Radisson Announces Closing of New Alger Project Acquisition and Partnership with Renforth Resources Inc.

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All $ figured represent Canadian Dollars unless stated otherwise

ROUYN-NORANDA, Quebec, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF) (“Radisson”) and Renforth Resources Inc. (CSE – RFR) (OTC US– RFHRF) (WKN – A2H9TN) (“Renforth”) are pleased to announce the closing of the previously announced New Alger Project (“New Alger”) acquisition by Radisson from Renforth.  The New Alger acquisition is part of a long-term strategic relationship between the two companies that will include an investment by Radisson into Renforth, resulting in Radisson owning 9.6% interest in Renforth, while Renforth will own 5.7% interest in Radisson.  The Renforth financing is expected to close within the coming month.  The relationship aims to leverage regional synergies and unlock significant value for shareholders of both companies from one of the most prospective mining camps in the world.

The transaction will significantly expand Radisson’s claims in the Bousquet-Cadillac mining camp, which will create scale, and which Radisson believes will enhance its exploration potential and increase O’Brien’s appeal to investors and larger producers. With the close of the New Alger acquisition,

• Radisson’s claims now cover 5,839 ha, a nine-fold increase from 637 ha prior to the transaction.
• Radisson now controls 5.9 km along the Cadillac Break, including 3.2 km to the east and 2.7 km to the west of the old O’Brien Mine, which has been the highest grade gold mine in Quebec producing 587 koz grading 15.25 g/t from 1926-57.
• Radisson sees an opportunity to apply its litho-structural model to unlock resource potential at the newly acquired claims
  • Exploration efforts have been limited to a 1.5 km strike to the east of the old O’Brien Mine.
  • The company expects to expand its program to include high potential targets to the west
• Radisson will gain exposure to potential upside from the Pontiac Sediments which remain significantly underexplored.
  • This includes potential upside from the Discovery veins that have been traced by prior sampling and drilling for 500 m along strike and to a depth of 120 m. The Discovery vein system is not included in the current resource and mineralization remains open for expansion to the east and west.
  • In addition to the potential for other similar vein systems to the south, the Pontiac Sediments in the district have been found to host large bulk tonnage deposits.

In addition, the deal significantly bolsters Renforth’s balance sheet and allows for a significant expansion in planned exploration spending aimed at realizing the full potential of its attractive project portfolio that includes Parbec, Nixon Bartleman, Malartic West, Surimeau and Denain-Pershing. Following close of the Renforth financing, Radisson will hold a 9.6% equity stake in Renforth providing Radisson shareholders with exposure to Renforth’s attractive portfolio of assets in one of the most prolific gold camps in the sector.