Radisson Mining Resources (ME) says it will take a large bulk sample from a former gold producer called the Duquesne property as the next step in a major underground program.
Results from a 23,000-ft drill program at the Rouyn-Noranda, Que., property have been encouraging, Radisson says, and a feasibility study may follow next spring.
After spending $6 million to earn a 25% interest from a private company called Duquesne Gold Mines, Radisson has outlined 577,500 tons of grade 0.193 oz on five main levels. That includes a probable reserve inventory of 456,836 tons of grade 0.180 oz and 120,664 tons of grade 0.245 oz in the possible category.
According to Radisson, the weighted average calculated on the 82 economic grades intersected during underground drilling is 0.53 oz (uncut) per short ton over an average width of 6.75 ft.
Some of the best results from the recent drill program include: Hole No. Width Grade Level 2 (375 ft)(ft.) Oz/ton
DU-2-86 9.2 0.42
DU-2-87 8.2 0.17 Level 3 (500 ft)
DU-3-81 22.9 0.61
DU-3-85 8.6 0.19 Level 6 (875 ft)
DU-6-26 5.5 1.80 9.1 0.72
DU-6-34 10.8 0.28
DU-6-37 10.4 0.70 Level 7
DU-7-20 5.5 11.60
DU-7-25 4.7 10.30 Level 9
DU-9-21 35.6 0.33
DU-9-30 17.8 0.21
While drilling is still in progress, Radisson is planning to take a 10,000-ton bulk sample from levels nine, six and four before conducting a feasibility study.
But moving to the feasibility stage, Radisson can increase its interest at the Duquesne property to 100% by purchasing 1.4 million shares of Duquesne Gold Mines at $3 per share.
After its shares are listed for trading, Duquesne Gold has agreed to spend $8.1 million to earn a 49% interest in the property.
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