Drill Results
Richmond Minerals starts drill program at Ridley Lake
RMD · Price
Executive Summary
- Richmond Minerals Inc. has commenced a new drilling program at its Ridley Lake gold project, specifically targeting the Aguara East zone, marking a strategic modernization of exploration in the Swayze greenstone belt.
- The company received notification on February 17, 2026, of selected grant funding of up to $200,000 under the Ontario Junior Exploration Program (OJEP), covering 50% of eligible exploration costs incurred between April 1, 2025, and February 28, 2026.
- The current campaign plans six drill holes (up to 500m each) at Aguara East and four additional holes for Aguara West, building on promising historical assay results from Phase IV drilling in 2021.
Key Details
- Drilling Program Scope:
- Aguara East: Six drill holes planned, with individual lengths up to 500 metres, designed to test the roots and potential extensions of the Aguara zone using modern structural modelling and deep-penetration IP.
- Aguara West: Four new drill holes are currently in the permitting process to test this zone in detail, following up on Phase 4 drilling.
- Target Area: The program tests the prospective zone between Aguara West and East, covering a striking length of 1,500 metres.
- Historical Context & Previous Results:
- Phase IV Drilling (April 14, 2021): Consisted of six holes totaling 2,227 metres.
- Assay Highlights (Announced May 6, 2021):
- Hole RS20-33: 19.62 g/t Au, 21.52 g/t Au, and 13.52 g/t Au at the bottom of the hole.
- Hole RS21-37: Interval from 43 to 44 metres showed 3.58 g/t Au.
- Grant Funding:
- Source: Ontario Junior Exploration Program (OJEP).
- Amount: Up to $200,000.
- Coverage: Up to 50% of eligible exploration costs.
- Eligible Period: Expenditures incurred from April 1, 2025, to February 28, 2026.
- Notification Date: February 17, 2026.
- Strategic Context:
- The project is located in the Swayze-Deloro metavolcanic-metasedimentary complex.
- The region is highlighted by Iamgold’s $585-million acquisition of the Cote Lake deposit (2012) and Newmont’s Borden Lake mine (approx. 23 miles west).
- Qualified Person:
- Dr. Thomas Unterweissacher, EurGeol, has reviewed and approved the scientific and technical information. He is a board member and holds securities in the corporation.