Promotion: Capital invested is at risk. Non-Independent Research / Marketing Communication. Attention is drawn to the disclaimers and risk warnings within this document.
THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN MEDPAL PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.
Richmond Hill Resources PLC (AIM: RHR, Frankfurt: V39), a gold exploration company focused on the Martello Gold Project near Dryden in north-western Ontario, Canada, is pleased to announce that drilling is underway at the historic Sakoose gold mine. The first hole has been completed and the second hole commenced as part of the planned nine-hole, approximately 1,400-metre diamond drilling programme.
The programme has two objectives: to confirm the high-grade gold reported by earlier operators and test extensions of the vein system; and to establish whether gold in the surrounding host rock adds width to the vein intersections.
Highlights
Hamish Harris, Chief Executive Officer, commented:
“Drilling is now underway at Sakoose, moving us from interpreting historical records and surface results to directly testing the targets.
“Our programme has two clear objectives: to test the high-grade gold intersections reported by earlier explorers and their potential extensions, and to establish whether gold also occurs in the surrounding rocks. We have expanded the sampling programme specifically to investigate that second opportunity.
“Sakoose gives us a focused starting point within the wider Martello project. The results will help determine where we direct follow-up drilling and how we advance exploration across the property.”
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
Richmond Hill Resources
Hamish Harris
Tel: +44 (0) 20 3582 6636
Cairn Financial Advisers LLP (Nominated Adviser)
Ludovico Lazzaretti / James Western
Tel: +44 (0)20 7213 0880
Clear Capital Limited (Broker)
Bob Roberts
Tel: +44 (0) 20 3869 6080
Further information on the Company can be found on its website at https://richmondhillresources.com/
Richmond Hill Resources plc (AIM: RHR; Frankfurt: V39; ISIN: GB00BNTBWF32; LEI: 2138009XFT53PKLIH113)
About the Martello Gold Project
The Martello Gold Project is located approximately 45 kilometres southeast of Dryden in the Western Wabigoon Subprovince of northwestern Ontario, Canada.
The Project comprises 202 mining claims covering approximately 6,750 hectares. The property contains the past-producing Sakoose Gold Mine (recorded historical production of approximately 8,009 tonnes at a calculated average recovered grade of approximately 14.25 g/t Au) and a portfolio of additional gold prospects and historical mineral occurrences, including Maw, New Church Lake, Tabor, Copeland, Brockman and Santa Maria.
The Company's principal exploration target is Sakoose. The wider property also contains historical workings, trenches and gold occurrences that have received limited modern exploration.
About the Sakoose Gold Mine
The principal target within the Martello Gold Project is the past-producing Sakoose Gold Mine.
Historical production records indicate that:
Cumulative recorded production was therefore approximately 8,009 tonnes of ore and 3,669 ounces of gold at a calculated average recovered grade of approximately 14.25 g/t Au.
Subsequent historical exploration included 26 diamond drill holes totalling approximately 3,776 metres completed by Venturex Resources and Nexus Resource Corporation.
The historical production and drilling results are not estimates of Mineral Resources or Mineral Reserves and have not been independently verified by the Company in accordance with a current mineral-resource reporting standard.
Nothing in the above article should be considered investment advice.
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