Radisson Mining Relinquishes RM Nickel Property and Announces Positive Results of Massicotte Airborne Surveyadmin
Radisson Mining announced it had entered into a Conditional Sale/Purchase Agreement for the purchase of 48 mining claims located in the township of Beauchastel in the Province of Quebec. This property was identified as the RM Nickel Property. Results of metallurgical tests recently received from SGS Lakefield Research Limited of samples generated from Radisson’s drill program on the RM Nickel Property, to determine the degree of extraction of nickel and copper metals from the ore, indicated uneconomic recoveries would be experienced on this property. Accordingly, Radisson intends to relinquish any interest it has in the RM Nickel Project and not to make any future payments of cash, shares or royalties thereon to the owner of this property.
Massicotte Project: In our news release of February 21, 2008, we reported that Arianne Resources Inc., which company has the right to earn a 50% interest in Radisson’s Massicotte property, advised that it had contracted for a helicopter-borne geophysical survey to investigate the mineral potential of the Massicotte claims. Our Massicotte property comprises a total area of 16,726 hectares in the prolific Abitibi Greenstone Belt in northwestern Quebec just east of the Detour Lake mine where partners Detour Gold Corporation and Trade Winds Venture have announced total gold resources of 7.8 million oz of gold. Radisson holds a 100% interest in 440 claims (15,728 hectares) and a 60.6% interest in 18 claims (998 hectares) on the Massicotte property.
The Massicotte project covers more than 20 km of prospective ground over the Sunday Lake Deformation Zone in Quebec province, immediately east of the Detour Gold property across the border in the province of Ontario. This property flanks more than 15 km of the Massicotte regional gold-bearing fault zone. The Lynx, Rambo and Lap 3 gold showings with historical gold values of 7.8 g/t gold over 7.2 m, 6.3 g/t gold over 2.7 m aand 24.1 g/t gold over 2.4 m, respectively, are located on the Massicotte project along this deformation zone.
The airborne survey has indicated that the Sunday Lake deformation zone extends on our Massicotte property, several geophysical anomalies were also detected. Following this survey, 129 additional claims (7,140 hectares) have been staked. Marc Boivin, a geophysical consultant has been hired to do the geophysical interpretation of this airborne survey, this work is currently in progress.
Based on the compilation of previous work and the results of this survey, 19 sectors have been identified as highly prospective for gold and base metal mineralization. Of these, at least 6 sectors will be covered by a Metal Mobile Ion geochemistry test in early June. If the results of this test are positive, the remaining sectors will be covered by a more extensive survey in August 2008. Diamond drilling is also planned for August to test the extensions of known gold showings as well as new targets identified by the geophysical and MMI surveys.
ABOUT RADISSON MINING: Radisson Mining is a Quebec-based exploration company, with offices in Rouyn-Noranda, Quebec and Toronto, Ontario, specializing in the discovery of gold, molybdenum and base metal deposits. The Company has an interest in thirteen properties in northwestern Quebec and two properties in northwestern Ontario. The main asset of Radisson, the O’Brien / Kewagama property, contains the former O’Brien Mine, the highest grade and the most important gold producer in the Cadillac Mining Camp when it was producing from the early 1930s to the mid 1950s. Radisson now has established a new zone, the 36 East Zone, 2,500 ft. east of the old producing zone of the O’Brien Mine, with comparable high grades of gold. The Company until recently has been carrying on an advanced exploration program on this property, but has just ceased this program as a result of signing a Letter Of Intent with Aurizon Mines. By this LOI Aurizon, after a present period of due diligence, may decide to enter into an agreement in order to earn a 50% interest in this property. In its 43-101 report, Scott Wilson RPA opined, “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”. Radisson also is embarked on an encouraging exploration program at its La Reine molybdenum / gold property, and has entered into a JV on its highly prospective Massicotte gold project in the prolific Abitibi Greenstone Belt, in each case, in northwestern Quebec.
Contacts: Radisson Mining Kenneth G. Murton, B.Comm President and Chief Executive Officer 416-920-2748
Radisson Mining Donald Lacasse, Eng., Vice President, Chief Financial Officer and Secretary-Treasurer 819-797-0606 firstname.lastname@example.org
Source: Radisson Mining Resources Inc.