Radisson Announces Memorandum of Understanding with IAMGOLD on Milling Assessment for O’Brien Gold Project
Rhea-AI Summary
Radisson Mining Resources Inc. (TSX-V: RDS, OTCQB: RMRDF) has entered into a Memorandum of Understanding (MOU) with IAMGOLD to assess processing mined material from Radisson's O'Brien Gold Project at IAMGOLD's nearby Doyon gold mill. The Doyon mill is located 21 km west of O'Brien in Quebec's Abitibi region. If viable, Radisson plans to complete a Preliminary Economic Assessment (PEA) for O'Brien, considering mine design, methodology, production profile, and economics.
The MOU facilitates technical data exchange between the parties regarding metallurgy, flow-sheet configuration, and processing capacity. Radisson has retained Ausenco Engineering Canada ULC and started metallurgical work at SGS Canada Inc. The agreement is non-binding and non-exclusive, with no specific commercial terms.
Positive
- Potential for low-cost, low-impact mining operation through off-site processing
- Proximity of Doyon mill to O'Brien project (21 km) with direct highway access
- Initiation of metallurgical work to assess compatibility with Doyon mill
- O'Brien project's high-grade resource: 0.50M oz Indicated (10.26 g/t Au) and 0.45M oz Inferred (8.64 g/t Au)
Negative
- No certainty of a final arrangement between Radisson and IAMGOLD
- Additional costs for both parties to conduct the assessment
- Potential modifications to Doyon mill may be required
News Market Reaction – RMRDF
In the trading session that priced this news, RMRDF gained 17.84%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ROUYN-NORANDA, Quebec, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTCQB: RMRDF) (“Radisson” or the “Company”) is pleased to announce that it has entered into a Memorandum of Understanding (“MOU”) with IAMGOLD Corporation (“IAMGOLD”) to assess the design criteria for processing mined material from Radisson’s O’Brien Gold Project (“O’Brien” or the “Project”) at the nearby Doyon gold mill, part of IAMGOLD’s Doyon-Westwood mine complex. The Doyon mill is located 21 kilometres west of O’Brien within Quebec’s Abitibi region and directly accessible along Trans-Canada Highway 117.
If off-site processing at Doyon is deemed viable by both parties, Radisson intends to complete a Preliminary Economic Assessment (“PEA”) for O’Brien, which will further consider mine design, mining methodology, mining rate and gold production profile, facilities requirements, development schedule and overall Project economics.
Matt Manson, President & CEO commented: “Hub-and-spoke mining and milling arrangements have long been a feature of gold mining in the Abitibi. Today we are announcing the first step in assessing the viability of such an arrangement for the O’Brien Gold Project. The MOU with IAMGOLD will facilitate the technical work required to assess the compatibility of O’Brien’s gold ore with the Doyon mill. Doyon is directly accessible to O’Brien via a short haul on paved highway, and a future O’Brien mine with offsite processing and tailings disposal would be a potentially low-cost, low-impact and highly profitable mining operation. The MOU with IAMGOLD contains no commercial terms regarding how ore supply from O’Brien to Doyon would be arranged; however, further discussions between the two parties, and a companion O’Brien PEA, are contemplated upon the successful completion of this preliminary technical work.”
Terms of the MOU
The MOU facilitates the exchange of technical data between Radisson and IAMGOLD Corporation (collectively the “Parties”) regarding metallurgy, flow-sheet configuration, potential mill modifications, and future processing and tailings disposal capacity. Each Party will be responsible for its own costs associated with the work. To conduct the assessment, Radisson has retained Ausenco Engineering Canada ULC and a program of metallurgical work has already commenced at the Lakefield, Ontario facilities of SGS Canada Inc. The MOU is non-binding and non-exclusive and contains no specific terms around potential commercial arrangements between the Parties. There is no certainty that any arrangement between the Parties will result from their dealings pursuant to the MOU.
Radisson Mining Resources Inc.
Radisson is a gold exploration company focused on its
For more information on Radisson, visit our website at www.radissonmining.com or contact:
Matt Manson
President and CEO
416.618.5885
mmanson@radissonmining.com
Kristina Pillon
Manager, Investor Relations
604.908.1695
kpillon@radissonmining.com
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to planned and ongoing drilling, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, the ability to incorporate new drilling in an updated technical report and resource modelling, the Company's ability to grow the O’Brien project and the ability to convert inferred mineral resources to indicated mineral resources. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements Forward-looking information is based on estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the drill results at O’Brien; the significance of drill results; the ability of drill results to accurately predict mineralization; the ability of any material to be mined in a matter that is economic. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
