TORONTO, Oct. 22, 2012 /CNW/ - Rainy River Resources Ltd. ("Rainy River" or the "Company" (TSX: RR)) is pleased to announce assay results from the Rainy River Gold Project ("RRGP") in northwest Ontario. Results are summarized in Table 1.
- One kilometre east of the proposed open pit boundary of the Rainy River Gold Project, drill hole NR121258 intersected 2.2 grams per tonne ("g/t") gold and 38.5 g/t silver over 18.5 metres, including 6.0 g/t gold and 83.9 g/t silver over 3.0 metres, at a vertical depth of 210 metres.
- NR121364 intersected 4.3 g/t gold and 33.3 g/t silver over 18.0 metres, including 8.4 g/t Au and 37.0 g/t silver over 6.0 metres, 37.5 metres up-dip of NR121258, at a vertical depth of 202 metres.
- NR121370 intersected 3.8 g/t Au and 12.3 g/t silver over 10.5 metres, including 8.3 g/t gold and 22.6 g/t silver over 3.0 metres, a further 80 metres up dip of NR121364, and at a vertical depth of 96 metres below surface.
- The Intrepid Zone demonstrates excellent continuity in both grade and thickness and the zone is wide open.
New Discovery: INTREPID
Exploration drilling has resulted in a significant new gold and silver discovery approximately one kilometre east of the proposed open pit boundary of the Rainy River Gold Project. Drill hole NR121258 intersected 2.2 g/t gold and 38.5 g/t silver over 18.5 metres, including 6.0 g/t gold and 83.9 g/t silver over 3.0 metres at a vertical depth of 210 metres. This new zone, termed the Intrepid Zone, clearly demonstrates the potential for new discoveries along trend. The new zone was discovered after Mobile Metal Ion (MMI) geochemistry identified areas of anomalous gold over the prominent magnetic low trend that hosts the majority of the Rainy River Gold Project's deposits. The new zone contains disseminated and fracture-related mineralization including 2-3% pyrite and variable amounts of sphalerite, galena and chalcopyrite. Both electrum and visible gold have also been identified in core.
The first follow-up hole, NR121364, has been completed 37.5 metres directly up-dip of the discovery hole. NR121364 intersected 4.3 g/t gold and 33.3 g/t silver over 18.0 metres including 8.4 g/t gold and 37.0 g/t silver over 6.0 metres, at a vertical depth of 202 metres. In addition, NR121370 intersected 3.8 g/t gold and 12.3 g/t silver over 10.5 metres including 8.3 g/t gold and 22.6 g/t silver over 3.0 metres, a further 80 metres up-dip of NR121364, and at a vertical depth of 96 metres below surface.
A total of 13 diamond drill holes have intersected the Intrepid Zone over a 100-metre strike length, and have traced the mineralization down dip for 175 metres. The mineralized zone is wide open and is dipping steeply to the south. Mineralization has been traced to within 50 metres of surface. Two additional rigs have been allocated to help define this new and significant discovery. An additional 20 diamond drill holes have intersected the zone, for which assays are pending.
Maps and Images
Map 1 - Plan View of the Mineralized Trend.
Map 1a - Diamond Drill Hole Location Plan Map.
Map 2 - 427310 E Cross Section View.
Map 3 - 427360 E Cross Section View.
Map 4 - 427410 E Cross Section View.
Map 5 - Vertical Long Section.
Raymond Threlkeld, President and CEO of Rainy River Resources Ltd., commented: "This exciting, new Intrepid Zone discovery is yet another chapter in the district potential story of the Rainy River Gold Project. Located along a six kilometre magnetic low trend that hosts the main deposit, diamond drill hole NR121258 provides us with guidance on future exploration targets within our extensive land package in the district. With our exploration program demonstrating continued success, Rainy River plans to focus exploration efforts over the remainder of the year on the Intrepid Zone as well as other key areas within the prominent magnetic low trend hosting the Rainy River deposits."
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 June 30, 2012, the Company had approximately $81 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 the southwestern corner of northern 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 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.
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 conversion of inferred resources into higher confidence categories of resources. 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.
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Image with caption: "Map 1 - Plan View of the Mineralized Trend. (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121022_C8716_PHOTO_EN_19592.jpg
Image with caption: "Map 1a - Diamond Drill Hole Location Plan Map. (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121022_C8716_PHOTO_EN_19589.jpg
Image with caption: "Map 2 - 427310 E Cross Section View. (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121022_C8716_PHOTO_EN_19593.jpg
Image with caption: "Map 3 - 427360 E Cross Section View. (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121022_C8716_PHOTO_EN_19590.jpg
Image with caption: "Map 4 - 427410 E Cross Section View. (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121022_C8716_PHOTO_EN_19591.jpg
Image with caption: "Map 5 - Vertical Long Section. (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121022_C8716_PHOTO_EN_19594.jpg
SOURCE: Rainy River Resources
For further information:
Director, Investor Relations
E-mail: [email protected]