Richmond Minerals (TSX-V:RMD) has launched a new drilling program at its Ridley Lake Gold Project in Ontario’s Swayze Greenstone Belt, targeting the Aguara East Zone with holes up to 500m deep.
The company plans six drillholes at Aguara East while pursuing permits for four additional holes at the Aguara West Zone, where previous drilling returned gold values including 19.62 grams per tonne, 21.52g/t and 13.52g/t gold.
The program aims to test a 1,500m strike length between the Aguara West and East zones, representing the most advanced exploration effort in the project’s history.
The Ridley Lake Project is located approximately 37km from Newmont’s (ASX:NEM) Borden Lake mine and within the same geological belt as Iamgold’s (TSX:IMG) Côté Lake deposit, which was acquired for C$585 million ($600.81 million) in 2012.
The company’s 2021 Phase four drilling program comprised six holes totalling 2,227m, with notable intercepts including 3.58g/t gold from 43m to 44m in hole RS 21-37.
The Ontario Government has selected Richmond to receive up to C$200,000 in grant funding under the Ontario Junior Exploration Program (OJEP). The funding will cover 50% of eligible exploration costs incurred between April 2025 and February 2026.
The project is situated within the Swayze-Deloro metavolcanic-metasedimentary complex, which the company notes contains structural and lithological features conducive to hydrothermal gold deposition.
Edited by Adam Orlando.
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Images: Richmond Minerals
