TORONTO, April 2, 2013 /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.
- Infill drill hole NR131523 intersected 15.5 grams per tonne ("g/t") gold and 86.6 g/t silver over 9.0 metres, at a vertical depth of 245 metres, including 21.9 g/t gold and 119.2 g/t silver over 6.0 metres.
- Infill drill hole NR131506 intersected 12.7 g/t gold and 38.6 g/t silver over 5.1 metres, at a vertical depth of 204 metres.
- On the eastern side of the Intrepid Zone, drill hole NR131494 intersected 2.24 g/t gold and 12.28 g/t silver over 36.0 metres, at a vertical depth of 152 metres, including 7.2 g/t gold and 32.8 g/t silver over 7.5 metres.
- Drill hole NR131495 is located on the same section as NR131494, and intersected 3.14 g/t gold and 19.8 g/t silver over 24.0 metres, at a vertical depth of 167 metres, including 9.6 g/t gold and 36.1 g/t silver over 6.0 metres. Both of these holes have expanded the Intrepid Zone by almost 50 metres along its dip, on the eastern side of the zone.
INTREPID - LATEST DRILL HOLE RESULTS
With the addition of 20 new diamond drill holes released today, 102 holes have now penetrated the Intrepid Zone over a 410-metre strike length, and have traced the mineralization down-dip for 450 metres.
The Intrepid Zone continues to expand in size, while infill drilling demonstrates excellent continuity within the zone. From the work to date, Intrepid appears to host parallel and plunging high-grade ore shoots, similar to those observed in the ODM Zone, at the heart of the Rainy River Gold Project.
Four diamond drill rigs will continue to focus on expanding the thickest portions of Intrepid in the plunge direction, and on better defining the zone, in preparation for the release of a National Instrument 43-101-compliant mineral resource estimate, expected in mid-2013. The rigs are currently paused for the spring thaw, and will resume work in late April.
Maps and Images
Note: Maps 2 to 5 are cross sections that move progressively to the east.
Map 1 - Diamond Drill Hole Location Plan Map
Map 2 - 427278E Cross Section
Map 3 - 427330E Cross Section
Map 4 - 427385E Cross Section
Map 5 - 427519E Cross Section
Map 6 - Vertical Longitudinal Section
Raymond Threlkeld, President and CEO of Rainy River Resources Ltd., commented: "The Intrepid Zone continues to demonstrate high grade gold with substantial silver values. High grade intercepts of almost half an ounce of gold and almost three ounces of silver over 9 metres in drill hole NR131523 exemplify the high quality nature of this zone. In addition, in thicker drill intercepts such as 36 meters of 2.24 grams per tonne gold and 12.28 grams per tonne silver in drill hole NR131494, we are finding a higher grade core, such as 7.2 grams per tonne gold and 32.8 grams per tonne silver over 7.5 meters, which further demonstrates the high grade potential of this zone. We will focus our drill program at the Intrepid Zone until the middle of the year, when we will prepare an inaugural resource statement."
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 samples, with a maximum sample length being 1.5 metres. ALS Canada Ltd. performed primary assaying, with check assays at Activation Laboratories Ltd. ALS Canada Ltd. and Activation Laboratories Ltd. implement 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 at December 31, 2012, the Company had approximately $102 million in cash and cash equivalents, and it remains well funded for its ongoing activities, including: 1) completion of a feasibility level study on the RRGP; 2) continuing to grow the existing resource through exploration; 3) conducting a condemnation program in areas identified for potential mine facilities; and 4) continuing regional exploration. The RRGP is very well located in northwestern Ontario. 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. 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 suitability of certain mineralized zones for open-pit mining and that reported mineralization from recent drill results will translated into confirmed resource calculations. 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/20130402_C9702_PHOTO_EN_24992.jpg
Image with caption: "Map 2 - 427278E Cross Section (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20130402_C9702_PHOTO_EN_24993.jpg
Image with caption: "Map 3 - 427330E Cross Section (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20130402_C9702_PHOTO_EN_24994.jpg
Image with caption: "Map 4 - 427385E Cross Section (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20130402_C9702_PHOTO_EN_24995.jpg
Image with caption: "Map 5 - 427519E Cross Section (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20130402_C9702_PHOTO_EN_24996.jpg
Image with caption: "Map 6 - Vertical Longitudinal Section (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20130402_C9702_PHOTO_EN_24997.jpg