Richmont Mines Inc.: Updated Cripple Creek Drill Results Confirm Presence of Gold Mineralization; 3,500 Metre Winter Drilling Campaign Planned for 2011
MONTREAL, QUEBEC -- (Marketwire) -- 12/16/10 -- Richmont Mines Inc. (TSX: RIC)(NYSE Amex: RIC)('Richmont' or the 'Company') is pleased to announce complete results from the second phase of its 2010 surface drilling campaign at its Cripple Creek property, located west of the Timmins Gold Camp in Ontario.
Highlights:
-- New results from Zone 16 include: 3.79 g/t Au over 16.35 metres, 4.55
g/t Au over 7.1 metres, 3.57 g/t Au over 5.6 metres, 26.34 g/t Au over
0.55 metres, and 15.81 g/t Au over 0.4 metres;
-- Extensions of Zone 16 to the west and at depth reveal promising
potential;
-- An additional campaign of 3,500 metres planned for winter 2011.
As detailed in the table below, the second phase of drilling yielded several interesting intercepts, including 3.79 g/t Au over 16.35 metres in hole CC-10-57. Notably, this result confirmed that the alteration zone containing the intercept of 73.53 g/t Au over 7 metres in hole CC-10-45 previously-released with results from the first phase of drilling (please see the release entitled 'Richmont Mines Announces Start of a 3,500 Metre Drilling Campaign on Its Cripple Creek Property' published on June 10, 2010 for full details), broadens near surface.
New drilling results from Cripple Creek (1)
Length of
Length of hole intercept
Hole Number (metres) From (metres) To (metres) (metres)
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CC-10-56 173 Abandoned due to technical difficulties.
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CC-10-57 467 267.35 267.9 0.55
285.2 286.2 1.00
289.25 290 0.75
322 323 1.00
325.65 342 16.35
344 345 1.00
346 347 1.00
357.7 358.75 1.05
371.3 378.4 7.10
380 380.65 0.65
393 394 1.00
413 414 1.00
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CC-10-58 512 .301 303 2.00
307.5 309.5 2.00
315.75 316.4 0.65
332 333 1.00
337 338 1.00
339.65 340.5 0.85
361.5 362.5 1.00
430 431 1.00
434 435 1.00
487 489 2.00
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Vertical depth
True Width Grade Type of of intersection
Hole Number (metres)(2) (g/t Au) mineralization(3) (metres)
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CC-10-56
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CC-10-57 0.4 26.34 VN 205 m
0.9 1.41 VN
0.5 6.10 DIS
1.85 VN
3.8 DIS VN 255 m
0.7 1.37 DIS VN
0.7 1.34 DIS VN
0.7 2.19 DIS
4.55 DIS VN 285 m
0.5 6.21 DIS
0.7 5.07 DIS 300 m
0.7 1.44 DIS VN
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CC-10-58 1.3 2.38 DIS 230 m
2.73 DIS VN 235 m
1.51 DIS VN
0.5 4.49 DIS 252 m
0.5 2.78 DIS 260 m
1.85 DIS VN
1.47 DIS VN
0.8 3.15 DIS 325 m
0.8 5.18 DIS 330 m
3.77 VN 368 m
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Length Length of
of hole From To intercept
Hole Number (metres) (metres) (metres) (metres)
---------------------------------------------------------------------
CC-10-59 521 333.9 334.5 0.60
393 393.4 0.40
455 455.85 0.85
468.9 470 1.10
498.05 499 0.95
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CC-10-60 542 371.35 371.8 0.45
444 449.6 5.60
462.5 463.5 1.00
468.5 470 1.50
471.1 472.2 1.10
474 475 1.00
514.5 516.4 1.90
522.8 523.4 0.60
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CC-10-61 776 109.1 109.5 0.40
151.15 152 0.85
198.5 200 1.50
694.6 695.6 1.00
700.55 701.6 1.05
731.95 732.8 0.85
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Metres
drilled: 2,991
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Vertical
depth of
True Width Type of intersection
Hole Number (metres)(2) Grade (g/t Au) mineralization(3) (metres)
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CC-10-59 3.57 VN 270 m
15.81 DIS VN 315 m
0.8 1.03 DIS 365 m
1.0 1.65 DIS 375 m
0.7 1.10 VN 400 m
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CC-10-60 1.54 VN 330 m
3.57 DIS VN 395 m
0.9 1.23 VN
1.1 1.92 DIS
1.10 VN
5.59 DIS VN 420 m
1.7 1.39 VN 455 m
0.5 1.92 VN 460 m
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CC-10-61 1.13 VN
2.06 VN
4.70 DIS VN
1.92 DIS
2.19 DIS VN 620 m
0.6 2.16 VN 650
m
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Metres
drilled:
----------------------------------------------------------------------------
1. Please see the Regulation 43-101 at the end of this release for full
analysis details.
2. True width available when determinable, rounded to the nearest decimal.
3. DIS : Disseminated sulphides, VN : Veins, DIS VN : Disseminated
sulphides and veins
While much exploration work remains to be done on this property, the Company obtained additional geological insight from the second phase of the 2010 drilling campaign, which encompassed 6 holes over 2,991 metres. Most importantly, drilling reaffirmed the gold potential of the sector, and also enabled for better understanding of the mineralization. Results from the campaign also confirmed the continuity of the main mineralized zone to a vertical depth of 650 metres and that the alteration pipe of Zone 16 extends at depth. Furthermore, drilling revealed that two types of mineralized zones are present. The first, containing disseminated pyrite, has a northern dip of approximately 65 degrees and is found at the contact points of silicified mafic volcanics and ultramafic volcanics. The second system, formed by milky quartz veins containing iron carbonate and mineralized with gold, appears to be sub-horizontal, and cross-cuts other geological formations. Interpretation of this new information makes establishing true width of the mineralized gold zones difficult when they consist of the two types of mineralization.
Richmont is planning to drill an additional 3,500 metres in the winter 2011. The goal of this upcoming exploration program is to confirm the new interpretation of Zone 16 provided by results obtained to date, to better target mineralized zones, and to test the extension of the Mahoney Zone at depth.
About Richmont Mines Inc.
Richmont Mines has produced over 1,000,000 ounces of gold from its operations in Quebec, Ontario and Newfoundland since beginning production in 1991. With extensive experience in gold exploration, development and mining, the Company is well positioned to cost-effectively build its North American reserve base through a combination of organic growth, strategic acquisitions and partnerships. Richmont routinely posts news and other important information on its website (www.richmont-mines.com).
Forward-Looking Statements
This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words 'estimate', 'project', 'anticipate', 'expect', 'intend', 'believe', 'hope', 'may' and similar expressions, as well as 'will', 'shall' and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made.
The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Richmont Mines' Annual Information Form, Annual Reports and periodic reports.
Regulation 43-101
The exploration program was conducted by qualified persons as defined by Regulation 43-101. Specifically, the program was overseen by Mr. Gregoire Bastien, Geo., B. Sc. A, a qualified person as defined by Regulation 43-101, and an employee of Richmont Mines Inc., under the supervision of Mr. Daniel Adam, Geo., Ph.D., Exploration Manager, a qualified person as defined by Regulation 43-101, and an employee of Richmont Mines Inc.
The analyses were conducted at the Lab-Expert laboratory in Rouyn-Noranda, Quebec, by means of fire assay fusion with atomic absorption (AA) and gravimetric finish.
Contacts:
Investor Relations:
RICHMONT MINES INC.
Jennifer Aitken
514-397-1410
jaitken@richmont-mines.com
www.richmont-mines.com
Media Contact:
EDELMAN Public Relations
Ian Bolduc
514-844-6665 ext. 224
ian.bolduc@edelman.com