Rainy River Resources Intersects 6.7 g/t Gold Over 42.0 Metres, 10.2 g/t Gold and 9.0 g/t Silver Over 15.0 Metres, and Discovers a New Silver Zone
TORONTO, ONTARIO -- (Marketwire) -- 01/16/12 -- 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.
HIGHLIGHTS
-- Grade continuity drilling within the starter pit intersects 6.7 g/t gold
over 42.0 metres and 10.2 g/t gold and 9.0 g/t silver over 15.0 metres
in the ODM Zone
-- A new high grade silver zone was discovered and has returned values of
155.9 g/t silver over 16.0 metres
-- Rainy River drills 187,115 metres in 2011, exceeding the target of
170,000 metres
-- The Company will continue with an extensive 150,000 metre diamond drill
program in 2012
To view Map 1: Diamond Drillhole Location Plan Map, please visit the following link: http://media3.marketwire.com/docs/rr0116map1.pdf.
To view Map 2: Vertical Longitudinal Section, please visit the following link: http://media3.marketwire.com/docs/rr0116map2.pdf.
To view Map 2A: Vertical Longitudinal Section, please visit the following link: http://media3.marketwire.com/docs/rr0116map2a.pdf.
To view Section 1: 425800E, please visit the following link: http://media3.marketwire.com/docs/rr0116section1updated.pdf.
To view Section 2: 425800E, please visit the following link: http://media3.marketwire.com/docs/rr0116section2.pdf.
HIGH DENSITY INFILL WITHIN STARTER PIT (ODM ZONE)
In late 2011 the Company initiated a 7,500-metre, 40-hole high-density infill program within the starter pit, as defined in the RRGP Preliminary Economic Assessment (PEA). The program was designed to investigate gold continuity and the high grades over short-range distances (both along strike and plunge) within the core of the deposit. The Company has drilled 30 holes to date at 12.5 metre spacings covering a 150-metre strike length in the ODM zone. Visible gold was encountered in 15 of the 30 holes. Preliminary results indicate that the higher-grade intervals have a short dip projection, and are more continuous in the plunge direction, as generally expected. This information will be used to update the resource block model.
All 30 diamond drill holes intersected significant widths of gold and silver mineralization, at shallow depths within the starter pit. Significant results to date include: NR11961 returning 6.7 g/t gold and 2.7 g/t silver over 42.0 metres including 2.0 metres grading 64.1 g/t gold and 13.7 g/t silver at a vertical depth of 67.0 metres, NR11995 returning 10.2 g/t gold and 9.0 g/t silver over 15.0 metres including 111.5 g/t gold and 83.9 g/t silver over 1.0 metres at a vertical depth of 75 metres, NR11959 grading 5.2 g/t gold and 3.7 g/t silver over 35.0 metres at a vertical depth of 86 metres, and NR111010 grading 5.9 g/t gold and 7.6 g/t silver over 8.0 metres at a vertical depth of 115 metres.
In addition to the gold intercepts, the high density infill has discovered a new silver zone in the immediate footwall of the ODM zone, located approximately 40 metres into the footwall of the starter pit. The zone was intersected in four holes, with significant intersections in each as follows: 16.0 metres grading 155.9 g/t silver in NR11951 at a vertical depth of 193 metres, 15.4 metres of 104.6 g/t silver in NR11932 at a vertical depth of 210 metres, 16.0 metres of 112.5 g/t silver in NR11938 at a vertical depth of 186 metres and 5.6 m of 35.7 g/t silver at a vertical depth of 151 metres in NR11914.
Previous resource modeling treated this area as waste due to limited drill data. Preliminary observations indicate that the zone has very good continuity in the dip direction (85-120 m). Assays for silver in holes NR9532, NR08255 and NR09428 are included herein, along with two sections, in the table below. These three early holes plus the new infill drilling verify that thickness and grades remain consistent. Drilling will continue to develop this zone along strike. The Company is currently preparing an updated resource estimate with SRK Canada Ltd, and will provide a separate silver resource and/or gold-equivalent resource for this particular zone.
2012 EXPLORATION & RESOURCE UPDATE
Rainy River has approved a continuation of an extensive exploration program for 2012 totaling 150,000 metres of diamond drilling. The goal of the 2012 program is 1) to continue growing the existing resource with exploration of the deep areas in the ODM zone and 17 Zone Eastern Extension; 2) to support project engineering with an extensive condemnation program in areas identified for potential mine facilities, and 3) to conduct regional exploration targeting the 10 km wide magnetic low trend, the Off Lake area lying 20 km northeast of the RRGP and follow up drilling on the high grade Ni-Cu-PGM areas discovered in 2011.
COMMENTARY
Raymond Threlkeld, President and CEO, notes: 'The Company made great strides in de-risking the project in 2011. We exceeded our target of 170,000 metres with over 187,000 metres drilled safely, and completed a positive Preliminary Economic Assessment at the RRGP. The latest infill results are very encouraging and suggest possible upside potential for gold and silver grades, and reduced waste in the starter pit. The next iteration of the resource estimate is due to be released in Q1, 2012 and will be followed by an update to the PEA in Q2. Our 2012 exploration program will continue with 12 diamond drill rigs focused on growing the existing resource and testing numerous prospective targets identified from last year's geophysical program.'
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
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 September 30, 2011, the Company had $115 million in cash and securities, and is 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 & CEO
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. 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.
TABLE 1
VERTICAL CORE
DEPTH FROM TO LENGTH AU AG
HOLE-ID SECTION (M) (M) (M) (M) (G/T) (G/T) Zone
NR9532 425825 230 322.2 334.4 12.2 0.3 70.6 ODM FW
NR08255 425814 206 266.0 284.0 18.0 0.1 130.1 ODM FW
NR09428 425837 130 140.0 153.5 13.5 0.0 104.4 ODM FW
NR11796 425499 114 124.5 129.0 4.5 1.2 2.5 ODM
NR11796 425500 138 150.8 158.0 7.2 11.6 9.5 ODM
Including 425500 136 151.5 152.0 0.5 131.0 43.8 ODM
NR11796 425500 141 157.0 157.5 0.5 13.0 15.6 ODM
NR11796 425500 156 168.0 181.5 9.5 1.9 1.6 ODM
NR11880 425714 93 77.0 143.0 66.0 1.0 2.5 ODM
NR11891 425720 88 87.0 125.0 38.0 0.7 1.0 ODM
NR11900 425649 91 105.5 117.0 12.0 2.4 2.0 ODM
NR11906 425723 115 133.0 139.0 6.0 2.1 4.0 ODM
NR11906 425726 133 155.0 161.0 6.0 1.4 4.6 ODM
NR11914 425818 151 190.9 196.5 5.6 0.1 35.7 ODM FW
NR11923 425809 85 88.0 115.0 27.0 1.7 2.8 ODM
NR11923 425828 158 193.0 194.0 1.0 2.0 6.4 ODM
NR11932 425798 99 111.5 124.0 12.5 1.2 2.0 ODM
NR11932 425802 116 138.0 139.0 1.0 3.9 3.2 ODM
NR11932 425804 122 146.0 147.0 1.0 7.3 1.0 ODM
NR11932 425816 168 204.0 205.0 1.0 5.9 4.9 ODM
NR11932 425827 210 251.0 266.4 15.4 0.1 104.6 ODM FW
NR11938 425792 66 78.0 81.0 3.0 3.4 5.0 ODM
NR11938 425797 91 112.0 113.0 1.0 3.9 4.3 ODM
NR11938 425804 125 156.0 157.0 1.0 20.5 7.7 ODM
NR11938 425813 186 232.0 248.0 16.0 0.3 112.5 ODM FW
NR11944 425772 52 61.0 62.0 1.0 2.2 2.2 ODM
NR11944 425774 57 66.0 71.0 5.0 4.9 7.4 ODM
Including 425774 59 69.0 71.0 2.0 9.7 13.1 ODM
NR11944 425778 75 88.0 93.0 5.0 7.9 3.5 ODM
Including 425778 75 89.0 91.0 2.0 17.1 6.2 ODM
NR11944 425785 103 125.0 126.0 1.0 34.7 22.2 ODM
NR11944 425786 108 131.0 132.0 1.0 45.9 3.0 ODM
NR11951 425785 45 50.0 56.0 6.0 5.5 7.2 ODM
NR11951 425810 193 232.0 248.0 16.0 0.2 155.9 ODM FW
Including 425810 190 233.0 239.0 6.0 0.2 357.4 ODM FW
NR11959 425765 60 71.0 74.0 3.0 3.9 3.2 ODM
NR11959 425771 86 88.0 123.0 35.0 5.2 3.7 ODM
Including 425768 74 90.0 91.3 1.3 41.7 30.2 ODM
And 425773 94 115.0 116.0 1.0 17.7 12.7 ODM
And 425774 99 121.0 122.0 1.0 59.6 8.5 ODM
NR11959 425776 107 132.0 133.0 1.0 15.0 4.4 ODM
NR11959 425788 158 200.0 201.0 1.0 6.4 1.6 ODM
NR11959 425797 205 262.0 268.0 6.0 0.7 34.1 ODM FW
NR11961 425776 68 60.0 102.0 42.0 6.7 2.7 ODM
Including 425773 52 61.0 63.0 2.0 8.8 3.8 ODM
And 425776 67 79.0 81.0 2.0 64.1 13.7 ODM
And 425779 83 98.0 101.0 3.0 28.2 5.5 ODM
Including 425779 83 99.0 100.0 1.0 72.6 7.5 ODM
NR11961 425788 137 165.0 167.0 2.0 3.9 18.7 ODM
NR11969 425713 64 71.0 80.0 9.0 2.1 3.9 ODM
NR11969 425720 102 106.0 136.0 30.0 0.6 1.0 ODM
NR11979 425776 68 72.0 93.0 21.0 1.6 3.0 ODM
Including 425777 76 91.0 93.0 2.0 7.4 19.2 ODM
NR11980 425741 77 91.0 97.0 6.0 2.2 5.1 ODM
NR11980 425751 122 150.0 151.0 1.0 11.7 10.6 ODM
NR11983 425766 69 72.0 99.0 27.0 1.7 4.0 ODM
NR11983 425779 135 171.0 172.0 1.0 1.3 236.0 ODM
NR11983 425780 140 177.0 178.0 1.0 36.9 264.0 ODM
NR11987 425703 68 77.0 92.0 15.0 1.0 1.5 ODM
NR11987 425710 105 110.0 150.0 40.0 1.3 1.2 ODM
NR11989 425776 61 63.0 85.0 22.0 2.2 2.1 ODM
NR11989 425780 80 94.0 100.0 6.0 2.7 5.5 ODM
NR11994 425769 75 84.0 99.0 15.0 2.9 2.3 ODM
Including 425768 71 86.0 87.0 1.0 14.2 4.6 ODM
Including 425769 76 92.0 93.0 1.0 10.5 3.5 ODM
NR11994 425784 132 158.0 167.0 9.0 1.7 2.2 ODM
NR11995 425755 78 87.0 102.0 15.0 10.2 9.0 ODM
Including 425754 75 90.5 91.5 1.0 111.5 83.9 ODM
NR11997 425757 87 98.0 113.0 15.0 1.8 2.8 ODM
NR11997 425768 131 159.0 163.0 4.0 6.8 2.1 ODM
NR11997 425772 149 184.0 185.0 1.0 5.6 96.8 ODM
NR11998 425698 110 119.0 150.0 31.0 0.9 1.3 ODM
NR11998 425702 129 155.0 160.0 5.0 1.2 1.1 ODM
NR11998 425707 155 190.0 192.0 2.0 8.1 6.1 ODM
NR111000 425766 62 76.0 77.0 1.0 8.8 9.7 ODM
NR111000 425770 82 94.0 107.0 13.0 4.6 2.3 ODM
Including 425771 86 105.0 107.0 2.0 21.1 6.0 ODM
NR111000 425782 136 165.0 171.0 6.0 1.9 1.2 ODM
Including 425782 135 166.0 167.0 1.0 5.0 1.1 ODM
NR111000 425784 147 182.0 183.0 1.0 69.4 20.3 ODM
NR111005 425746 89 99.0 117.0 18.0 2.7 3.0 ODM
NR111005 425750 110 133.0 134.0 1.0 36.1 5.5 ODM
NR111005 425755 136 163.0 169.0 6.0 1.6 1.1 ODM
NR111008 425756 80 81.0 115.0 34.0 1.5 2.1 ODM
NR111008 425763 116 139.0 145.0 6.0 1.4 1.1 ODM
NR111010 425730 81 91.0 108.0 17.0 2.2 2.5 ODM
Including 425729 77 94.0 95.0 1.0 17.9 6.6 ODM
NR111010 425732 94 112.0 118.0 6.0 1.4 2.2 ODM
NR111010 425736 115 138.0 146.0 8.0 5.9 7.6 ODM
Including 425737 117 143.0 145.0 2.0 18.7 19.2 ODM
NR111011 425679 75 91.0 92.0 1.0 16.9 14.3 ODM
NR111011 425686 110 117.2 149.0 31.8 2.0 1.8 ODM
Including 425687 111 134.0 135.0 1.0 11.3 2.5 ODM
And 425687 115 138.0 140.0 2.0 8.5 4.8 ODM
NR111012 425756 96 108.0 121.9 13.9 2.7 2.3 ODM
Including 425757 101 121.0 121.9 0.9 12.7 6.8 ODM
NR111012 425759 112 134.0 135.0 1.0 10.3 7.9 ODM
NR111012 425761 127 150.0 156.0 6.0 1.4 2.6 ODM
NR111015 425706 85 102.0 105.0 3.0 1.8 3.4 ODM
NR111015 425711 109 126.0 140.0 14.0 1.1 1.1 ODM
NR111015 425716 131 159.0 162.0 3.0 3.6 7.0 ODM
NR111021 425677 69 78.0 91.0 13.0 2.4 3.3 ODM
Including 425677 68 82.0 84.0 2.0 11.6 12.7 ODM
NR111021 425684 98 116.0 121.0 5.0 54.5 5.6 ODM
Including 425683 96 116.0 117.0 1.0 252.0 21.3 ODM
NR111021 425688 117 133.0 151.0 18.0 1.8 1.7 ODM
Contacts:
Rainy River Resources Ltd.
Indi Gopinathan
Director, Investor Relations
416-645-7289
igopinathan@RainyRiverResources.com
www.rainyriverresources.com