ROUYN-NORANDA, Quebec, Sept. 14, 2022 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that Radisson Mining Resources (RDS-TSXV and RMRDF-OTC) has announced numerous high grade gold intersections on Trends 3 and 4 which are located on their Kewagama Gold Mine property on which Globex Mining Enterprises Inc. holds a 2% Net Smelter Royalty.
Below we are presenting the Radisson press release in full (13 Pages including tables and a longsection) as it not only indicates significant gold intersections but also that the number 3 and 4 Trends plunge to depth on our royalty claims and as well are open along strike. Of particular interest is that 45% of the drill holes on Trend 3 and 53% on Trend 4 display visible gold.
Globex is pleased with the drill results announced by Radisson and look forward to their continuing efforts to advance the mineral potential of the Kewagama Property.
(Note: Production royalties are only payable upon production.)
This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
|We Seek Safe Harbour.||Foreign Private Issuer 12g3 – 2(b)|
|CUSIP Number 379900 50 9
|For further information, contact:|
|Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.
Radisson intersects 17.11 g/t Au over 2.00 m, 12.66 g/t Au over 1.80 m and 8.69 g/t Au over 2.20 m confirming resource expansion potential along trend #3 and #4 at the O’Brien gold project
Rouyn-Noranda, Qc Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF): (“Radisson” or the “Company”) is pleased to announce significant high-grade gold intercepts from the 127,600 m exploration drill program completed this summer at its 100% owned O’Brien gold project located along the Larder-Lake-Cadillac Break (see location map 1 and location map 2), halfway between Rouyn-Noranda and Val-d’Or in Quebec, Canada.
- Significant intercepts from drilling along high-grade trend #3
- 17.11 g/t Au over 2.00 m and 5.16 g/t Au over 1.70 m (OB-21-279)
- 12.66 g/t Au over 1.80 m including 27.90 g/t Au over 0.80 m (OB-21-275)
- Current resources in this sector are largely within a vertical depth of 240 m from surface. Drilling undertaken during this campaign has traced high-grade gold mineralization down to 260 m below current resources including an intercept of 45.86 g/t Au over 2.10 m at 500 m vertical depth, representing one of the deepest intercepts previously obtained on the sector. Other results previously published highlighting strong resource growth potential include 10.02 g/t Au over 4.40 m, 24.80 g/t Au over 2.00 m, 11.12 g/t Au over 2.30 m and 21.28 g/t Au over 2.00 m.
- Significant intercepts from drilling along high-grade trend #4
- 8.69 g/t Au over 2.20 m including 29.50 g/t Au over 0.60 m (OB-22-298)
- 7.73 g/t Au over 2.00 m including 15.00 g/t Au over 1.00 m (OB-21-296)
- This sector does not contribute meaningfully to current resources which are limited to the first 330 m vertical metres. New and previously released drill holes (including 31.56 g/t Au over 2.00 m and 13.83 g/t Au over 2.40 m) demonstrate continuity of high-grade mineralization down to a vertical depth of 550 m in this area that remains open for expansion for over 750 m laterally and at depth.
- With the successful conclusion of this drill campaign, 127,600 metres (255 holes) have been drilled since the commencement of the program in August 2019.
- Use of directional drilling technology to test deeper targets resulted in savings of approximatively 13,800 metres, enabling the company to drill test with fewer metres, the same number of targets that would have otherwise required at least 141,400 metres of conventional drilling.
- Results are pending for 36 additional holes (approximately 18,500 m) with visible gold showings in 17 of those holes.
- The majority of pending holes were drilled to test high-priority deeper targets along trends #1 and #2.
“We are pleased to report the successful conclusion of a 127,600 m drill campaign that commenced in August 2019. Results have continued to impress with 219 holes published thus far including 141 intercepts grading over 5 g/t and 59 intercepts grading over 10 g/t. The use of directional drilling technology in the last 12 months significantly increased drilling efficiency, as a result of which we were able to precisely hit deeper high-priority targets and to drill test 10% more targets than originally budgeted with fewer metres.
The majority of drilling targeted resource expansion along trends 0, 1 and 2, and results appear to have almost doubled the depth extent of resources in those sectors. Some drilling was also allocated towards defining additional O’Brien-like mineralized trends further to the east. Results obtained along trend #3 and trend #4 have highlighted the significant high-grade potential approximately 900 m and 1,200 m east of the old O’Brien mine. While these two trends did not contribute meaningfully to the resource estimate published by Radisson in 2019, approximately 24,670 metres in 59 exploration holes were drilled during the campaign with impressive results, including 28 intercepts returning grades of over 5 g/t Au. Both trends remain open below 500 m and the property remain largely unexplored for an additional 750 m east of trend #4. We believe that the high-grade results obtained in these sectors highlight only a portion of the resource growth potential that still resides near surface at O’Brien.
Results are pending for 18,500 m of drilling in 36 additional holes drilled to test high-priority deeper targets along trends 1 and 2. In parallel, our efforts are now largely focused on interpreting and incorporating results from the drill program into an updated lithostructural model and mineral resource estimate targeted for completion by late 2022/early 2023.” Commented Rahul Paul, President and Chief Executive Officer.
Notable drill results
|Hole||Zone||From (m)||To (m)||Core Length (m)||g/t Au – Uncut|
- VG denotes the presence of visible gold
- True widths estimated at 70% to 80% of core length.
- Assay grades shown uncapped. A capping factor of 60 g/t Au was used in the 2019 resource estimate
- For a full listing of drill results from current drilling program click here.
Drilling at O’Brien continues to validate the litho-structural model while highlighting resource growth potential laterally and at depth
Drilling to date has continued to define and expand almost five high-grade mineralized trends, located within a 1,200 m strike respectively to the east of the old O’Brien Mine. Mineralized trends identified bear similarities with structures previously mined at O’Brien down to a depth of 1,100 m (historical production of 587 koz grading 15.25 g/t Au).
Drilling so far has demonstrated continuity of mineralization well below the boundary of defined resources in all defined trends, which remain open for expansion laterally and at depth. In trend #0, drilling has traced mineralization to a depth of 620 m, while current resources are mostly within the first 240 m. In trend #1, drilling has highlighted continuity of mineralization down to a vertical depth of 950 m, while current resources are mostly limited to a vertical depth of approximately 600 m. In trend #2, drilling has highlighted continuity of mineralization down to a vertical depth of over 800 m, while current resources are mostly within 400 m from surface. In trend #3, drilling has traced mineralization down to 500 m vertical depth from surface. Current resources are mostly confined to within a vertical depth of 240 m. In trend #4, drilling has traced mineralization down to a vertical depth of approximately 550 m.
In addition, the Company has completed an initial 5,700 m exploration program at O’Brien West. In addition to validating geological information from historical drill holes, initial results showcase potential for additional high-grade discoveries in this area. O’Brien West remains open in all direction, with results indicating strong depth continuity in lithological units identical to those observed along strike to the west, reaffirming the upside potential from approximately 2.5 km of largely untested prospective ground west of the O’Brien Mine along the prolific Larder-Lake-Cadillac break.
Almost all drilling conducted as part of the ongoing campaign has been within a strike length representing only a small portion of more than 5.2 km of prospective strike that Radisson controls along the Cadillac Break. Given current geological understanding, the ongoing validation of the litho-structural model, the company estimates there is strong potential for additional high-grade gold trends to be discovered along the whole 5.2 km prospective land package on the prolific Larder-Lake Cadillac Break.
127,600 m of drilling completed to date with assays pending for approx. 18,500 m
This release represents approximately 8,140 m of drilling in 18 drill holes. Released results to date represent approximately 86% of the 127,600 m drilled during the campaign. As of August 31, 2022, the company remains well funded with approximately $3.0 m in cash.
Breakdown of drilling completed and pending results
|Sector / Trend||Completed
|Drill results published||Drill results pending|
|metres||# holes||# holes (with VG)||metres||# holes||# holes (with VG)|
|Kewagama East / Other||3,600||3,600||11||1||0||0||0|
Summary of results published to date from current program
|Sector / Trend||Published
|# holes published||Number of published intercepts grading,|
|>5 g/t Au||>10 g/t Au||>15 g/t Au||>20 g/t Au||>25 g/t Au|
|Kewagama East & Other||3,600||11||1||9%||4||2||1||1||1|
All drill cores in this campaign are NQ in size. Assays were completed on sawn half-cores, with the second half kept for future reference. The samples were analyzed using standard fire assay procedures with Atomic Absorption (AA) finish at ALS Laboratory Ltd, in Val-d’Or, Quebec. Samples yielding a grade higher than 5 g/t Au Au were analyzed a second time by fire assay with gravimetric finish at the same laboratory. Mineralized zones containing visible gold were analyzed with metallic sieve procedure. Standard reference materials, blank samples and duplicates were inserted prior to shipment for quality assurance and quality control (QA/QC) program.
Vivien Janvier, P.Geo., Ph.D., Director, Geology for Radisson mining resources Inc. is the qualified person pursuant to the requirements of NI 43-101. Vivien Janvier has reviewed and approved the technical disclosure in this press release.
Radisson mining resources Inc.
Radisson is a gold exploration company focused on its 100% owned O’Brien project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Quebec. The Bousquet-Cadillac mining camp has produced over 21,000,000 ounces of gold over the last 100 years. The project hosts the former O’Brien Mine, considered to have been the Quebec’s highest-grade gold producer during its production (1,197,147 metric tons at 15.25 g/t Au Au for 587,121 ounces of gold from 1926 to 1957; Kenneth Williamson 3DGeo-Solution, July 2019). For more information on Radisson, visit our website at www.radissonmining.com or contact:
On behalf of the board of directors
President and CEO
For more information on Radisson, visit our website at www.radissonmining.com or contact:
Chief Financial Officer
All statements, other than statements of historical fact, contained in this press release including, but not limited to, those relating to the intended use of proceeds of the Offering, the development of the O’Brien project and generally, the above “About Radisson Mining Resources Inc.” paragraph which essentially describes the Corporation’s outlook, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements and future events, could differ materially from those anticipated in such statements. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward looking information can be found in Radisson’s disclosure documents on the SEDAR website at www.sedar.com.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s endeavours to develop the O’Brien project and, more generally, its expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.