Strong Gold Potential Confirmed At Wasamac
Richmont Mines Inc. (TSX:RIC)(NYSE Amex:RIC), has reported that it has received final assay results for the 2010 drilling campaign on its Wasamac property.
Highlights:
- New drilling results include 3.88 g/t Au over 12.26 metres, 4.26 g/t Au over 10.86 metres, 2.89 g/t over 17.45 metres and 5.56 g/t Au over 11.4 metres (true thickness);
- A total of 19,853 metres drilled in 2010;
- Results of the new resources calculation should be available on or about February 17th, 2011.
Martin Rivard, President and CEO commented: "We are very pleased with the results obtained from our 2010 drilling program as they confirm the existence of a strong mineralized system between the -200 and -800 metre elevations that remains open at depth in several areas over a lateral extension of 2 km. Now that the final results have been received, our geology team is actively working on the re-evaluation of the resources of the Wasamac property. At the same time, drilling continues with three drills currently active on the property".
The Wasamac Property is a 7.58 km2 (757.65 hectare) property is located 15 km west of Richmont's headquarters in Rouyn-Noranda, Quebec, in the heart of the Abitibi gold mining district, and is less than 10 km east of the Company's Francoeur Mine. The past-producing Wasamac Mine, located on the property, produced a total of 1,892,448 metric tonnes at an average grade of 4.16 g/t Au, between 1965 and 1971. This production generated 252,923 ounces of gold, mostly from the Main Zone.
Richmont Mines has produced over 1,200,000 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.
Posted February 8, 2011
