated resources before year end.
Richmont interim CEO, Elaine Ellingham, said:
This new 1.1 million ounce resource under our operating Island Gold Mine came together very quickly. It remains open at depth and along strike, presenting some compelling potential for expanding this resource. These additional exploration drill holes will enable us to test the down plunge potential to the east of our existing resource base at depths of between 800 and 1,000 metres.
Click here to read the Richmont Mines Inc. (TSX:RIC) press release
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