Radisson Mining Resources Inc. [RDS-TSXV; RMRDF-OTC] said Tuesday February 16 that it is making a number of changes to its board and management team, while continuing to strengthen its technical team. It said the new board appointees will add significant capital market and mine development expertise required to position the company for the next stage of growth.
The announcement comes after the company recently reported significant high-grade gold intercepts from the ongoing 130,000-metre exploration and drill program at its 100%-owned O’Brien gold project located along the Larder-Lake-Cadillac Break, halfway between Rouyn-Noranda and Val-d’Or, Quebec.
The company said Mario Bouchard is retiring as CEO effective Tuesday but will remain a director of the company. He is being replaced on an interim basis by Radisson President Rahul Paul. However, Bouchard will remain a director and also an advisor until the end of this year.
Michael Gentile, previously a strategic advisor to the company, has been named as a director, effective Tuesday.
Following confirmation of two additional new directors, the board is expected to make a final decision on the appointment of CEO.
As well, Donald Trudel, who was previously the principal geologist at IAMGOLD Corp.’s [IMG-TSX; IAG-NYSE] Westwood Gold Mine in Quebec, has been named senior project geologist for the O’Brien Gold Project.
On Tuesday, Radisson shares were up 1.7% or $0.005 to 30.5 cents. The shares are currently trading in a 52-week range of $0.09 and 40 cents.in
O’Brien is Radisson’s flagship project. It hosts the former O’Brien Mine, considered to have been the Abitibi Greenstone Belt’s highest-grade producer during its productive years from 1926 to 1957. During those years, it produced 1.19 million tonnes at 15.25 g/t gold or 587,121 ounces.
Radisson recently filed a technical report containing a new resource estimate for the O’Brien project. Using a 5.00 g/t cut-off grade, estimated indicated resource are 949,700 tonnes at 9.48 g/t gold, or 289,400 ounces. Inferred resources are 617,400 tonnes at 7.31 g/t gold, for 145,000 ounces.
Radisson said drilling continues to define and expand three high-grade mineralized trends about 300 metres, 600 metres and 900 metres respectively east of the old O’Brien Mine. Mineralized trends identified so far bear similarities with structures previously mined down to 1,100 metres.
Results released represent approximately 39% of the 130,000 metres to be completed this year. As of January 31, 2021, the company has approximately $14.5 million in cash.