Richmont Mines updates delineation and Phase 2 drilling results for Island Gold
Richmont Mines provided an update on delineation drilling within the expanded 2016 Preliminary Economic Assessment area as well as initial results from the Phase 2 exploration drilling program at the cornerstone Island Gold Mine. Delineation drilling is focused in three key areas. Approximately 41,947 metres of delineation drilling have been completed to date. Drill results increased confidence that a significant portion of inferred resources in the 2016 PEA area could potentially be converted to measured and indicated resources by year end, which could be incorporated into the short-term mine plan and support a potential near-term growth opportunity. Recent drilling highlights from the western portion of the 2016 PEA area include 28.26 g/t gold over 2.56 meters; 24.08 g/t gold over 3.70 meters; and 11.91 g/t gold over 8.11 meters. The 18 to 24 month, 142,000 meter Phase 2 exploration drilling program launched in July continues to focus on four priorities: to expand near-mine resources within the 2016 PEA limits of the main deposit; continuing to test the lateral continuity of the known deposit to the east to potentially add new resource blocks with the overall objective of extending mine life above the 1,000 meter level; to identify the next million-plus ounce, high grade inferred resource in the vertical extension of the deposit between the 1,000 and 1,500 meter levels; and continuing to test high priority regional gold targets across the prospective Island Gold property.