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.
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.
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