Richmond Minerals Inc. Exploration Update (TSXV-RMD)
TSX - Toronto Stock Exchange
TORONTO, April 10 /CNW/ - Richmond Minerals Inc. (Richmond) board of director's is pleased to provide the following exploration update regarding the Grenville joint venture project in Quebec with Fort Chimo Minerals (CNQ: FORT).
Richmond will begin radiometric and magnetic airborne surveys targeting uranium mineralization on four of its joint venture properties in the Mont-Laurier area of Quebec. Richmond is currently selecting an airborne surveying contractor, and anticipates the surveys to begin in June of this year. The properties to be flown lie within the Cabonga-Mont-Laurier radioactive district of the Grenville Geological Province. Johns-Manville discovered uranium in the Mont-Laurier area in 1967 and the deposits in this district are classified as pegmatite-type uranium occurences. Richmond's joint venture properties lie immediately to the west and north of Strateco Resources' Mont-Laurier uranium project.
The Long Point First Nation has requested an environmental agreement with Richmond Minerals prior to a diamond drill program on it's nickel discovery property located in Halle Township, Quebec (20 km east of Belleterre). Given the close proximity of the Long Point First Nation to the Halle property, Richmond management believes that having an agreement in place prior to the diamond drilling program would be in the best interests of both Richmond shareholders and the residents of the Long Point First Nation.
As described in Richmond's previous news releases, two strongly magnetic and highly conductive Fugro GEOTEM airborne anomalies were identified on the Halle property. Anomaly 1, located along the central eastern property boundary is approximately 1.3 kilometers in length. Anomaly 2, located in the north central portion of the property, is approximately 4.5 kilometers in length. Grab samples collected from surface along the axis of anomaly 2 returned values as high as 0.14% nickel, 0.07% copper, 282 ppm cobalt, and 0.22% chromium. Given the elevated base metal values near the anomaly source, Richmond management believes that the anomaly could be a new Volcanogenic Massive Sulphide (VMS) occurrence. A review of historical assessment files indicates no definitive historical exploration work in the target area.
The Halle and Mont Laurier properties are part of the Grenville project joint venture agreement with Fort Chimo Minerals. The Grenville project covers more than 220,000 acres of mineral rights in the central and southwest area of Quebec. Richmond Minerals, as operator, must spend $2 million by May of 2008 to earn a 50% interest.
Warren Hawkins, P.Eng, in his capacity as Qualified Person under National Instrument 43-101 has reviewed the contents of this release.
We seek safe harbor.
On Behalf of the Board of Directors
(signed)
Paul Ankcorn, President
Neither the TSX Venture Exchange Inc. nor any other regulatory body accept responsibility for the adequacy or accuracy of this news release.
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