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Enter Symbol
or Name
USA
CA



Rise Gold Corp
Symbol RISE
Shares Issued 66,707,655
Close 2017-09-21 C$ 0.155
Market Cap C$ 10,339,687
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Rise Gold to begin Idaho-Maryland drilling in October

2017-09-21 09:21 ET - News Release

Mr. Benjamin Mossman reports

RISE PROVIDES DETAILS OF UPCOMING EXPLORATION PROGRAM AT IDAHO-MARYLAND

Rise Gold Corp. has provided further details on the coming exploration drilling program at the Idaho-Maryland (I-M) gold project located in Nevada county, California.

The company plans to commence diamond drilling in October, 2017. The company will drill a series of widely spaced holes to test a target area on the western side of the I-M deposit below the area where the historical operator ceased operations upon the mine's shutdown in 1942 and 1955.

The exploration target sits at the approximate depth of the lowest level of the mine, the B3280 level, or 1,000-metre vertical depth below surface. The New Brunswick shaft extends from surface to this lowest level.

The company's goal with the initial drilling program is to demonstrate that significant new discoveries and definition of high-grade mineral resources can be achieved through exploration drilling from surface.

The company will utilize the wealth of detailed historical geological information and its advanced digital model to target mineralized zones. The company plans to utilize directional drilling techniques to ensure drilling intersects these targets accurately and to drill multiple branch holes to substantially reduce the total amount of drilling required to test the targets.

The company will engage Devico AS to perform directional drilling services. Devico has more than 25 years experience with directional core drilling and is the global market leader in providing directional coring services. Devico has provided services to many major exploration programs, including Agnico-Eagle's Kittila mine where it is used extensively in its continuing exploration drilling program.

Each mother hole will have an average length of approximately 1,230 metres with numerous veins and stockwork zones to be tested starting from a drill hole depth of approximately 930 metres to the end of the hole. Several branch holes will be drilled from the mother hole to substantially reduce the total overall amount of drilling required. Each drill hole will test multiple mineralized horizons as follows:

  • Exploration of Idaho No. 1 vein target:
    • Historical drifting at the lowest mine level was abandoned in high-grade mineralization in 1942 as a result of the War Production Board order to close all major gold mines.
    • Historical channel samples include 481 grams per tonne gold over 1.2 metres, 142 grams per tonne gold over 2.5 metres and 21 grams per tonne gold over 4.5 metres.
    • Past production of the Idaho No. 1 vein is estimated at 935,000 ounces gold at an average mill head grade of 38.6 grams per tonne gold.
  • Potential for wide diabase mineralization adjacent to Idaho No. 1 vein:
    • The diabase dike in hangingwall of Idaho No. 1 vein is known to be mineralized locally.
    • Wide zones of lower-grade mineralization adjacent to high-grade quartz vein have potential to significantly increase the minable width of the Idaho No. 1 vein.
    • Historical intercepts in mineralized diabase adjacent to the No. 1 vein include drill hole I24008, which assayed 2.7 grams per tonne gold over 5.9 metres, and drill hole I2400-40, which assayed 3.7 grams per tonne gold over 11.9 metres.
  • Discover new Brunswick-style mineralization below 52 vein/60 Winze area:
    • There is a new discovery of extensive mineralized veins and stockworks in the 52 vein area by the historical operator in 1941 on the I2700 level prior to Second World War government-ordered shutdown.
    • The 52 vein area is located approximately 240 metres from contact of the Brunswick block.
    • There is potential for the discovery of multiple new veins and stockwork zones in the region below the 52 vein extending to the contact of the Brunswick block and the Idaho No. 1 vein.
  • Follow up historical intercepts I2400-30 and I2400-31:
    • In 1949, the historical operator drilled two holes above and to the west of the 52 vein area but did not develop the area due to lack of mining infrastructure in the area.
    • Historical drill hole I2400-31 assayed 16.5 grams per tonne gold over 9.2 metres.
    • Historical drill hole I2400-30 intersected two veins, which assayed 4.1 grams per tonne gold over 6.1 metres and 5.4 grams per tonne gold over 13.3 metres.
    • Further drilling in this area will provide information on the orientation and extent of these mineralized quartz veins.

General description of the I-M deposit

The central feature of the I-M deposit is the Brunswick block, a massive, wedge-shaped, block of greenstone rock that tapers at depth. The Brunswick block is bounded on three sides by three major faults: the 6-3 fault to the east, the Idaho fault system to the north and the Morehouse fault to the west. These three faults are the contact between the Brunswick block and the serpentinite rock that surrounds it.

The three major faults are believed to be the locus of the mineralization of the I-M deposit. There are two types of mineralization at the I-M deposit. Idaho-style mineralization is located on the outside perimeter of the Brunswick block and hosted in serpentinite. Brunswick-style mineralization is located on the inside perimeter of the Brunswick block and hosted in the greenstone block itself.

Idaho-style mineralization generally consists of singular continuous quartz veins that are hosted in serpentinite and closely wrap around and mirror the shape of the Brunswick block. The Idaho-style mineralization is of remarkable grade and two-thirds of the gold mined at I-M has come from the Idaho veins. Past production from the Idaho veins is estimated at 1,621,000 ounces gold at an average mill head grade of 28.4 grams per tonne gold.

Brunswick-style mineralization is hosted in the Brunswick block itself and radiates into the block from the bounding major faults. The most intense mineralization is commonly found within 150 metres of the contact and important mineralization is typically located with 300 metres of the contact. Many parallel and connecting veins make up the Brunswick vein system and veins are often accompanied by extensive stockwork zones adjacent to the solid quartz veins. Significant production from the Brunswick style did not commence until late in the mine's history. Past production from the Brunswick style is estimated at 793,000 ounces gold at an average mill head grade of 9.3 grams per tonne gold with the great majority of this production after 1936.

Exploration of the Idaho No. 1 vein

The exploration drill will be sited on company-owned land, west of the New Brunswick shaft. This position is roughly in the centre of the Brunswick block. Drill holes will be drilled through the Brunswick block and into the serpentine rocks that host the Idaho-style mineralization.

The end-of-hole target will be directly underneath the historical Idaho No. 1 vein workings. The No. 1 vein was the best mineralized of the Idaho veins with historical production estimated at 935,000 ounces gold at an average mill head grade of 38.6 grams per tonne gold. The lowest level of historical production on the No. 1 vein by the historical operator was on the I2400 level. By late 1941, the historical operator completed a major capital project by completing the 45 Winze, an inclined shaft and hoist, in order to reach the I2400 level. It quickly located the western end of the No. 1 vein and drifted in mineralization for 165 metres before being forced by the U.S. government to shut down in 1942, with the face still in mineralization. Historical channel samples from this drifting assayed up to 481 grams per tonne gold over 1.2 metres, 142 grams per tonne gold over 2.5 metres and 21 grams per tonne gold over 4.5 metres.

The historical mine operator never returned to the No. 1 vein after the 1942 shutdown, despite the strong recommendations to do so from its geological staff. After the Second World War ended, the company lost access to most of the Idaho workings. In this era of mining, rock bolting for ground support was not common practice; instead, the mine operators used timber extensively for ground support in the Idaho mine. The serpentinite rocks often swell when exposed to air which damaged the rigid timber supports. After the Second World War, the company could not afford the manpower to repair and maintain this timber support and focused its efforts primarily on the existing developed reserves in the Brunswick mine.

In late 1953, the company discovered the eastern end of the Idaho No. 1 vein by diamond drilling and immediately began drifting in mineralization toward the abandoned face on I2400 West. It completed 76 metres of drifting and the heading was stopped in mineralization when the mine ceased all gold mining in 1955. The company was 414 metres from completing the connection to I2400 West when mining stopped. Assuming the No. 1 vein is continuous between the west and east drifts, it would have a strike length of 655 metres and is open to further exploration at depth.

About Rise Gold Corp.

Rise is an exploration-stage mining company. The company's principal asset is the historical past-producing Idaho-Maryland gold mine located in California. The Idaho-Maryland gold mine is one of the United States' greatest past-producing gold mines with total past production of 2,414,000 ounces of gold from 1866 to 1955. Rise is a U.S. corporation incorporated in Nevada, United States, and maintains its head office in Vancouver, B.C., Canada.

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