Oberzeiring Polymetallic Project Exploration Update

TORONTO, July 27, 2020 - Richmond Minerals Inc. ("Richmond" or the "Company") (TSXV: RMD) is pleased to announce that the field campaign at the Oberzeiring Polymetallic project in Styria, Austria has commenced. The Oberzeiring project (the "Project") comprises 99 granted claims covering around 35 km² located in the Styria Mining district of Austria. The Project contains one of the largest silver mines in the Eastern Alps that operated during medieval times producing reportedly high-grade lead, zinc, silver and gold mineralization. In September 2019, a verification sampling program associated with preparation of a NI 43-101 compliant technical report for the Company returned grades up to 6.4 g/t gold and 384 g/t silver from existing underground workings and artisanal mine sites (the Oberzeiring Polymetallic Project NI 43-101 technical report is available for review at the Company's website: www.richmondminerals.com).

Historical Mine and Tailings Sampling

The initial 2020 exploration approach includes mapping and sampling of ancient artisanal mining and tailings sites found throughout the Project area. Twenty rock grab samples from several artisanal mine galleries and neighbouring tailings sites were collected last month and sent to ALS Laboratories in Ireland for analysis using multi-Element Ultra Trace (ME-MS61). A sample with more than 1% lead was analysed with the Pb-OG62 method. Selected highlight results are reported as follows (in g/t):

A preliminary review of these laboratory results indicates at least two different high grade mineralization types:

-        Type I: mineralization that is associated with enriched lead, zinc and silver concentrations in random hard rock grab samples with silver concentrations ranging from 1.03 g/t up to 76.8 g/t, and lead content ranging from 15 g/t up to 1 %;

-        Type II: gold mineralization that correlates well with elevated concentrations of bismuth, copper, and cobalt. Gold concentrations in this mineralization type ranged from 0.01 up to 10.5 g/t.

Stream Bed Sampling

The initial approach for 2020 also included sampling of stream sediments with the goal of identifying and differentiating various catchment areas (such as dry valleys without fine grained sediments above marble dominated bedrock areas, catchment areas with marble/schist basement strata, and springs and creeks with fine grained sediments). Conductivity surveying of springs/creeks was also completed during stream sediment sampling. Thirty two stream sediment samples were collected and shipped along with QA/QC samples to ALS Minerals in Loughrea, Ireland for geochemical analysis using method AuME-ST44.

Values for silver ranged from 0.05 to 2.17 ppm, gold ranged from 0.5 to 48.5 ppb, manganese ranged from 282 to 790 ppm, and lead ranged from 8.67 to 36.5 ppm. These initial results show higher grades of gold and silver close to localities of ancient mine workings and have identified new prospective areas where no ancient/artisanal mining has been known to occur. Conductivity test results of stream and spring waters also identified potential mineralized zones over a much broader Project area than previously expected.

Discussion of Results and Conclusions

Overall positive correlation of elevated gold and silver concentrations in artisanal mine gallery and tailings dump grab samples with corresponding elevated concentrations in stream samples has been established.

These initial recent sampling results also appear to confirm exploration results observed in historic records for the Project. Formerly unknown prospective catchment areas with potential Type I and Type II mineralized zones have also been identified, and will be the subject of further exploration efforts moving forward.

The Next Steps:

-        Detailed geological mapping in areas of higher mineralisation derived from geochemical stream, mine dump, and underground data;

-        Follow-up detailed stream sediment sampling in areas with samples of higher mineralisation;

-        Consultation with geophysicists combining geological and geophysical data directly to delineate target survey areas;

-        Re-evaluation and compilation of existing historical geophysical exploration results with the new exploration database to define targets for drilling;

-        Establishment of strong stakeholder relationships according to Richmond´s CSR ethics.

To manage and execute the exploration program at the Oberzeiring Project, Richmond has retained GEO Unterweissacher GmbH, an Austrian-based geological consulting company. Dr. Thomas Unterweissacher, EurGeol and his team are well experienced in planning and executing exploration campaigns in Austria for different public companies targeting commodities including gold and lithium. More detailed information can be found on www.geo-unterweissacher.at.

Warren Hawkins, P.Eng, a "Qualified Person", within the meaning of Nation Instrument 43-101- Standards of Disclosure for Minerals Projects, has reviewed and approved the scientific and technical information contained in this news release. Mr. Hawkins is not considered to be "independent" of the Corporation (as defined in National Instrument 43-101), as he currently holds securities of the Corporation.

Richmond Minerals Inc. is a mineral exploration company actively engaged preious and strategic metal exploration with projects located in Northern Ontario and the Styria Mining District of Austria. Its exploration focus is development of the Ridley Lake Gold project located in the heart of the Swayze Greenstone Belt which hosts Iamgold's Cote Lake Project. The Company is also actively exploring the recently acquired Oberzeiring Polymetallic Property, from which high grade silver and gold and other strategic metals have been mined dating back centuries.

CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Richmond's objectives, goals or future plans, including successful completion of the Transaction. There is no guarantee that the Transaction will be completed on the terms announced in this press release or at all. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in general economic conditions and conditions in the financial markets; the ability of Richmond to raise funds pursuant to future offerings, including the second tranche of the Offering; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments, and those risks set out in Richmond's public documents filed on SEDAR. Although Richmond believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Richmond disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Richmond Minerals Inc.

For further information: Franz Kozich, President, Warren Hawkins, P. Eng., Exploration Manager, Web: www.richmondminerals.com, E-Mail: [email protected], Phone: +1 (416) 603-2114