Camflo Northwest property

The program tested geophysic targets inside the Kewagama sediment along a northeast structure controlling the Camflo intrusion, site of the past-producing Camflo Mine. Although there were no significant results from this drilling program, this work enabled Richmont Mines to acquire an additional 30% interest in the property, and now holds 80% of the Camflo Northwest property located in the Malartic Gold Camp.

Wasamac property

Gold mineralization on the Wasamac property was originally discovered in 1936 by Mine d’Or Champlain through surface trenching work. A considerable amount of exploration and development work has been carried out on the property since this time, and has resulted in the discovery of several ore bodies. Intermittent production of the Wasamac Mine between 1965 and 1971 totalled 1,892,448 metric tons grading 4.16 g/t Au, for a total of 252,923 recovered ounces of gold, mostly from the Main Zone.

On May 7, 1986, Ressources Minières Rouyn (now Richmont Mines Inc.) signed an option agreement with Lac Minerals, the property owners at the time. This agreement entitled Richmont to earn a 50% interest in the property by incurring exploration expenses totalling $5.0 million.

In 1992, Richmont acquired 100% ownership of the Wasamac property, at which time the Company began dewatering the pre-existing underground operations and completed additional surface drilling. Unfavourable economic conditions at the time, however, led to the project being shelved in 1994.

The Francoeur-Wasa Shear, the most favourable geological target in this area, runs through the center of the property, with an east-west trend (260 degrees) and a northern dip between 50–55 degrees. The mineralization, which remains open at depth, is closely associated with pyrite dissemination and alteration of the volcanic rocks within the shear zone. Four known gold bearing zones are located within this north dipping Shear, namely the Main Zone, Zone #1, Zone #2, and the Macwin Zone. Another zone of interest, the Wildcat Zone, is located approximately 300 metres south of the Main Zone, within a south dipping structure sub-parallel to the Wasa Shear.

Over the 2002 – 2004 period, 13,754 metres of surface drilling on this property intersected mineralization in the #2 East Zone, which lies within the Wasa Shear Zone. This drilling resulted in estimated Inferred Resources of 1,282,000 tonnes, grading 6.92 g/t Au, for 285,000 ounces of gold.

The Wasamac property is less than 10 km east of Richmont’s Francoeur Mine, and is approximately 100 km west of the Company’s Camflo Mill.

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