Mr. Raymond Threlkeld reports
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
Rainy River Resources Ltd. has released assay results from the Rainy River gold project (RRGP) in Northwest Ontario. Results are summarized in the associated table.
Highlights
- Grade continuity drilling within the starter pit intersected 6.7 grams per tonne (g/t) gold
over 42.0 metres and 10.2 g/t gold and nine 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 drilled 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.
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 two 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 nine g/t silver over 15.0 metres including 111.5 g/t gold and 83.9 g/t silver over one 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 eight 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 metres of 35.7 g/t silver at a vertical depth of 151 metres in NR11914.
Previous resource modelling 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 to 120 metres). Assays for silver in holes NR9532, NR08255 and NR09428 are included herein, along with two sections, in the associated table. 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 and resource update
Rainy River has approved a continuation of an extensive exploration program for 2012 totalling 150,000 metres of diamond drilling. The goal of the 2012 program is:
- To continue growing the existing resource with exploration of the deep areas in the ODM zone and 17 zone eastern extension;
- To support project engineering with an extensive condemnation program in areas identified for potential mine facilities;
- To conduct regional exploration targeting the 10-kilometre-wide magnetic low trend, the Off Lake area lying 20 kilometres northeast of the RRGP and follow-up drilling on the high-grade nickel-copper-platinum-group-elements (Ni-Cu-PGM) areas discovered in 2011.
Commentary
Raymond Threlkeld, president and chief executive officer, notes: "The company made great strides in derisking 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 first quarter 2012 and will be followed by an update to the PEA in second quarter. 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, PGeo, vice-president, exploration, a qualified person as defined by National Instrument 43-101. Mr. Sparkes, PGeo, is also the person responsible for the content of this news release. The company has a rigorous QA/QC (quality assurance/quality control) 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. Overlimit samples were reassayed with a gravimetric finish. Samples with visible gold were automatically analyzed for ore grade by 1,000-gram 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 its routine analysis.
DRILL RESULTS
Vertical Core
depth From To length Au Ag
Hole ID (m) (m) (m) (m) (g/t) (g/t)
NR9532 230 322.2 334.4 12.2 0.3 70.6
NR08255 206 266.0 284.0 18.0 0.1 130.1
NR09428 130 140.0 153.5 13.5 0.0 104.4
NR11796 114 124.5 129.0 4.5 1.2 2.5
NR11796 138 150.8 158.0 7.2 11.6 9.5
Including 136 151.5 152.0 0.5 131.0 43.8
NR11796 141 157.0 157.5 0.5 13.0 15.6
NR11796 156 168.0 181.5 9.5 1.9 1.6
NR11880 93 77.0 143.0 66.0 1.0 2.5
NR11891 88 87.0 125.0 38.0 0.7 1.0
NR11900 91 105.5 117.0 12.0 2.4 2.0
NR11906 115 133.0 139.0 6.0 2.1 4.0
NR11906 133 155.0 161.0 6.0 1.4 4.6
NR11914 151 190.9 196.5 5.6 0.1 35.7
NR11923 85 88.0 115.0 27.0 1.7 2.8
NR11923 158 193.0 194.0 1.0 2.0 6.4
NR11932 99 111.5 124.0 12.5 1.2 2.0
NR11932 116 138.0 139.0 1.0 3.9 3.2
NR11932 122 146.0 147.0 1.0 7.3 1.0
NR11932 168 204.0 205.0 1.0 5.9 4.9
NR11932 210 251.0 266.4 15.4 0.1 104.6
NR11938 66 78.0 81.0 3.0 3.4 5.0
NR11938 91 112.0 113.0 1.0 3.9 4.3
NR11938 125 156.0 157.0 1.0 20.5 7.7
NR11938 186 232.0 248.0 16.0 0.3 112.5
NR11944 52 61.0 62.0 1.0 2.2 2.2
NR11944 57 66.0 71.0 5.0 4.9 7.4
Including 59 69.0 71.0 2.0 9.7 13.1
NR11944 75 88.0 93.0 5.0 7.9 3.5
Including 75 89.0 91.0 2.0 17.1 6.2
NR11944 103 125.0 126.0 1.0 34.7 22.2
NR11944 108 131.0 132.0 1.0 45.9 3.0
NR11951 45 50.0 56.0 6.0 5.5 7.2
NR11951 193 232.0 248.0 16.0 0.2 155.9
Including 190 233.0 239.0 6.0 0.2 357.4
NR11959 60 71.0 74.0 3.0 3.9 3.2
NR11959 86 88.0 123.0 35.0 5.2 3.7
Including 74 90.0 91.3 1.3 41.7 30.2
And 94 115.0 116.0 1.0 17.7 12.7
And 99 121.0 122.0 1.0 59.6 8.5
NR11959 107 132.0 133.0 1.0 15.0 4.4
NR11959 158 200.0 201.0 1.0 6.4 1.6
NR11959 205 262.0 268.0 6.0 0.7 34.1
NR11961 68 60.0 102.0 42.0 6.7 2.7
Including 52 61.0 63.0 2.0 8.8 3.8
And 67 79.0 81.0 2.0 64.1 13.7
And 83 98.0 101.0 3.0 28.2 5.5
Including 83 99.0 100.0 1.0 72.6 7.5
NR11961 137 165.0 167.0 2.0 3.9 18.7
NR11969 64 71.0 80.0 9.0 2.1 3.9
NR11969 102 106.0 136.0 30.0 0.6 1.0
NR11979 68 72.0 93.0 21.0 1.6 3.0
Including 76 91.0 93.0 2.0 7.4 19.2
NR11980 77 91.0 97.0 6.0 2.2 5.1
NR11980 122 150.0 151.0 1.0 11.7 10.6
NR11983 69 72.0 99.0 27.0 1.7 4.0
NR11983 135 171.0 172.0 1.0 1.3 236.0
NR11983 140 177.0 178.0 1.0 36.9 264.0
NR11987 68 77.0 92.0 15.0 1.0 1.5
NR11987 105 110.0 150.0 40.0 1.3 1.2
NR11989 61 63.0 85.0 22.0 2.2 2.1
NR11989 80 94.0 100.0 6.0 2.7 5.5
NR11994 75 84.0 99.0 15.0 2.9 2.3
Including 71 86.0 87.0 1.0 14.2 4.6
Including 76 92.0 93.0 1.0 10.5 3.5
NR11994 132 158.0 167.0 9.0 1.7 2.2
NR11995 78 87.0 102.0 15.0 10.2 9.0
Including 75 90.5 91.5 1.0 111.5 83.9
NR11997 87 98.0 113.0 15.0 1.8 2.8
NR11997 131 159.0 163.0 4.0 6.8 2.1
NR11997 149 184.0 185.0 1.0 5.6 96.8
NR11998 110 119.0 150.0 31.0 0.9 1.3
NR11998 129 155.0 160.0 5.0 1.2 1.1
NR11998 155 190.0 192.0 2.0 8.1 6.1
NR111000 62 76.0 77.0 1.0 8.8 9.7
NR111000 82 94.0 107.0 13.0 4.6 2.3
Including 86 105.0 107.0 2.0 21.1 6.0
NR111000 136 165.0 171.0 6.0 1.9 1.2
Including 135 166.0 167.0 1.0 5.0 1.1
NR111000 147 182.0 183.0 1.0 69.4 20.3
NR111005 89 99.0 117.0 18.0 2.7 3.0
NR111005 110 133.0 134.0 1.0 36.1 5.5
NR111005 136 163.0 169.0 6.0 1.6 1.1
NR111008 80 81.0 115.0 34.0 1.5 2.1
NR111008 116 139.0 145.0 6.0 1.4 1.1
NR111010 81 91.0 108.0 17.0 2.2 2.5
Including 77 94.0 95.0 1.0 17.9 6.6
NR111010 94 112.0 118.0 6.0 1.4 2.2
NR111010 115 138.0 146.0 8.0 5.9 7.6
Including 117 143.0 145.0 2.0 18.7 19.2
NR111011 75 91.0 92.0 1.0 16.9 14.3
NR111011 110 117.2 149.0 31.8 2.0 1.8
Including 111 134.0 135.0 1.0 11.3 2.5
And 115 138.0 140.0 2.0 8.5 4.8
NR111012 96 108.0 121.9 13.9 2.7 2.3
Including 101 121.0 121.9 0.9 12.7 6.8
NR111012 112 134.0 135.0 1.0 10.3 7.9
NR111012 127 150.0 156.0 6.0 1.4 2.6
NR111015 85 102.0 105.0 3.0 1.8 3.4
NR111015 109 126.0 140.0 14.0 1.1 1.1
NR111015 131 159.0 162.0 3.0 3.6 7.0
NR111021 69 78.0 91.0 13.0 2.4 3.3
Including 68 82.0 84.0 2.0 11.6 12.7
NR111021 98 116.0 121.0 5.0 54.5 5.6
Including 96 116.0 117.0 1.0 252.0 21.3
NR111021 117 133.0 151.0 18.0 1.8 1.7
We seek Safe Harbor.
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