Rainy River Resources' Intrepid Zone continues to expand, demonstrating excellent gold and silver grades and widths near surface
Thursday, Dec 06, 2012
TORONTO, Dec. 5, 2012 /CNW/ - Rainy River Resources Ltd. ("Rainy River" or the "Company" (RR.TSX)) is pleased to announce further assay results from the Intrepid Zone ("Intrepid") at the Rainy River Gold Project ("RRGP") in northwestern Ontario. Results are summarized in Table 1.
To date, 51 diamond drill holes have intersected the Intrepid Zone over a 335 metre strike length, and have traced the mineralization down dip for 450 metres.
Results Suggestive of Potential Open Pit Mineralization
Eleven of the eighteen drill holes reported in today's Intrepid Zone results show widths suggestive of open pit mining potential, with wide zones of near-surface gold mineralization. Drill hole NR121442 intersected 1.9 grams per tonne ("g/t") gold and 23.4 g/t silver over 57.0 metres, which represents the widest intersection to date. This hole remains open to the east. Widths and grades are comparable to those of the ODM Zone, with thickness and grade increasing as drills move eastward.
Drill hole NR121448 intersected 1.8 g/t gold and 22.3 g/t silver over 28.5
metres, starting at a vertical depth of 45 metres, while NR121446 intersected 2.9 g/t gold and 10.6 g/t silver over 33.0 metres, at a vertical depth of 79 metres. These drill results show significantly larger widths than seen in previous drill results.
These holes all lie immediately east of the Intrepid discovery hole NR121258, reported October 22, 2012.
Results Suggestive of Potential Underground Mineralization
Seven of the eighteen holes reported today were drilled to the west of the wider zones of mineralization. These holes returned significant grades and widths which could potentially become mineable via the planned underground decline, with high-quality ounces brought forward earlier in the underground mine life.
NR121424 intersected 8.4 g/t gold and 72.4 g/t silver over 4.5 metres at a vertical depth of 400 metres, and NR121427 intersected 6.0 g/t Au and 7.0 g/t silver over 3.0 metres at a vertical depth of 404 metres. These two holes are over 100 metres down plunge of Rainy River's previous drill intersections at Intrepid. Additionally, NR121461 intersected 7.5 g/t gold and 23.3 g/t silver over 7.5 metres at a vertical depth of 205 metres.
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.
SOURCE Rainy River Resources