Radisson Mining drills 68.24 g/t gold over 6.2 metres beneath the old O'Brien mine

Radisson Mining Resources Inc. (CVE: RDS) (OTCMKTS: RMRDF) reported on Monday that a step-out hole beneath the former O'Brien mine in Quebec's Abitibi region returned 68.24 grams per tonne gold over 6.2 metres. The intercept in hole OB-26-385W5 carries a metre of visible gold that assayed 384.01 grams per tonne, and the hole belongs to a program Radisson aims at ground outside its current mineral resource.

Shares slipped 0.8 per cent to C$1.17 at Monday's close on the TSX Venture Exchange, which values Radisson at about C$598 million. The 52-week range is C$0.53 to C$1.34.

The eight holes reported Monday form two clusters drilled with pilot holes and wedge branches below the old workings, where Radisson says gold mineralization now covers a 1,000-metre vertical interval. The best intercept ran from 1,511 to 1,517.2 metres, and the alteration around the vein graded 2.48 grams per tonne on its own. True widths are estimated at 30 to 80 per cent of core length, and the assays are uncapped.

OB-26-385W8 came in second at 27.27 grams per tonne. That intercept ran 3.3 metres and included 72.40 grams per tonne over 1.2 metres. Another wedge hole cut 8.14 grams per tonne over 5.5 metres.

Radisson has finished 128 holes beneath and east of the mine since late 2024, and 106 of them returned grades and widths consistent with the resource, a hit rate of 83 per cent. Eight rigs are turning at O'Brien on a 140,000-metre step-out program the company pays for from cash on hand.

"The two clusters of new drill results reported today are delineating the important 'O'Brien Mine East' trend at its top, immediately below the former mine workings, and extending it downwards at up to 2 kilometres vertical depth," president and chief executive Matt Manson said in the release.

Agnico Eagle Bought 10.45 Per Cent in September

Agnico Eagle Mines Limited (TSE: AEM) (NYSE: AEM) closed a C$57.16 million private placement in Radisson on Sept. 1. It took 53,420,000 units at C$1.07 each, a 6 per cent premium to the stock's Aug. 21 close. The purchase gave the gold producer about 10.45 per cent of Radisson and 14.90 per cent on a partially diluted basis.

Under the agreement announced Aug. 24, Agnico Eagle also has the right to nominate one director and holds restrictions until Dec. 31, 2028 on specified sales, royalty, stream and offtake deals over the mineral properties. The money pays for an access ramp rather than more drilling, since the step-out program is already funded. It also covers underground and surface infrastructure and water management.

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The Resource Assumed Gold at US$2,500

O'Brien's mineral resource, effective Jan. 31, 2026, holds 0.63 million indicated ounces grading 5.59 grams per tonne. Another 1.69 million ounces sit in the inferred category at 5.08 grams per tonne. The estimate was built on a gold price of US$2,500 an ounce, while the metal was fixed at US$4,343.15 at the London morning auction on Monday.

A preliminary economic assessment from July 2025 set an 11-year mine life at O'Brien, built around milling the ore offsite and the infrastructure already in the Bousquet-Cadillac camp. The historic mine above the new intercepts produced more than half a million ounces at an average grade above 15 grams per tonne before it closed in 1957.

Read more: New Found Gold's Hammerdown mine enters commercial production phase

Radisson is due to present O'Brien at the Gentile Mining Investor Forum in London on Oct. 19, and the units Agnico Eagle bought come out of their hold period on Jan. 2, 2027.