Diamond Drilling Begins on Radisson Mining Resources Massicotte Project (Detour Lake Area)admin
Tuesday, August 26th 2008
Radisson announce that Arianne Resources Inc., its partner in the Detour Lake area Massicotte project, has advised that a diamond drill was mobilized to the property on August 11, 2008.
The Massicotte property is adjacent to Detour Gold Corporation’s (Detour Gold) property, for which Detour Gold announced measured and indicated resources of more than 10.76 million ounces of gold . Inferred resources of 2.45 million ounces of gold have also been reported on the Detour Gold property. The mineralization is intimately associated with the regional click here to view map Sunday Lake Deformation Zone.
The Massicotte/Detour Lake property covers a total area of 24,774 hectares in the prolific Abitibi Greenstone Belt in northwestern Quebec. It includes a favourable horizon more than 20 km long along the Sunday Lake Deformation Zone in Quebec, immediately east of Detour Gold’s property. A 15-km section of the regional gold-bearing Massicotte Fault also crosses the southern portion of the property.
The diamond drilling program has a $500,000 budget. The program has been designed to test geophysical and geochemical anomalies located in sectors highly prospective for gold and base metal mineralization. It will also investigate the extensions of the Lynx and Lap-3 gold zones, where respective historical grades of 7.8 g/t Au over 7.2 m and 24.1 g/t Au over 2.4 m were intersected by drilling.
Agreement: In March 2007, Radisson signed a Letter of Agreement allowing Arianne Resources Inc. (TSXV: DAR) to acquire 50% of Radisson’s interest in its Detour Lake mining camp properties. According to the terms of the agreement, Arianne is required to carry out exploration work totalling $1.5 million, make option payments of CAD$75,000 and issue 300,000 shares of Arianne Resources Inc. to Radisson, on or before August 31, 2010. Arianne will be the operator for the duration of the agreement.
Experts: Radisson’s exploration programs are planned and supervised jointly by Dale M. Hendrick, Engineer, Chairman of the Board of Directors and technical advisor to Radisson, and by Raynald Vincent, Engineer (Quebec), consultant and Qualified Person under National Instrument 43-101.
Radisson is a Quebec-based exploration company, with offices in Rouyn-Noranda, Quebec, and Toronto, Ontario, involved in the discovery of gold and base metal deposits. The Company has an interest in ten properties in northwestern Quebec and two properties in northwestern Ontario. Radisson’s main asset, the O’Brien-Kewagama property, contains the former O’Brien Mine, known for high gold grades and considered to be the most important gold producer in the Cadillac Mining Camp in Quebec when it was in operation from the early 1930s to the mid 1950s. Radisson is now focusing on the 36 East Zone, a new zone 2,500 feet east of the old O’Brien Mine, with comparable high grades of gold. The Company was conducting advanced exploration work on the property, but suspended the program when a letter of Intent was signed with Aurizon Mines (see press release of July 3, 2008). In its 43-101 report, Scott Wilson RPA concludes that “there is excellent potential to increase the Zone 36 East resources above the 2,000 Level and to discover new resources further at depth and along strike further to the east.”