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Press release from Marketwire

Richmont Mines Hits 73.54 g/t Au Over 7 Metres at Its Cripple Creek Property

Monday, April 12, 2010

Richmont Mines Hits 73.54 g/t Au Over 7 Metres at Its Cripple Creek Property08:01 EDT Monday, April 12, 2010MONTREAL, QUEBEC--(Marketwire - April 12, 2010) - Richmont Mines Inc. (TSX:RIC)(NYSE Amex:RIC)("Richmont" or "the Company") is pleased to announce preliminary assay results from the surface drilling program at the Company's 100%-owned Cripple Creek property, located west of the Timmins Gold Deposit in Ontario. Exploration results obtained so far are very promising and confirm the overall potential of this asset.Highlights of the results include: - 73.54 g/t Au (20.71 g/t Au cut at 30 g/t Au) over 7 metres - Including 193.24 g/t Au over 1 metre, 222.42 g/t Au over 1 metre, 44.18 g/t Au over 1 metre, and 22.49 g/t Au over 1 metre - 22.76 g/t Au over 0.5 metres - 12.31 g/t Au over 0.8 metres Commenting on the results, President and CEO Martin Rivard noted: "We are very excited about the results obtained to date from our surface drilling program on Cripple Creek, as they reaffirm the true potential of this property. We hope to complete this first phase of drilling in the coming weeks, and plan to evaluate future drilling options once the full results are in." TABLE 1 - DRILL RESULTS FOR CRIPPLE CREEK PROPERTY(1)(2) ------------------------------------------------------------------------- Hole From To Core Length Grade Grade (cut at Number (metres) (metres) (metres) (g/t Au) 30 g/t Au) ------------------------------------------------------------------------- Zone 16 CC-10-45 327 329 2 2.62 -------------------------------------------------------- 330 331.55 1.55 1.3 -------------------------------------------------------- 333 340 7 73.54 20.71 -------------------------------------------------------- 370 371 1 8.5 -------------------------------------------------------- 406 407 1 1.65 -------------------------------------------------------- 426 427 1 1.03 -------------------------------------------------------- 431 433 2 2.23 -------------------------------------------------------- 478 479 1 2.13 ----------------------------------------------------------------- CC-10-46 172.8 173.3 0.5 22.76 ----------------------------------------------------------------- CC-10-50 Results pending ----------------------------------------------------------------- CC-10-51 461 463 2 1.97 -------------------------------------------------------- 466 468 2 2.42 ------------------------------------------------------------------------- Mahoney CC-10-48 Zone 272 274 2 1.48 -------------------------------------------------------- 346.9 347.7 0.8 12.31 -------------------------------------------------------- 368 369 1 2.13 -------------------------------------------------------- 373 374.15 1.15 1.65 -------------------------------------------------------- 396 398 2 1.29 -------------------------------------------------------- 441 443.6 2.6 1.42 -------------------------------------------------------- 580 582 2 2.28 ------------------------------------------------------------------------- 1. Please see the National Instrument 43-101 disclosure at the end of this release for analysis details. 2. Widths reported are drill core widths; true widths are unknown at this time. TABLE 2 - ASSAY RESULT DETAILS OF THE MAIN GOLD INTERCEPT IN HOLE # CC-10-45 IN ZONE 16(3)(4)(5) ------------------------------------------------------------------------- Zone Hole From To Core Length Lab-Expert Techni-Lab (metres) (metres) (metres) (g/t Au) (g/t Au) ------------------------------------------------------------------------- Zone 16 CC-10-45 333 334 1 193.24 178.37 ------------------------------------------------------- 334 335 1 222.42 256.63 ------------------------------------------------------- 335 336 1 44.18 48.97 ------------------------------------------------------- 336 337 1 22.49 24.43 ------------------------------------------------------- 337 338 1 0.64 1.37 ------------------------------------------------------- 338 339 1 19.65 21.12 ------------------------------------------------------- 339 340 1 12.14 17.57 ------------------------------------------------------- Average (g/t Au) 73.54 78.35 ------------------------------------------------------- Intersection (metres) 7 7 ------------------------------------------------------------------------- 3. High grade results in Hole CC-10-45 were verified by a second lab, namely Techni-Lab. 4. Widths reported are drill core widths; true widths are unknown at this time. 5. Please see the National Instrument 43-101 disclosure at the end of this release for analysis details. As detailed in Table 1 above, two very interesting intercepts were found in Zone 16. Hole CC-10-45 revealed 73.54 g/t Au (20.71 g/t Au cut at 30 g/t Au) over a width of 7 metres at a vertical depth of 250 metres, which included several high-grade intersections detailed in Table 2. Very favourable results were also confirmed in Hole CC-10-46, namely 22.76 g/t Au over 0.5 metres at a vertical depth of 130 metres. Zone 16 is composed of irregular quartz veins, varying in thickness from centimetres to decimetres, which contain iron carbonate and very fine grains of visible gold. Surrounding these veins are altered rocks containing between 3%-10% pyrite. The true width of this mineralized zone has not yet been determined. Drilling on the Mahoney Zone similarly uncovered a promising intercept of 12.31 g/t Au over 0.8 metres, at a vertical depth of 300 metres in a large altered and mineralized zone located north of the Mahoney Zone. Additional drilling is planned to test these zones at depth.Launched on February 2, 2010, this first phase 5,000 metre drilling program is targeting depths below 400 metres to confirm continuation of favourable gold mineralization trends obtained at depth on properties in the vicinity. To date, drilling has targeted the lateral extension of Zone 16 to the west and the depth extension of the Mahoney Zone, two of three notable zones uncovered by previous owners of the property during the 1980s and 1990s. Drilling to date has totalled 3,432 metres over 8 holes, with 2,358 metres completed on Zone 16, and an additional 1,074 metres completed on the Mahoney Zone.As several intercepts confirm favourable gold mineralization on the Cripple Creek property, Richmont expects to expand exploration efforts on this asset in the near future. The Company's focus going forward is to build its reserve base and ultimately expand its production profile, and this property offers that potential.Additional details about the Cripple Creek PropertyCripple Creek is a key exploration asset in Richmont's portfolio. The 100%-owned property is located west of the Timmins Gold Camp in Ontario, where more than 70 million ounces of gold have been produced by various mining companies over the years. Situated just 5 kilometres to the south-west of the Timmins West Deposit, the 6.94 km2 (694 hectares) property is also adjacent to the Rusk Gold Zone, the 144 Syenite Discovery Zone and the Golden River Trend. Geologically, the Cripple Creek property is similar to its neighbours, with mafic and ultramafic volcanics covering the main part of the property and sediments in the south. The property is bordered by the Destor-Porcupine fault to the south and the Bristol fault to the north. The North-East/South-West ("NE-SW") structure, which extends through the middle of the property, encompasses the Timmins West Deposit, the Rusk/Porphyry Gold Zones and the 144 syenite Discovery Zone.About Richmont Mines Inc.Richmont Mines has produced over 1,000,000 ounces of gold from its operations in Quebec, Ontario and Newfoundland since beginning production in 1991. With extensive experience in gold exploration, development and mining, the Company is well positioned to cost-effectively build its North American reserve base through a combination of organic growth, strategic acquisitions and partnerships. Richmont routinely posts news and other important information on its website (www.richmont-mines.com).Forward-Looking StatementsThis news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made.The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Richmont Mines' Annual Information Form, Annual Reports and periodic reports.National Instrument 43-101 (NI 43-101) The exploration program was conducted by qualified persons as defined by National Instrument 43-101. Specifically, the program was overseen by Mr. Gregoire Bastien, Geo., B.Sc., a qualified person as defined by NI 43-101, an employee of Richmont Mines Inc. and was supervised by Mr. Daniel Adam, Geo., Ph.D., Exploration Manager, a qualified person as defined by NI 43-101, an employee of Richmont Mines Inc.The analyses were conducted at the Lab-Expert laboratory in Rouyn-Noranda, Quebec, by means of fire assay fusion with atomic absorption (AA) and gravimetric finish. The rejects of all samples of the CC-10-45 intercept were sent to Techni-Lab in Ste-Germaine Boule, Quebec, and analysis was completed by means of fire assay fusion with atomic absorption (AA) and gravimetric finish. The verification process undertaken with Techni-Lab confirmed the initial results.FOR FURTHER INFORMATION PLEASE CONTACT: RICHMONT MINES INC. Jennifer Aitken Investor Relations 514-397-1410 jaitken@richmont-mines.com www.richmont-mines.com or Media Contact: EDELMAN Public Relations Marco Wingender 514-844-6665 ext. 240 marco.wingender@edelman.com