Canadian Mining Journal

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GOLD: Richmont doubles contained ounces in Island Gold reserves



ONTARIO – Toronto-based Richmont Mines has released new resource numbers with a doubling of contained gold in the reserves at the Island Gold mine 85 km northeast of Wawa. At the end of 2015 the proven and probable reserves contained an estimated 561,700 oz of gold, compared to 183,750 oz at the end of 2014.

The majority of the increase came from drilling below 400 metres. The 2015 total of 485,000 oz was four times more than the 93,750 oz identified at the end of 2014.

The 400-metre level also marked a significant difference in grades. Above 400 metres the 2015 grade was 6.91 g/t Au, an increase of 14% over a year earlier. Below 400 metres the recent grade was 8.52 g/t Au, up 26% from 6.39 g/t. That translated into an average grade in both the proven and probable reserves of 2.12 million tonnes grading 8.26 g/t Au at the end of 2015, an increase of 29%.

The Island Gold mine also had measured an indicated resources of 348,500 tonnes grading 6.40 g/t Au and inferred resources of 2.82 million tonnes at 8.49 g/t. These categories are estimated to contain 71,700 oz and 768,050 oz of gold.

Richmont also operates the Beaufor gold mine 25 km northeast of Val d’Or, QC. There proven and probable reserves total 302,100 tonnes grading 6.57 g/t Au or 68,850 contained oz. There are also 843,000 measured and indicated tonnes at 6.34 g/t or 171,900 contained oz, plus 135,000 inferred tonnes at 6.44 g/t containing 28,000 oz of gold.

More information from Richmont’s mines and the Camflo mill are posted at Richmont-Mines.com.