Richmont Mines Inc. (TSX:RIC,NYSE:RIC) announced a significant increase in indicated and inferred gold resources at its Island Gold Deep Deposit in Ontario. Previously reported Inferred resources containing 771,000 ounces of gold were upgraded to Indicated resources of 456,000 tonnes at an average grade of 11.52 g/t for 169,000 ounces of gold, and Inferred resources were increased to 3,200,000 tonnes at an average grade of 9.29 g/t for 955,000 ounces of gold.
As quoted in the press release:
Highlights of the new estimated resource:
- Indicated mineral resource of 456,000 tonnes grading 11.52 g/t for 169,000 ounces of gold established in the Deep C Zone;
- Inferred mineral resource of 3,200,000 tonnes grading 9.29 g/t for 955,000 ounces of gold in established in the Deep C Zone as well as in an additional six previously identified sub-parallel zones;
- Notable new drill results (all cut grades over true widths) incorporated in the Indicated resource and updated Inferred resource include: 12.50 g/t Au over 6.34 metres, 18.32 g/t Au over 6.70 metres, 11.97 g/t Au over 6.56 metres, and 15.53 g/t Au over 4.43 metres in the C Zone, and 33.89 g/t Au over 8.79 metres in the B Zone. Please see Table 2 for details;