news
posted on
Apr 22, 2008 04:33AM
NI 43-101 Resources of 3.42M oz. Au Indicated and 3.17M oz. Au Inferred (Feb. 2011)
Press Release | Source: Rainy River Resources Ltd. |
Rainy River Reports Further Drill Results From Richardson Township: 433 Zone Extended to 350 m Along Strike and 300 m Depth
Tuesday April 22, 8:00 am ET
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- NR08-227 intersects 48.0 m grading 1.15 g/t Au including 7.0 m grading 3.16 g/t Au
- NR08-228 intersects two parallel gold zones of 4.8 m grading 21.12 g/t Au and 19.5 m grading 1.01 g/t Au
- NR08-229 intersects two parallel gold zones of 15.8 m grading 1.20 g/t Au and 24.0 m grading 4.43 g/t Au
- NR08-231 intersects two parallel gold zones of 46.0 m grading 1.04 g/t Au and 16.0 m grading 1.11 g/t Au
- NR08-237 intersects (near surface) 33.0 m grading 2.37 g/t Au including 7.5 m grading 4.99 g/t Au and 6.0 m grading 3.94 g/t Au
Since acquiring a 100% interest in the Rainy River Project in 2005, the Company has completed 247 holes totalling 120,362 metres. The 2008 drilling program, totalling 46,000 metres (increased from 42,000 metres), is expected to be completed in Q3 and is designed, in part, to define additional mineralization proximal to the Company's initial NI43-101 resource consisting of 1.4 million ounces of indicated and 2.2 million ounces of inferred gold mineralization (see news release dated February 28, 2008). Definition drilling of the 433 Zone and the Cap Zone, a new semi-massive Au-Ag-Zn-Cu discovery 400 metres stratigraphically above the 17/ODM zone (see press release November 5, 2007), is expected to increase the current open pit resource base significantly. With the completion of the planned 2008 drill program, the Company plans to release a revised NI43-101 gold resource by the end of Q3 or early in Q4.
The gold-dominant, polymetallic, subcropping (average 23 metres of overburden cover) 433, HS, 17/ODM and Cap Zones lie along four parallel, stacked, mineralized horizons that occur within a 6 km2 bedrock gold anomaly. Since acquiring the Rainy River project, the Company has focused primarily on defining a NI43-101 gold resource in the 17/ODM zone and has drill-tested only 7% of its total land package of 61,000 acres. Several other high-priority, drill-ready gold targets are present within the 6 km2 gold anomaly.
Regional Exploration Program
A 3,000 metre drill program is scheduled to begin during the first week in May in the Off Lake area located 23 km northeast of Richardson Township within the Rainy River greenstone belt. This program is designed to test several new mineralized Au-Ag-Zn-Cu surface showings that were identified by Company prospectors in late 2007. A fifth drill rig will be mobilized to complete this drill program.
The rigid Quality Assurance and Quality Control (QA/QC) procedures followed by the Rainy River technical team are described in detail on its website at http://www.rainyriverresources.com/s... . Nelson W. Baker, P.Eng., is the Qualified Person for the Rainy River Project and the person responsible for the contents of this news release.
About Rainy River Resources Ltd.
Rainy River is a Canadian precious metals exploration company whose key asset is the Rainy River gold project. With a $37 million treasury, the Company is well funded to conduct an aggressive year-round resource definition drilling program and regional drill testing of priority targets specifically designed to enhance the resource of 1.4 million ounces of indicated and 2.2 million ounces of inferred gold mineralization. The property is extremely well located in western Ontario near the U.S border. It is accessed by a network of roads, and is close to hydro-electric infrastructure. Ontario has low political risk.