Under the terms of the agreement, Richmond has made a one-time cash payment of
Properties | # of Licenses | Area in Km² |
Leogang W+E | 63 | 29.8 |
Brixlegg | 118 | 56.5 |
Seekar + Zinkwand | 11 | 5.6 |
Kreuzeck West | 44 | 19.9 |
Kreuzeck East | 42 | 19.0 |
Goldeck-Siflitz | 57 | 25.5 |
Schellgaden N+S | 219 | 99.8 |
Total | 554 | 298.9 |
Five of the new properties, totaling 192 exploration licenses, host critical metal mineralization (ie. cobalt, copper and nickel) and are located in the federal states of
Located on the border between
The Brixlegg Property is located in the Inn valley close to Innsbruck and is well known for Cu and Ag mining dating back to medieval times. Co-Ni mineralization has also been documented in the region. This mineralization is hosted in Paleozoic dolomite and consists of fahlore, bornite, enargite, galena, and sphalerite sulphide mineralization. Various Ni and Co-bearing minerals such as gersdorffite, cattierite, and cobaltite are also known to occur at Birxlegg. Additionally, Ni and Co have been mined between 1941 and 1944 at Silberberg with historical documents reporting grades of 1.38% Co and 0.98% Ni.
The Seekar Property is located near
Five of the new properties (notably the Siflitz - Guginock, Leßnig, Lengholz, Fundkofel, and Schellgaden Mines) totaling 362 exploration licenses host historical gold mines and are located in the southern part of
In the 16th and 17th century the Kreuzeck West, East and Goldeck-Siflitz mines were well known for their gold production. Limited sampling of these mine workings in the 1970s yielded results from 4.8 to 18.2 g/t Au. Gold mineralization at the
The Schellgaden Property is located in the Kareck complex of the Tauern Formation. Gold mineralization is found within networks of quartz veins containing arsenopyrite mineralization hosted in gneissic basement rocks. The Kareck geological unit extends 20 km to south where numerous historical small scale gold mines (Knappenbaue or Radlgraben) have operated in the past.
Stakeholder Relationships
Richmond is planning a program of data compilation, prospecting, trenching and drill target definition for this upcoming field season. HGM built strong relationships with the local landowners, who were supportive during the last field and drilling campaign in 2018. Richmond will follow this strategy in upcoming exploration efforts.
CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Richmond's objectives, goals or future plans, including successful completion of the Transaction and Offering. There is no guarantee that the Transaction and Offering will be completed on the terms announced in this press release or at all. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in general economic conditions and conditions in the financial markets; the ability of Richmond to raise funds pursuant to the Offering; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments, and those risks set out in Richmond's public documents filed on SEDAR. Although Richmond believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Richmond disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
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