Rainy River Resources
NI 43-101 Resources of 3.42M oz. Au Indicated and 3.17M oz. Au Inferred (Feb. 2011)
Message: News
Rainy River Intersects 352.84 g/t (10.29 oz/t) Gold Over 6.0 Metres in Newly Expanded Beaver Pond Zone and 436.0 g/t (12.72 oz/t) Over 1.5 Metres in 433 Zone
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Companies:
Press Release Source: Rainy River Resources Ltd. On Monday January 18, 2010, 9:43 am
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2010) -
Highlights
- Beaver Pond ("BP") drilling intersects 51.0 metres grading 42.5 g/t (1.24 oz/t) gold including 6.0 metres grading 352.84 g/t (10.29 oz/t) gold
- 433 Zone - 1.5 metres grading 436.0 g/t gold (12.72 oz/ton)
- 6th drill rig to be added to project
- Updated resource estimate on schedule for Q1 2010
Rainy River Resources Ltd. (TSX VENTURE:RR - News; the "Company" or "Rainy") announces continued success in the 16 latest holes drilled at its 100% owned Rainy River Gold Project located in northwestern Ontario. The new high-grade zone in the Beaver Pond area was confirmed with Hole NR09-446 intersecting 51.0 metres grading 42.5 g/t (1.24 oz/t) gold including 6.0 metres grading 352.84 g/t (10.29 oz/t) gold, including 701.29 g/t (20.45 oz/t) gold over 3.0 metres. In addition, Hole NR09-422 confirmed the high-grade potential of the 433 zone during infill drilling with 1.5 metres grading 436.0 g/t (12.72 oz/t) gold. The Company is planning to mobilize a sixth drill rig to the property in order to continue its aggressive exploration of high priority targets.
Longitudinal sections and a drill hole location plan map with section lines for reference are posted on the Rainy River website www.rainyriverresources.com. Tables 1 and 2, at the end of this release, are to be read in conjunction with the text below.
New High Grade Gold Beaver Pond Discovery -- Open Down Plunge
Drill hole NR09-446 intercepted a 51.0 metre thick gold zone averaging 42.5 g/t (1.24 oz/t) gold at a vertical depth of 250 metres below surface. Hole NR09-446 has a high-grade core of 6.0 metres averaging 352.84 g/t gold (10.29 oz/t) including 701.29 g/t (20.45 oz/t) gold over 3.0 metres, surrounded by a lower grade halo that averages 0.92 g/t gold. This new intersection occurs 125 metres up-plunge from drill hole NR09-329 which intersected 29.2 metres grading 2.3 g/t gold (including 7.5 metres grading 5.46 g/t gold and 3.7 metres grading 5.69 g/t gold) and 30 metres east of drill hole NR09-402 which contained 1.34 g/t gold over 49.5 metres including 3.41 g/t gold over 4.5 metres and 3.37 g/t gold over 12.0 metres (which further included 5.64 g/t gold over 4.5 metres), defining a new higher grade core below the previously known shallow Beaver Pond mineralization (see news releases dated March 11, 2009 and December 1, 2009, respectively). This new high-grade occurrence remains untested down plunge.
433 Zone - Continuity of High Grades Developing
Drill hole NR09-422 intersected 1.5 meters of 436.0 g/t gold (12.72 ounces/ tonne) in the 433 zone at a vertical depth of 325 metres below surface. The current known strike length of the zone at this level is approximately 170 meters in an east-west direction. Drill hole NR09-422 was designed as in infill drill hole between drill holes NR08-228 (1.5 metres grading 8.8 g/t gold or 0.26 oz/t gold) and NR08-229 (1.3 metres grading 72.3 g/t gold or 2.11 oz/t gold). The high grade intercepts establish the potential for a continuous high grade area in this portion of the 433 Zone.
ODM/17 and HS Zone Drilling
Seven holes were completed in the ODM/17 and HS Zones to infill inferred gold mineralization in a continued effort to upgrade the existing resource mineralization to the indicated category. The drilling was very successful in confirming the shallow mineralization lying at the top of the ODM/17 Zone and further confirmed and added HS style mineralization between the ODM/17 Zone and 433 Zone.
HS mineralization has a potential strike length of approximately 600 metres and is semi-continuous. Widths range from 1.5 metres to 15 metres thick. The HS Zone mineralization defined in 2009 has the potential to add a significant amount of gold mineralization to the upcoming resource estimate.
2009 Drill Program - Revised Resource Estimate On Schedule
120 drill holes have been completed since January 1, 2009 on the Rainy River property and will be included in the new NI 43-101 compliant resource estimate to be completed by the end of the first quarter of 2010 by SRK Consulting Ltd.
"We are incredibly pleased with the results of the 2009 drill program and have discovered new high-grade zones at the Beaver Pond, 433 and deep ODM/17 Zones," commented Raymond Threlkeld. "The Company has also discovered through drilling the shallow South Zone in addition to confirming the grade and infilling a large portion of the open pit mineralization. We still have numerous untested targets within the known Richardson Caldera complex and the potential for further discovery is very encouraging for the future of Rainy River."
Comments
"NR09-446, surpassed in grade only by a 1.0 metre intercept of 4,158 g/t or 121.27 oz/t in 2007 in the 433 Zone in previously released hole NR07-218, has opened a new high-grade zone starting at approximately 200 metres below the surface at Beaver Pond," commented Raymond Threlkeld, President and CEO. "We are extremely excited about the potential of this zone and as a result, Rainy River will be adding a sixth drill rig to focus on this area and the high-grade found in the 433 Zone. Our geologic team at the site continues the excellent work of understanding the gold system at Rainy River and unlocking the potential."
Mineral Exploration Roundup 2010
The Company will have a booth (booth #F2) at the 2010 Mineral Exploration Roundup in Vancouver on Wednesday, January 20th and Thursday, January 21st. As well, a selection of representative drill core from the various 2009 discoveries will be exhibited in the Roundup Coreshack on Wednesday, January 20th 2010. Company geologists will be on hand to discuss the many aspects of the year's drilling successes. The high-grade drill core from hole NR09-446 will be available for viewing.
Qualified Persons
Rainy River's exploration program in Richardson Township is being supervised by Stuart Averill, P.Geo. Vice-President Exploration and is being managed by Wally Rayner, P.Geo., Project Manager, both Qualified Persons as defined by National Instrument 43-101. The Company's regional exploration manager, C.J. Baker, M.Sc., is managing the Company's Off Lake exploration program 15 km to the northeast. Raymond Threlkeld and Stuart Averill are the persons responsible for the contents of this news release. The Company continues to implement a rigorous QA/QC program to ensure best practices in sampling and analysis of drill core. The procedures of the QA/QC program are detailed on Rainy River's website at www.rainyriverresources.com.
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 CAN$20 MM million in its treasury, 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 centered 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. 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
Table 1 - Hole NR09-446 Results Detail
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Po-
ten-
Vert- tial
Au Au ical Eff-
(cut (cut Depth ect
Len- to to Below on
gth Au 100 100 Sur- Re-
Hole From To (m) (g/t) Au g/t) g/t) face sou-
(m) Section (m) (m) (i) (ii)(oz/t) (g/t)(oz/t) (m) Zone rce
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NR09446 424,900 179.5 180.5 1.0 2.04 0.06 2.04 0.06 160 Beaver NEW
Pond
NR09446 424,900 189.5 191.0 1.5 4.17 0.12 4.17 0.12 170 Beaver NEW
Pond
NR09446 424,900 255.5 306.5 51.0 42.50 1.24 7.13 0.21 250 Beaver NEW
Pond
INCL 424,900 255.5 261.5 6.0 352.84 10.29 52.20 1.52 250 Beaver NEW
Pond
INCL 424,900 255.5 258.5 3.0 701.29 20.45 100.00 2.92 250 Beaver NEW
Pond
INCL 424,900 255.5 257.0 1.5 314.13 9.16 100.00 2.92 250 Beaver NEW
Pond
AND 424,900 257.0 258.5 1.5 1088.45 31.75 100.00 2.92 250 Beaver NEW
Pond
NR09446 424,900 282.5 287.0 4.5 4.62 0.13 4.62 0.13 250 Beaver NEW
Pond
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Top capping values of 100 g/t determined from geostatistics performed by SRK Consulting Ltd. 2009 resource estimate.
Table 2 - Summary of Significant Intercepts
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Vert-
ical
Depth Poten-
Below tial
Au Sur- Effect
From To Length (g/t) face on
Hole Section (m) (m) (m)(i) (ii) (m) Zone Resource
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NR09414 425,040 42.5 68.0 25.5 1.03 45 BEAVER POND CONFIRM
INCL 425,040 51.5 53.0 1.5 9.09 43 BEAVER POND CONFIRM
425,040 188.0 204.5 16.5 0.70 157 HS CONFIRM
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NR09418 425,500 76.0 80.5 4.5 0.85 73 SOUTH ADD
425,500 172.0 173.5 1.5 1.07 160 SOUTH NEW
425,500 189.8 191.0 1.2 6.99 176 SOUTH NEW
425,500 208.9 212.4 3.5 0.76 194 SOUTH NEW
425,501 356.5 373.0 16.5 1.72 332 HW ODM ADD
INCL 425,501 370.0 373.0 3.0 4.70 332 HW ODM ADD
425,504 424.0 452.5 28.5 0.85 396 ODM CONFIRM
425,507 469.0 497.5 28.5 0.69 435 ODM CONFIRM
425,524 697.0 698.5 1.5 1.12 614 HS ADD
425,533 790.0 791.5 1.5 1.05 687 HS CONFIRM
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NR09421 425,514 123.5 125.0 1.5 1.90 108 HS ADD
425,514 154.3 183.5 29.2 0.61 146 HS ADD
425,524 428.0 443.0 15.0 0.81 368 433 WEST NEW
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NR09422 425,631 62.0 65.0 3.0 0.24 54 17 ZONE CONFIRM
425,630 86.0 96.5 10.5 0.81 77 17 ZONE ADD
425,629 116.0 120.5 4.5 0.69 100 17 ZONE ADD
425,629 227.9 228.5 0.6 2.07 190 HS ADD
425,637 317.0 339.5 22.5 0.65 271 HS CONFIRM
425,646 396.5 398.0 1.5 436.00 325 433 CONFIRM/
UPGRADE
425,654 445.4 449.7 4.3 0.78 365 433 CONFIRM
425,694 623.0 624.5 1.5 1.76 498 FW 433 NONE
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NR09423 425,795 82.5 83.5 1.0 1.90 72 17 ZONE CONFIRM
425,783 266.0 267.0 1.0 6.22 231 HS ADD
425,780 332.0 338.0 6.0 0.76 289 HS NEW
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NR09429 425,870 62.0 78.5 16.5 0.91 61 17 ZONE CONFIRM
425,877 276.0 286.6 10.6 0.76 241 HS CONFIRM
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NR09430 425,908 56.0 80.0 24.0 0.92 59 17 ZONE CONFIRM
425,907 105.5 108.5 3.0 3.05 93 17 ZONE ADD
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NR09431 425,943 60.0 61.0 1.0 1.10 53 17 ZONE ADD
425,939 246.5 248.0 1.5 1.14 214 HS CONFIRM
425,940 338.0 339.5 1.5 2.69 291 HS NONE
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NR09432 425,979 65.0 71.0 6.0 0.78 58 17 ZONE ADD
425,977 135.5 141.5 6.0 0.77 119 17 ZONE ADD
425,981 426.5 428.0 1.5 1.44 366 HS ADD
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NR09434 425,896 113.0 116.0 3.0 1.57 101 HS ADD
425,896 129.4 132.6 3.2 1.08 116 HS ADD
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NR09437 425,359 364.5 415.5 51.0 1.49 326 ODM CONFIRM
INCL 425,359 387.0 397.5 10.5 3.69 326 ODM CONFIRM
425,362 450.0 451.5 1.5 3.48 375 HS ADD
425,370 576.0 588.0 12.0 0.74 477 HS ADD
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NR09438 424,965 40.0 44.0 4.0 0.81 34 BEAVER POND ADD
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NR09439 425,108 208.0 256.7 48.7 0.77 206 CAP ADD
INCL 425,108 235.4 246.6 11.2 2.03 206 CAP ADD
425,115 295.0 298.0 3.0 1.96 259 CAP ADD
425,164 586.0 587.5 1.5 6.54 492 ODM ADD
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NR09440 425,063 266.0 267.5 1.5 4.73 226 HS NEW
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NR09441 425,911 72.5 74.0 1.5 2.87 71 17 ZONE CONFIRM
425,913 176.3 177.5 1.2 1.46 169 17 ZONE NEW
425,929 485.0 486.5 1.5 1.27 458 HS NEW
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(i) approximately equal to true thickness (ii) uncut
This 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.
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
Contact:
Liz Caridi
Rainy River Resources Ltd.
Director of Investor Relations and Corporate Governance
(604) 639-4497
lcaridi@rainyriverresources.com
www.rainyriverresources.com
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