TORONTO, Feb. 20, 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.
- Near the proposed underground ramp, drill hole NR121474 intersected 2.58 grams per tonne ("g/t") gold and 27.29 g/t silver over 46.1 metres, at a vertical depth of 138 metres, including 11.30 g/t gold and 84.20 g/t silver over 4.5 metres.
- Higher grade results include 156.50 g/t gold and 21.60 g/t silver over 1.4 metres at a vertical depth of 201 metres in NR121462, 4.72 g/t gold and 30.60 g/t silver over 7.5 metres at a vertical depth of 217 metres in NR121458, and 6.65 g/t gold and 24.05 g/t silver over 3.0 metres at a vertical depth of 378 metres in NR121425.
- Near surface, drill hole NR121481 intersected 1.59 g/t gold and 18.97 g/t silver over 46.5 metres, starting at a vertical depth of 49 metres below surface.
- Drill hole NR121436, located 40 metres down dip of NR121481, intersected 2.06 g/t gold and 12.79 g/t silver over 23.5 metres at a vertical depth of 99 metres, including 5.56 g/t gold and 32.59 g/t silver over 5.5 metres at a vertical depth of 92 metres.
INTREPID - LATEST DRILL HOLE RESULTS
With the addition of 31 new diamond drill holes released today, 82 holes have now penetrated the Intrepid Zone over a 410 metre strike length, and have traced the mineralization down dip for 450 metres. Wide zones of near-surface gold mineralization continue to contribute mineralization that may be exploitable via open pit mining, complemented by higher grade intersections that may be exploitable via underground mining early in the mine life. Further drilling will continue to define the eastern limits of Intrepid.
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.
Three diamond drill rigs will focus on expanding the thickest portions of Intrepid in the plunge direction, and to better define the zone in preparation for the release of a National Instrument 43-101 compliant mineral resource estimate by mid-2013. Upon completion of the BP Zone drilling over the next few weeks, the fourth diamond drill rig currently at the RRGP will also move to the Intrepid Zone.
Maps and Images
Note: Maps 2 to 4 are cross sections that move progressively to the east.
Map 1 - Diamond Drill Hole Location Plan Map
Map 2 - 427489 E Cross Section
Map 3 - 427512 E Cross Section
Map 4 - 427540 E Cross Section
Map 5 - Vertical Longitudinal Section
Raymond Threlkeld, President and CEO of Rainy River Resources Ltd., commented: "We are excited to share our continued success at the Intrepid Zone today. With 82 drill holes completed to date, the Intrepid Zone discovered late last year now has a 410-metre strike length and measures 450 metres down dip. Our next step is to continue on a dual path of step-out drilling to identify the down-dip extension of Intrepid, and infill drilling in preparation for an initial resource on the zone. We plan to issue the first resource on the Intrepid Zone this summer, and then commence a scoping study to determine the potential incorporation of the zone into the mine plan for the Rainy River Gold Project."
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 December 31, 2012, the Company had approximately $102 million in cash and cash equivalents, and 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. 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.
|HOLE-ID||Section||Vertical Depth (metres)||FROM (metres)||TO (metres)||LENGTH (metres)||Au (grams/ tonne)||Ag (grams/ tonne)||Zone|
*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: "Diamond Drill Hole Location Plan Map (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20130220_C6951_PHOTO_EN_23895.jpg
Image with caption: "427489 E Cross Section (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20130220_C6951_PHOTO_EN_23896.jpg
Image with caption: "427512 E Cross Section (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20130220_C6951_PHOTO_EN_23892.jpg
Image with caption: "427540 E Cross Section (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20130220_C6951_PHOTO_EN_23893.jpg
Image with caption: "Vertical Longitudinal Section (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20130220_C6951_PHOTO_EN_23894.jpg
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Rainy River Resources' Intrepid Zone continues to intersect high grade gold and silver mineralization with significant widths
Feb 20, 2013, 09:00 EST