TORONTO, May 14, 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 NR131525 intersected 3.2 grams per tonne ("g/t") gold and 16.0 g/t silver over 25.5 metres, at a vertical depth of 274 metres, including 14.8 g/t gold and 51.5 g/t silver over 3 metres.
- Drill hole NR131542 intersected 2.6 g/t gold and 35.0 g/t silver over 28.5 metres, at a vertical depth of 235 metres, including 4.7 g/t gold and 56.5 g/t silver over 13.5 metres.
- Drill hole NR131512 intersected 1.3 g/t gold and 8.8 g/t silver over 42.0 metres, at a vertical depth of 208 metres, including 8.7 g/t gold and 24.3 g/t silver over 3.0 metres.
- Drill hole NR131534 intersected 8.0 g/t gold and 28.3 g/t silver over 6.9 metres, at a vertical depth of 262 metres, including 15.2 g/t gold and 36.3 g/t silver over 3.0 metres at a vertical depth of 262 metres.
- Drill hole NR131532 intersected 11.4 g/t gold and 63.7 g/t silver over 7.4 metres at a vertical depth of 257 metres.
INTREPID - LATEST DRILL HOLE RESULTS
With the addition of 52 new diamond drill holes released today, a total of 154 holes have now defined the core of the Intrepid Zone over a 410-metre strike length, and have traced the mineralization down-dip for 450 metres. The Zone remains open at depth, and deeper targets will be drilled later in 2013.
The latest assay results are consistent with previous results and continue to demonstrate excellent continuity within the Intrepid Zone, with its margins now much better defined. Drilling continues to define a high grade corridor that could potentially be exploited via underground mining early in the life of the RRGP. This corridor is currently being modeled with several different gold-equivalent cut-off grades. From the work to date, Intrepid clearly hosts parallel and plunging high grade shoots of mineralized material, similar to those observed in the ODM Zone, at the heart of the Rainy River Gold Project.
Work has now resumed following the spring thaw, with four diamond drill rigs deployed and targeted to expand the thickest portions of Intrepid in the plunge direction and better define the Zone. The Company plans to release a National Instrument 43-101-compliant mineral resource estimate for the Intrepid Zone in Q3-2013.
Raymond Threlkeld, President and CEO of Rainy River Resources Ltd., commented: "As we continue to drill out Intrepid in preparation for its inaugural resource estimate in the third quarter of this year, we continue to find excellent gold and silver grades throughout the Zone. In this set of results, drill hole NR131525 highlights both the quality of the grade and the continuity of the Zone, intersecting 3.2 grams per tonne gold and 16.0 grams per tonne silver over 25.5 metres, including 14.8 g/t gold and 51.5 g/t silver over 3 metres. We are excited about Intrepid's potential to add significant value to the project.
"In addition, Rainy River continues to advance the engineering and permitting of the Project while maintaining our strong balance sheet position."
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 March 31, 2013, the Company had approximately $90 million in cash and cash equivalents, and it remains well funded for its ongoing activities, including: 1) commencement of detailed engineering work and ongoing permitting and environmental assessment work; 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. 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.
|Au (gpt)||Ag (gpt)|
*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/20130514_C6671_PHOTO_EN_26672.jpg
Image with caption: "Map 2 - 427300E Cross Section (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20130514_C6671_PHOTO_EN_26673.jpg
Image with caption: "Map 3 - Vertical Longitudinal Section (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20130514_C6671_PHOTO_EN_26674.jpg