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Richmont Mines Inc.
Summary
| Project: | Island Gold Mine | |
|---|---|---|
| Deposit: | Island Gold Mine | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 7/7/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 7-7-2016: Richmont Mines Inc. announces an Exploration/Drilling Update report for its Island Gold Mine deposit at the Island Gold Mine project. Drilling results incl. 6.60m @ 20.31g/t Au from 1299.95m. TORONTO, Ontario, Canada, July 7, 2016 - Richmont Min | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Daniel Adam (Internal) | |
| ABSTRACT: | TORONTO, Ontario, Canada, July 7, 2016 - Richmont Mines Inc. (TSX - NYSE MKT: RIC) (“Richmont” or the “Corporation”), is pleased to announce that based on the positive results reported from the Phase 1 exploration drilling program, a strategic Phase 2 exploration drilling program has been launched at the Island Gold Mine. The Corporation is also providing a final update on the Phase 1 drilling program (Figure 1), which continues to demonstrate the potential of the cornerstone Island Gold Mine. (All amounts are in Canadian dollars unless otherwise indicated). The Phase 1 exploration drilling program commenced in September 2015 and focused on three key priorities: 1) testing the lateral continuity of the known deposit to potentially extend mine life above the 1,000 metre level; 2) following up on gold intersections that support the potential for a down plunge extension of the deposit between the 1,000 and 1,500 metre levels; and 3) testing high-priority regional gold targets elsewhere across the prospective Island Gold property. The results from the Phase 1 drilling program have met our objectives, which has supported the launch of an aggressive Phase 2 exploration program of up to 142,000 metres that will be completed over the next 18 to 24 months. The primary objective of the Phase 2 program is to expand the existing resource inventory laterally along strike, mainly to the east of the main deposit, with a goal of extending mine life above the 1,000 metre level that could support the potential expansion scenarios currently under review, as well as to identify the next million-plus ounces of high-grade inferred resource at depth, between the 1,000 and 1,500 metre levels. | |
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