ROUYN-NORANDA, QUEBEC–(Marketwired – Aug. 24, 2016) –
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Radisson Mining Resources Inc. (TSX VENTURE:RDS) (“Radisson or the Company“) is pleased to announce assay results from first three holes of the Phase II (Figure 1) drill program where 12 drill holes were completed for a total of 5,616 metres at the O’Brien gold project located 8km west of Agnico-Eagle Mines Ltd’s Lapa gold mine in the heart of the Bousquet-Cadillac mining camp along the Abitibi Greenstone Belt.
- Drill hole 16-7 intersected 16.15 g/t Au over 3.0 m (Including 44.70 g/t Au over 1.00 m) at a depth of 187 metres in lateral extension of the current mineral resource.
- Drill hole 16-8 intersected 5.85 g/t Au over 2.0 m at a depth of 19.5 m (Figure 1).
- Drill hole 16-10 intersected 8.63 g/t Au over 2.0 m at a depth of 474.50 m in vertical extension of the current mineral resource.
Note; Results are presented downhole width; true width is estimated between 55 to 70% of downhole width.
Drill holes 16-7 and 16-8 started in the Piché Group volcanic rocks hence Pontiac Group sedimentary rocks were not crossed in these drill holes. Due to deviation, drill hole 16-8 intersected a mining stope within the QFP unit. This drill hole also intersected a gabbro Dyke within the sequence containing current mineral resources.
Drill hole 16-10 intersected the Pontiac Group sedimentary rocks at a depth from collar to a depth of 395 metres downhole length. Highest value within the Pontiac Group sedimentary rocks yielded a value of 5.45 g/t Au over 1 metre at a depth of 303.50 m.
Drill hole 16-10 also intersected a feldspar-quartz porphyry unit (QFP) where assay from the hanging wall alteration unit yielded an average value of 2.09 g/t Au over 13.5 metres at a depth of 463 m (inlcuding 8.63 g/t Au over 2.0 m presented above).
Radisson’s President Mario Bouchard comments: “Radisson’s team is delighted with the results obtained during the Phase II drill program this summer. High-grade gold assays obtained in a systematic and consistent manner highlight the quality of the O’Brien gold project and strong exploration potential near current mineral resources areas as well as in the Pontiac Group sedimentary rocks to the south”.
Update on $ 2 M private placement
On August 11, Radisson announced the closing of a $ 1,000,000 first tranche for a private placement totalling $ 2,000,000. In accordance with the TSX Venture Exchange policies and regulation, the company modified terms of this private placement. Hence, Radisson expects to close this private placement with a $ 1,000,000 final tranche consisting of 5,000,000 class A flow-through shares at a price of $0.20 on or about September 25, 2016.
All drill cores in this campaign are NQ in size. Analyses were completed on sawn half-cores, with the second half kept for future reference. The samples were analyzed using standard fire assay procedures with AA finish at Techni-Lab Actlabs in Ste-Germaine-Boulé in Abitibi, Quebec. Samples yielding a grade higher than 5 g/t were analyzed a second time by fire assay with gravimetric finish at the same laboratory. Assays containing visible gold were reanalyzed with metallic sieve procedure. Standard reference materials and blank samples were inserted prior to shipment for quality assurance and quality control (QA/QC) program.
Tony Brisson, Geo., independent consultant, acts as a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the technical information in this press release.
About Radisson Mining Resources Inc.
Radisson is a Quebec-based mineral exploration company. The O’Brien project, cut by the regional Larder-Lake-Cadillac Fault, is Radisson’s flagship asset. The project hosts the former O’Brien Mine, considered to have been the Abitibi Greenstone Belt’s highest-grade gold producer during its production (1,197,147 metric tons at 15.25 g/t Au for 587,121 ounces of gold from 1926 to 1957; InnovExplo, April 2015).
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For more information on Radisson, visit our website at www.radissonmining.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This press release may contain certain forward-looking information. All statements included herein, including the scheduled Closing date, but other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. 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.
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