RR.TSX
TORONTO, Nov. 8, 2012 /CNW/ - Rainy River Resources Ltd. ("Rainy River" or the "Company" (RR.TSX)) is pleased to announce further assay results from the Rainy River Gold Project ("RRGP") in northwestern Ontario. Results are summarized in Table 1.
HIGHLIGHTS
INTREPID - LATEST DRILL HOLE RESULTS
Rainy River first issued results from the new Intrepid Zone on October 22, 2012, including discovery drill hole NR121258, which 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. These latest results continue to demonstrate the potential of this new zone to positively impact the future development of the RRGP with high quality ounces.
To date, 23 diamond drill holes have intersected the Intrepid Zone over a 185-metre strike length, and have traced the mineralization down dip for 350 metres. The mineralized zone continues to be wide open, and is dipping steeply to the south, with a steep southwest plunge taking shape within the higher grade core. Mineralization has been traced to within 50 metres of surface. Three diamond drill rigs have been allocated to help define this new and significant discovery. Assays are pending for an additional 17 diamond drill holes that have intersected the zone.
Maps and Images
Diamond Drill Hole Location Plan Map
427225E Cross Section View
427260E Cross Section View
427310E Cross Section View
Schematic of Current Pit Outline and Ramp Design
Vertical Long Section
COMMENTARY
Raymond Threlkeld, President and CEO of Rainy River Resources Ltd., commented: "The newly-discovered Intrepid Zone continues to demonstrate its potential, through extension at depth and along strike, through high grades and through continuity. This new zone is located very close to the proposed ramp for our underground mine. Our preliminary assessment suggests that the new zone could be accessed within six months of commencement of the ramp portal, making it a very early source of underground material for our proposed mill at the RRGP. We will continue to focus our 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."
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 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 northwestern 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 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 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.
| TABLE 1 | ||||||||
| HOLE-ID | Section | Vertical Depth (metres) |
FROM (metres) |
TO (metres) |
LENGTH (metres) |
AU (g/t) |
AG (g/t) |
Zone |
| NR121387 | 427253 | 153 | 202.5 | 204.0 | 1.5 | 1.1 | 22.8 | Intrepid |
| NR121389 | 427259 | 114 | 150.0 | 154.5 | 4.5 | 0.7 | 11.4 | Intrepid |
| NR121390 | 427254 | 195 | 249.0 | 258.0 | 9.0 | 1.6 | 15.7 | Intrepid |
| NR121403 | 427256 | 309 | 318.0 | 331.5 | 13.5 | 4.2 | 27.9 | Intrepid |
| INCL | 427256 | 311 | 322.5 | 331.5 | 9.0 | 5.1 | 35.7 | Intrepid |
| NR121404 | 427257 | 244 | 291.0 | 303.0 | 12.0 | 4.8 | 49.7 | Intrepid |
| INCL | 427258 | 247 | 298.5 | 303.0 | 4.5 | 11.0 | 112.7 | Intrepid |
| NR121407 | 427319 | 230 | 325.5 | 334.5 | 9.0 | 2.4 | 33.9 | Intrepid |
| NR121409 | 427311 | 153 | 186.0 | 199.5 | 13.5 | 1.6 | 21.5 | Intrepid |
| NR121412 | 427318 | 281 | 339.0 | 361.5 | 22.5 | 1.7 | 10.0 | Intrepid |
| INCL | 427318 | 276 | 339.0 | 348.0 | 9.0 | 3.2 | 12.2 | Intrepid |
| INCL | 427318 | 278 | 343.5 | 348.0 | 4.5 | 4.4 | 15.2 | Intrepid |
| NR121415 | 427222 | 322 | 373.5 | 382.5 | 9.0 | 2.0 | 17.0 | Intrepid |
| NR121417 | 427222.8 | 355 | 414.0 | 417.0 | 3.0 | 4.8 | 20.2 | Intrepid |
Image with caption: "Diamond Drill Hole Location Plan Map (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121108_C6212_PHOTO_EN_20349.jpg
Image with caption: "427225E Cross Section View (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121108_C6212_PHOTO_EN_20350.jpg
Image with caption: "427260E Cross Section View (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121108_C6212_PHOTO_EN_20351.jpg
Image with caption: "427310E Cross Section View (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121108_C6212_PHOTO_EN_20352.jpg
Image with caption: "Schematic of Current Pit Outline and Ramp Design (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121108_C6212_PHOTO_EN_20348.jpg
Image with caption: "Vertical Long Section (CNW Group/Rainy River Resources)". Image available at: http://photos.newswire.ca/images/download/20121108_C6212_PHOTO_EN_20347.jpg
SOURCE: Rainy River Resources
Indi Gopinathan
Director, Investor Relations
Telephone: 416-645-7289
E-mail: [email protected]
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