Press release from Marketwire
Rainy River Resources Ltd. Intersects High Grade Within the Conceptualized Open Pit and Underground Settings
Tuesday, November 08, 2011
Rainy River Resources Ltd. Intersects High Grade Within the Conceptualized Open Pit and Underground Settings06:00 EST Tuesday, November 08, 2011TORONTO, ONTARIO--(Marketwire - Nov. 8, 2011) - Rainy River Resources Ltd. (TSX:RR) (the "Company" or "Rainy") is pleased to announce assay results from its Rainy River Gold Project ("RRGP") in northwest Ontario, where the Company is completing 170,000 metres of diamond drilling in 2011. Results are summarized in Table 1. HIGHLIGHTS Within the Conceptualized Open Pit SettingInfill drilling within the ODM Zone intersected 2.7 g/t gold and 2.3 g/t silver over 45.0 metres in NR11814.Infill drilling within the Cap Zone intersected 1.0 g/t gold over 19.5 metres in NR11814.Infill drilling within the HS Zone intersected 1.4 g/t gold over 13.5 metres in NR11830.Within the Conceptualized Underground SettingNR11865 intersected 8.6 g/t gold over 12.0 metres, including 25.7 g/t gold over 3.0 metres within the ODMNR11804 intersected 4.4 g/t gold, 70.2 g/t silver and 1.89% zinc over 3.0 metres in semi-massive sulphides, within the ODM.NR11790 intersected 8.4 g/t gold and 3.9 g/t silver over 5.5 metres within the ODM 17 Zone Eastern Extension returned 18.0 g/t gold and 13.3 g/t silver over 1.5 metres.To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/RRFig1-118.pdfTo view Figure 2, please visit the following link: http://media3.marketwire.com/docs/RRFig2-118.pdfTo view Figure 3, please visit the following link: http://media3.marketwire.com/docs/RRFig3-118.pdfTo view Figure 4, please visit the following link: http://media3.marketwire.com/docs/RRFig4-118.pdfTo view Figure 5, please visit the following link: http://media3.marketwire.com/docs/RRFig5-118.pdf INFILL PROGRAM Infill drilling near the base of the pit and below the pit continue to provide increased certainty to the block model at depth. Several of these holes have targeted the underground portion of the ODM Zone, where a significant portion of the mineralization is comprised of inferred resources and, as such, will require upgrading. All infill holes have been designed to increase resource confidence and expand known mineralized zones at depth. The majority of the infill holes have been designed to intersect multiple targets down-hole, including the Cap, ODM and HS Zones.Within a Conceptualized Open PitODM / 17 ZoneResults from three infill holes NR11802 & NR11814 and NR11830 are reported herein. Highlights include 2.7 g/t gold and 2.3 g/t silver over 45.0 metres at a vertical depth of 459 metres in hole NR11814, including 4.6 g/t gold and 4.0 g/t silver over 7.5 metres at a vertical depth of 444 metres, and 6.6 g/t gold and 4.0 g/t silver over 9.0 metres at a vertical depth of 474 metres, including 28.8 g/t gold and 5.2 g/t silver over 1.5 metres at a vertical depth of 470 metres. NR11802 intersected the ODM Zone 40 meters up-plunge of NR11814 and returned values of 0.7 g/t gold over 63.0 metres at a vertical depth of 418 metres. Directly below, and not included within the grouped average above, was an intersection of 50.3 g/t gold and 3.79 g/t silver over 1.5 metres. This high-grade intersection is located directly up-plunge of the 28.8 g/t gold in NR11814, and continues to demonstrate the continuity of these higher grades, which are located along these structural shoots.NR11830 was collared in the lower portion of the 17 Zone and intersected 9.0 metres grading 1.2 g/t gold at a vertical depth of 75 metres, and 21.1 g/t gold and 28.8 g/t silver over 1.40 metres at a vertical depth of 121 metres. The hole was collared primarily to target the HS zone, which is discussed below.CAP ZoneSix of eight diamond drill holes returned significant results within the CAP Zone. Highlights include 1.0 g/t gold and 2.9 g/t silver over 19.5 metres at a vertical depth of 151 metres in NR11814. In addition, NR11803 returned 3.3 g/t gold and 11.9 g/t silver over 3.0 metres at a vertical depth of 174 metres, and NR11804 returned 6.0 metres of 1.0 g/t gold and 3.2 g/t silver at a vertical depth of 125 metres.HS Zone NR11830 intersected two zones of HS mineralizationbelow the ODM Zone, including 2.8 g/t gold and 4.1 g/t silver over 3.0 metres at a vertical depth of 144 metres, and 1.4 g/t gold and 1.3 g/t silver over 13.5 metres at a vertical depth of 182 metres. NR11824 intersected 1.2 g/t gold and 1.2 g/t silver over 15 metres at a vertical depth of 71 metres, while NR11828 intersected 7.5 metres grading 1.0 g/t gold and 1.1 g/t silver.To-date, infill drilling in the HS Zone is significantly improving the ore-to-waste ratio within this zone. ODM / 17 Zone – Below a Conceptualized Open PitSeven new holes have been completed below the conceptualized open pit within the ODM. Four of these holes have been highly successful in defining new high-grade mineralization within the ODM Zone which was previously uncategorized, while two of the remaining three holes have targeted inferred blocks. Six of these seven holes are expected to have a significant impact on the ODM underground resources.Highlights include partial results from NR11865 which includes 8.6 g/t gold over 12.0 metres, including 25.7 g/t gold over 3.0 metres at a vertical depth of 529 metres, and a slightly deeper zone of 6.3 g/t gold over 3.0 metres at a vertical depth of 540 metres. NR11804 intersected 2.8 g/t gold and 27.5 g/t silver over 9.0 metres at a vertical depth of 557 metres, including a section of semi-massive base metal-bearing sulphides grading 4.4 g/t gold, 70.2 g/t silver and 1.9% zinc over 3.0 metres at a vertical depth of 559 metres. NR11826 intersected 3.8 g/t gold and 1.3 g/t silver over 10.5 metres including 17.1 g/t gold and 5.1 g/t silver over 1.5 metres at a vertical depth of 624 metres. NR11826 also intersected a deeper zone grading 20.3 g/t gold over 1.5 metres at a vertical depth of 778 metres. NR11790 intersected several discrete mineralized zones within the ODM, including 44.2 g/t gold over 1.5 metres at a vertical depth of 560 metres, 2.0 g/t over 4.5 metres at a vertical depth of 578 metres, 3.5 g/t over 4.7 metres at a vertical depth of 592 metres and 8.4 g/t gold and 3.9 g/t silver over 5.5 metres at a vertical depth of 605 metres. NR11803 intersected4.3 g/t gold and 2.0 g/t silver over 4.5 metres at a vertical depth of 559 metres. EXPLORATION Western AreaSeven holes were completed in the Western Area, with five holes intersecting gold mineralization. Three of these holes were drilled on the eastern margin of the zone, while one hole was drilled in the gap area between the main deposit and the main concentration of mineralization in the Western Area. All four holes intersected moderate to wide intercepts of low-grade gold mineralization, while NR11841 also establishes a direct corridor of shallow mineralization between the BP Zone and the Western Area. Significant intersections include 10.5 metres grading 1.4 g/t gold in NR11785 at a vertical depth of 112 metres, 4.5 metres of 1.6 g/t gold in NR11794 at a vertical depth of 89 metres, and 12.0 metres grading 0.6 g/t gold at a vertical depth of 120 metres in NR11798. NR11841 intersected 37.5 metres grading 0.4 g/t gold, and also reporteda deeper intersection grading 1.7 g/t gold and 920.0 g/t silver over 1.0 metre.17 Zone Eastern Extension Diamond drilling continues at the 17 Zone Eastern Extension. NR11819 intersected18.0 g/t gold and 13.3 g/t silver over 1.5 metres at a vertical depth of 672 metres. NR11795A intersected the bottom end of the zone, and returned values of 4.1 g/t gold over 3.0 metres at a vertical depth of 692 metres, while NR11805 intersected a shallower portion of the zone, returning values of 2.9 g/t gold and 39.4 g/t silver over 3.0 metres. The Company has recently mobilized TECH Directional Services Inc. to the RRGP, to help control the deeper drilling over the next 6-9 months. SUMMARY Currently, 12 drill rigs are on site. To-date, approximately 153,000 metres have been completed out of a 170,000 metre diamond drill program, and it is anticipated that Rainy River will meet or exceed its targeted metrage for 2011. Drilling will continue to be slow in the 17 Zone Eastern Extension due to the depth of the targets. However, with the addition of TECH Directional Services Inc., the targeting of this zone is expected to improve. COMMENTARY Raymond Threlkeld, President and CEO, notes: "Our drill campaign is yielding results on several levels, and continues to demonstrate upside potential. The infill program has intersected significant gold and silver mineralization. Drilling between ODM and 433 and Cap/South is converting what was potentially waste rock into significantly mineralized zones that could add to in-pit resources. Our deep drilling highlights the fact that the project remains open at depth, and returns grades that support underground mining, while exploration drilling in the recently discovered Western Area and 17 Zone Eastern Extension continues to be very encouraging. "The Company's Preliminary Economic Assessment (PEA) is being completed and is targeted for release shortly. The PEA does not include any drill results subsequent to February 27, 2011. An updated NI 43-101 compliant resource statement is targeted for completion and release in early 2012, and will include infill and new discovery drilling from February 27 to year end." Qualified persons 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 1000g 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 Resources Ltd. Rainy River Resources is a Canadian precious metals exploration company whose key asset is the Rainy River Gold Project. With over $105 million in cash and short term investments, the Company is well funded to conduct a dual-focused drilling program consisting of: 1) definition diamond drilling of the main gold resources in preparation for scoping and pre-feasibility studies, and 2) selective diamond-drill testing of high-priority gold targets defined primarily by RC drilling within the large gold system centred in Richardson Township. The Company's property is extremely 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. 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.RAINY RIVER RESOURCES LTD.Raymond W. Threlkeld, President & CEOThis release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company 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 may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information. Table 1 - Drill Results SummaryHOLE-IDSECTIONVERTICAL DEPTH (M)FROMTOCORE LENGTH (M)AU (G/T)AG (G/T)Zn %ZONENR11755No significant assayNR11762No significant assayNR11769No significant assayNR11774426122694872.5877.04.51.511.517 EAST DEEPNR11775425491221216.0232.6126.96.36.199CAPNR11775425496281282.0294.012.00.42.0CAPNR11785424238112135.5146.010.51.41.7WESTERN AREANR11785424237111137.0140.04.52.61.0WESTERN AREANR11790425232288295.6303.07.40.93.9CAPNR11790425245435459.0460.51.512.634.0ODM HWNR11790425251490520.5523.53.01.911.6ODM HWNR11790425253506538.55188.8.131.52.7ODM HWNR11790425260560601.5603.01.544.22.2ODMNR11790425263578621.0625.54.52.02.7ODMNR11790425265592637.56184.108.40.206.9ODMNR11790425267605652.5658.05.58.43.9ODMIncluding425267604652.5654.01.522.610.3ODMNR11790425278673736.5738.01.54.797.2ODMNR11790425296791889.5891.01.55.82.8HSNR11793No significant assayNR1179442425889105.5110.04.51.61.4WESTERN AREANR11795A426268656856.5859.53.01.527.717 EAST DEEPNR11795A426274691906.0912.06.02.82.117 EAST DEEPIncluding426274692909.0912.03.04.12.417 EAST DEEPNR11798424220120140.0152.012.00.68.1WESTERN AREANR11799No significant assayNR11801No significant assayNR11802425294166183.0193.510.50.71.6CAPNR11802425337418468.0531.063.00.71.1ODMNR11802425343443531.0532.51.550.33.8ODMNR11803425312127124.5132.07.50.44.0CAPNR11803425314174177.0180.03.03.311.9CAPNR11803425315214216.0225.09.01.24.7CAPNR11803425318257264.0267.03.01.76.6CAPNR11803425347559591.05220.127.116.11.1ODMIncluding425347559592.5597.04.54.32.0ODMNR11803425392867970.5975.04.52.313.3433 DEEPNR11804425377125124.5130.56.01.03.2CAPNR11804425380164163.5172.59.00.72.1CAPNR11804425425557586.5595.59.02.827.51.64ODMIncluding425425559591.0594.03.04.470.21.89ODMNR118044254799111023.01024.51.56.712.0DEEPNR11805426207538729.0732.03.02.939.417 EAST DEEPNR11806No significant assayNR11807No significant assayNR11808No significant assayNR11809No significant assayNR11810No significant assayNR118144253275556.818.104.22.168.5CAPNR11814425329151159.0178.519.51.02.9CAPNR11814425351459510.0555.045.02.72.3ODMIncluding425350444510.0522.214.171.124.0ODMAnd425353474546.0555.09.06.64.0ODMIncluding425353470546.0547.51.528.85.2ODMNR11815No significant assayNR11819426161646806.1817.5126.96.36.199 EAST DEEPNR11819426166672846.0847.51.518.013.317 EAST DEEPNR11821423909115137.0188.8.131.52.5WESTERN AREANR11823No significant assayNR118244255587178.593.515.01.21.2HSNR11826425418624664.0674.510.53.81.3ODMIncluding425418624668.5670.01.517.15.1ODMNR11826425443778848.5850.01.520.31.3HS DEEPNR11827No significant assayNR1182842563193114.5122.07.51.01.1HSNR11828425637231300.8305.04.21.66.0433NR11829No significant assayNR118304258597588.597.59.01.24.0ODMNR11830425858121153.0154.41.421.128.8ODMNR11830425858144183.0186.03.02.84.1HSNR11830425857182228.0241.5184.108.40.206HSNR11831No significant assayNR11832No significant assayNR11833No significant assayNR11835No significant assayNR11836No significant assayNR11837No significant assayNR11838No significant assayNR11839No significant assayNR11840No significant assayNR118414243787474.0111.5220.127.116.11BP WESTNR11841424418179229.3230.31.01.7920.0BP WESTNR11865425286525574.5591.016.56.6PendingODMIncluding425287525577.5589.512.08.6PendingODMIncluding425287529586.5589.53.025.7PendingODMNR11865425291540600.0603.03.06.3PendingODMFOR FURTHER INFORMATION PLEASE CONTACT: Indi GopinathanRainy River Resources Ltd.Director, Investor Relations(416) email@example.comThe TSX has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.