Richmont Mines Inc. (TSX:RIC,NYSEMKT:RIC) released an updated inferred mineral resource estimate: 2.3 million tonnes grading 10.53 g/t for 771,000 ounces of gold for the Island Gold Deep Project in Ontario.
As quoted in the press release:
It has also come to management’s attention that a portion of the Island Gold Deep Project’s current estimated inferred resource base lies within four patented claims for which Richmont owns 69% with the remaining 31% being held by a third party (please see Claim Ownership Information for full details). The Corporation has engaged in discussions with the third party with the objective of acquiring the 31% interest in the four claims that it does not currently own, and is working towards a resolution. In the meantime, work will continue on the Island Gold Deep Project and proceed according to previously established plans and budgets.
Highlights of the new resource:
– New C Zone inferred mineral resource estimate of 2,278,000 tonnes
grading 10.53 g/t Au for 771,000 ounces, up from 1,500,000 tonnes
grading 10.73 g/t Au for 508,000 ounces established in January 2013.
– New drill results (all cut grades over true widths) incorporated in the
updated inferred mineral resource include: 21.27 g/t Au over 6.78
metres, 6.52 g/t Au over 13.60 metres, 19.13 g/t Au over 7.66 metres,
and 31.17 g/t Au over 2.26 metres in the C Zone. Please see Table 2 for
– In addition, new drill results (all cut grades over true widths) that
have not been incorporated in the updated inferred mineral resource
include: 10.32 g/t Au over 3.50 metres, 9.78 g/t Au over 6.67 metres,
20.74 g/t Au over 4.75 metres, and 5.84 g/t Au over 12.51 metres.