Rainy River Resources intersects significant near-surface gold mineralization at Intrepid Gold-Silver Zone, and extends Intrepid 60 metres east
by PR Newswire
TORONTO, Nov. 13, 2012 /CNW/ - Rainy River Resources Ltd. ("Rainy River" or the "Company" (RR.TSX)) is pleased to announce further assay results from the Rainy River Gold Project ("RRGP") in northwestern Ontario. Results are summarized in Table 1.
- Drill hole NR121440 intersected 1.1 grams per tonne ("g/t") gold and 7.3 g/t silver over 49.5 metres, starting at a vertical depth of 38 metres below surface and directly at the bedrock / overburden contact.
- Drill hole NR121439 intersected 1.3 grams per tonne ("g/t") gold and 16.7 g/t silver over 37.5 metres, 40 metres down dip of NR121440, including 2.1 g/t gold and 29.1 g/t silver over 12.0 metres.
- Drill hole NR121413 intersected 1.3 grams per tonne ("g/t") gold and 13.7 g/t silver over 39.0 metres, including 6.5 g/t gold and 37.1 g/t silver over 4.5 metres, at a vertical depth of 181 metres.
- The Intrepid Zone continues to expand eastward, widening as it nears surface.
INTREPID - LATEST DRILL HOLE RESULTS
Today's drill results from the Intrepid Zone demonstrate its potential to contribute wide zones of near-surface gold mineralization for exploitation via open pit, in addition to the potential contribution of higher grade underground material. As drilling has progressed eastward, Rainy River's geological team has observed that a number of high angle step faults appear to have shifted thicker portions of the Intrepid Zone toward the surface.
To date, 33 diamond drill holes have intersected the Intrepid Zone over a 280-metre strike length, and have traced the mineralization down dip for 350 metres. The mineralized zone continues to expand toward the east and is dipping steeply to the south, with a steep southwest plunge observed for the higher grade core. Significant mineralization has been traced to within 38 metres of surface.
Three diamond drill rigs have been allocated to help define this new and significant discovery. The remainder of the 2012 program will focus on expanding the mineralized zone towards the east and at shallow depths. The 2012 diamond drill program will conclude in the first two weeks of December.
Maps and Images
Map 1 -- Diamond Drill Hole Location Plan Map.
Map 2 -- 427190 E Cross Section.
Map 3 -- 427410 E Cross Section.
Map 4 -- 427460 E Cross Section.
Map 5 -- Vertical Longitudinal Section.
Raymond Threlkeld, President and CEO of Rainy River Resources Ltd., commented: "Our exploration team, led by Kerry Sparkes, is beginning to unlock some of the further potential of the Rainy River District. The new results show a potentially significant expansion of the Intrepid Zone to the east, while the thickening of the mineralized zone suggests that it may not only contribute high quality ounces early in the underground mine life, but perhaps also develop into an open pit. This new discovery clearly demonstrates the future exploration potential that we have in the Rainy River District."
Rainy River's exploration program in Richardson Township is being supervised by Kerry Sparkes, P.Geo., Vice-President Exploration, a Qualified Person as defined by National Instrument 43-101. Mr. Sparkes, P.Geo., is also the person responsible for the content of this news release. The Company has a rigorous QA/QC program in place to ensure best practices in sampling and analysis of drill core. All drill core is marked for sampling and then split in half with a diamond saw blade. Samples are placed in sealed bags with security tags. All samples were assayed using a standard fire assay, 30 gram nominal sample weight with an AA finish. Over-limit samples were re-assayed with a gravimetric finish. Samples with visible gold were automatically analyzed for Ore Grade by 1000 g screen fire assay, with coarse and fine fractions being combined proportionately and the fine fraction being assayed twice. Standards, blanks and duplicates are inserted every 25 metres. ALS Canada Ltd. performed primary assaying, with duplicates being analyzed at Activation Laboratories Ltd. ALS Canada Ltd. and Activation Laboratories Ltd. implements independent QA/QC protocols that include the insertion of certified blanks and standards as part of their routine analysis.
About Rainy River
Rainy River Resources Ltd. is a Canadian precious metals exploration company whose key asset is the Rainy River Gold Project, a large gold system centred in Richardson Township (part of Chapple Township). As of September 30, 2012, the Company had approximately $62 million in cash and cash equivalents and short-term investments, and remains well funded for its 2012 plans to 1) commence a feasibility level study on the RRGP; 2) continue growing the existing resource through exploration; 3) conduct a condemnation program in areas identified for potential mine facilities; and 4) continue regional exploration. RRGP is very well located in northwestern Ontario, near the U.S. border. It is accessed by a network of roads and is close to hydro-electric infrastructure. The Rainy River district has a skilled labour force and is one of the lowest-cost areas for mineral exploration and development in Canada. The Company is also working to advance the early-stage discoveries at its TPK Joint Venture Property, also in Ontario, where it can earn a 51% interest in the property from Northern Superior Resources Inc. Ontario has low political risk and, according to the annual Fraser Institute global survey of the mining industry, has consistently ranked as one of the top jurisdictions embracing mineral development.
RAINY RIVER RESOURCES LTD.
Raymond W. Threlkeld
President and CEO
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. These statements include the possible conversion of inferred resources into higher confidence categories of resources. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
*Vertical depth is calculated by determining the vertical depth at the mid-point of the down-hole intersection.
SOURCE Rainy River Resources
Image with caption: "Map 1 -- Diamond Drill Hole Location Plan Map. (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121113_C7312_PHOTO_EN_20528.jpg
Image with caption: "Map 2 -- 427190 E Cross Section. (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121113_C7312_PHOTO_EN_20529.jpg
Image with caption: "Map 3 -- 427410 E Cross Section. (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121113_C7312_PHOTO_EN_20530.jpg
Image with caption: "Map 4 -- 427460 E Cross Section. (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121113_C7312_PHOTO_EN_20531.jpg
Image with caption: "Map 5 -- Vertical Longitudinal Section. (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121113_C7312_PHOTO_EN_20532.jpg