Radisson Mining: Update on the O'Brien-Kewagama Project
ROUYN-NORANDA, QUEBEC--(Marketwire - Oct. 30, 2012) - Radisson Mining Resources Inc. (TSX VENTURE:RDS) is pleased to announce that it has received the Quebec Ministry of Natural Resources authorization permit allowing the company to carry out geotechnical surface work at the planned mine decline portal on the 100% owned O'Brien-Kewagama project.
This allows the company to proceed with geotechnical work (overburden drilling at the decline portal entrance and along the decline trace) prior to actual surface installation and portal excavation.
The planned underground access will be via a 4.5 by 5 meter decline at a 15% grade designed to access the 250, 500 and 750 levels. It will have an initial planned length of 1500 meters.
The underground workings will be used to evaluate and bulk sample gold resources present on the property (zone 36), explore for and discover any new good zones, re categorize resources, and carry out any necessary mining and metallurgical studies.
Part of the initial planning was a drill hole (RM 11-14) which was drilled to determine over burden and rock quality along the path of the planned decline. The area chosen was believed to have no gold mineralization; however gold grades of over 1 g/t were encountered demonstrating the pervasiveness of gold throughout the property.
The O'Brien/Kewagama gold project, located in the Malartic/Cadillac portion of the Abitibi gold belt, consists of 36 claims covering 729 hectares straddling the prolific Cadillac break over a strike length of about three kilometers. From 1933 to 1956 the O'Brien gold mine, located on the property, produced 590,000 ounces of gold from 1.3 million tons of ore at a grade of 0.45 ounce of gold per ton, making it the highest-grade gold producer in the camp. The mine reached a depth of 3,450 feet.
The O'Brien/Kewagama project is located approximately five kilometers west of and on strike from Agnico-Eagle's Lapa gold mine, also centered on the Cadillac break, and approximatively four kilometers southeast of Agnico-Eagle's Laronde mine, now surpassing 3,000 meters (10,000 feet) in depth. It is located some 22 km of the Osisko Canadian Malartic Gold Mine, also centered on the Cadillac Break, and one of the largest open pit gold mines in Canada.
Previous exploration by the company on the project resulted in the discovery of an indicated resource of 218,540 ounces (based on an indicated resource of 270,000 tons at an uncut grade of 0.56 ounce per ton and an inferred resources of 182,000 tons at an uncut grade of 0.37 ounce per ton) as defined in the Scott Wilson Roscoe Postle National Instrument 43-101 report of May, 2007.
These resources, all outlined above the 650-metre level, are located over 800 meters east of the old O'Brien mine workings, and represent a new discovery of high-grade mineralization of the same type mined and produced at the O'Brien gold mine.
In 2011 and 2012, the company carried out a complete re-evaluation and interpretation of the past exploration results on the project and carried out a successful diamond drill program, resulting in a new discovery on the largely unexplored eastern portion of the project (Kewagama) (P.R. 2011-2012).
-- 32.3 grams per tonne (g/t) gold over 7.3 metres;
-- 12.8 g/t gold over 2.25 metres;
-- 3.57 g/t gold over 6.8 metres;
-- 3.37 g/t gold over 8.6 metres.
The above results, clearly demonstrate the potential of the project. Adding in the past mining history on the property, the presence of a high-grade resource (NI 43-101 report) and the location of the project in the Cadillac portion of the Abitibi gold belt, all factors prove the significance of the O'Brien/Kewagama project.
The company continues with the exploration and development progress on the project and further updates will be released as available. Eugene Gauthier, Ing (OIQ), acts as the qualified person for the company and has reviewed the contents of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Michel David, B.Sc.
President and Chief Executive Officer
Donald Lacasse, Eng.
Vice President, CFO and Secretary-Treasurer