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TORONTO, ONTARIO--(Marketwire - March 30, 2011) - Rainy River
Resources Ltd. (TSX VENTURE:RR) (the "Company" or
"Rainy") announces further assay results from the Rainy River
Gold Project ("RRGP") in Northwestern Ontario and a
significant expansion to its 2011 diamond drilling program.
Highlights
-- 17 East Extension returns 4.6 g/t gold over 13.5 metres and 5.0 g/t gold over 4.5 metres, with blue-sky potential at depth -- Beaver Pond intersects 11.8 g/t gold over 9.0 metres, including 67.2 g/t gold over 1.5 metres, 50 metres up- plunge of NR09-446 which returned 352.8 g/t gold over 6.0 metres -- Western Area intersects 7.1 g/t gold and 23.0 g/t silver over 9.0 metres, 800 m northwest of Beaver Pond Zone -- Gap Zone returns 24.1 g/t gold and 74.0 g/t silver over 1.5 metres, and 91.8 g/t gold over 1.5 metres inside conceptual pit shell and near surface -- Company mobilizing 4 additional drill rigs (3 NQ core size and 1 HQ wide diameter core), and expands 2011 exploration program to 170,000 metres
17 East Extension
Deep exploration of the 17 Zone indicates that the zone is present at a
vertical depth of 700 metres. Current results
include 4.6 g/t gold over 13.5 m, including 29.5 g/t gold over 1.5 m in
drill hole NR11-653. This hole is the deepest intersection to date
within the 17 East Extension and is located 300 metres
down plunge of the nearest hole (PE1001 which returned 3.0 g/t Au over
6.0 metres, see press release dated February
28, 2011). The mineralization intersected by this hole lies within the
same plane as the mineralization of the ODM-17 Zone and is located
approximately 250 metres along strike to the
east. Hole NR11-653 is also open to the east
and down plunge.
Two other holes were also drilled in the 17 East Extension, with
NR11-645 returning 5.0 g/t gold over 4.5 m and NR11-636 returning 1.2
g/t gold and 15.1 g/t silver over 18.0 m. NR11-636 is located within
the core of the 17 East Extension, while NR11-645 is located on the
eastern edge of the zone and is open down-plunge.
Western Area
The Western Area is a new exploration target located approximately 800 metres northwest of the Beaver Pond
("BP") Zone, lying within a large magnetic low trend that
hosts the Rainy River Gold Deposit and stretches over 10 km to the west
of the Rainy River deposit. Results from three diamond drill holes are
reported, with the most significant being NR11-648 which intersected
7.1 g/t gold and 23.0 g/t silver over 9.0 m, including 37.3 g/t gold
and 132.0 g/t Ag over 1.5 m, at a depth of 120 metres
below surface. Exploration in the Western Area is very early stage, and
the presence of narrow intervals of high-grade gold and electrum in
core clearly establishes a link with the Beaver Pond or 433-Zone
geology. Exploration in this area will continue throughout 2011 to
better define continuous trends.
Beaver Pond Zone - GAP Zone
GAP
Exploration within the GAP Zone has returned encouraging results near
surface. Drill hole NR11-654 intersected 21.0 m grading 1.0 g/t gold 40
metres below surface, at the bedrock contact,
with a deeper intercept of 3.2 g/t gold over 4.5 m in the HS zone.
Deeper in the GAP Zone at 200 metres below
surface, several narrow high-grade intercepts were intersected
including drill hole NR11-639 with 91.8 g/t gold over 1.5 m, NR11-650
with 24.1 g/t gold and 74.0 g/t silver over 1.5 m, and a deeper
intercept within the HS Zone of 22.2 g/t Au and 123.0 g/t silver, over
1.2 m. All of these intervals represent significant intersections that
will impact the current resource estimate. Lower-grade mineralization
over wider intervals was also encountered, with 0.7 g/t gold over 18.0
m in NR11-657 and 0.7 g/t gold over 21.0 m in NR11-639.
Beaver Pond
NR11-655 intersected 11.8 g/t Au over 9.0 metres,
including 67.2 g/t Au over 1.5 metres. This
intersection is located entirely within the Beaver Pond Zone and is of
significance as it lies 50 metres up-plunge
of NR09-446, which returned 352.8 g/t Au over 6.0 metres
(see press release dated January 18, 2010).
Commentary
"Over the last year the Company has enjoyed significant discovery
success with the infill drill program and more recently, with the
step-out regional exploration drill program to the west and in the deep
17 East Extension Zone," commented Raymond Threlkeld,
President and CEO. "Consequently, we have decided to intensify our
exploration program by adding 4 drill rigs in the coming weeks, which
will increase our total number of rigs to 10. The current plan is to
conduct approximately 170,000 metres of drilling
in 2011. The revised exploration program will dedicate 60% of the
drilling towards regional exploration, 20% to define potential
underground resources and 20% for further infill. We are continuing
with pit optimization and drilling to convert Inferred resources into
Indicated mineralization, to define a potential pit bottom and
ultimately focus infill drilling on expanding the underground potential
at depth. We are currently preparing a scoping study based on our
current resource estimate which includes defining an optimized pit
shell. As a result of the potential for an open pit to extend below the
planned Advanced Exploration development ramp access, we will be
re-evaluating the program. In the meantime, we are continuing with the
permitting process, which is in its final stages of completion
according to plan. We plan to defer the decision to proceed with the
advanced exploration ramp until we have concluded this study."
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. Garett
Macdonald, P.Eng., Vice President Operations and Kerry Sparkes P.Geo. are the persons responsible for the content 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. 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 1000g
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. implement independent QA/QC protocols that include
the insertion of certified blanks and standards as part of their
routine analysis.
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$130
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.
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 & CEO
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.
Table 1: Summary of Results
--------------------------------------------------------------------------- Vertical From To LEN- Au Ag HOLE-ID Section Depth (m) (m) (m) GTH g/t g/t Zone --------------------------------------------------------------------------- NR11636 426290 517 630.0 648.0 18.0 1.2 15.1 17 EAST EXTENSION 426293 533 658.5 660.0 1.5 2.9 17 EAST EXTENSION --------------------------------------------------------------------------- NR11637 424177 43 63.5 65.0 1.5 1.0 WESTERN AREA 424177 74 105.5 107.0 1.5 1.4 WESTERN AREA 424183 184 261.5 263.0 1.5 1.4 WESTERN AREA --------------------------------------------------------------------------- NR11639 425094 228 276.0 277.5 1.5 91.8 THE GAP 425095 253 297.0 318.0 21.0 0.7 THE GAP --------------------------------------------------------------------------- NR11640 425373 74 69.5 111.5 42.0 0.8 ODM 425375 181 228.5 230.0 1.5 1.5 HS --------------------------------------------------------------------------- NR11641 425193 230 290.0 291.5 1.5 3.2 THE GAP 425199 376 483.5 485.0 1.5 1.1 HS --------------------------------------------------------------------------- NR11642 425068 168 201.0 202.5 1.5 1.2 THE GAP --------------------------------------------------------------------------- NR11643 425128 179 220.5 222.0 1.5 1.2 THE GAP 425125 236 292.5 297.0 4.5 2.3 THE GAP 425123 315 396.0 400.5 4.5 0.8 HS 425123 334 423.0 424.5 1.5 1.1 HS --------------------------------------------------------------------------- NR11644 425174 288 362.0 365.0 3.0 2.3 HS 425175 298 377.0 378.5 1.5 5.7 HS --------------------------------------------------------------------------- NR11645 426333 575 723.0 724.5 1.5 1.9 17 EAST EXTENSION 426342 606 763.5 768.0 4.5 5.0 17 EAST EXTENSION --------------------------------------------------------------------------- NR11646 425105 87 106.6 108.0 1.4 3.8 THE GAP 425100 322 423.0 424.5 1.5 1.9 HS --------------------------------------------------------------------------- NR11647 425325 94 113.0 114.5 1.5 1.7 ODM 425325 268 333.5 335.0 1.5 1.3 HS --------------------------------------------------------------------------- NR11648 424141 35 47.0 50.0 3.0 1.0 WESTERN AREA 424141 109 138.5 147.5 9.0 7.1 23.0 WESTERN AREA INCL 424141 106 138.5 140.0 1.5 37.3 132.0 WESTERN AREA --------------------------------------------------------------------------- NR11649 425090 259 327.0 333.0 6.0 1.1 HS 425092 307 393.0 394.5 1.5 2.5 HS 425092 313 402.0 403.5 1.5 2.5 HS --------------------------------------------------------------------------- NR11650 425046 208 257.0 258.5 1.5 24.1 74.0 THE GAP 425052 326 408.5 410.0 1.5 1.8 21.7 HS 425053 349 438.0 439.2 1.2 22.2 123.0 HS 425055 373 470.0 471.5 1.5 2.2 HS --------------------------------------------------------------------------- NR11651 425089 109 135.0 136.5 1.5 3.6 THE GAP 425092 186 235.5 237.0 1.5 1.2 HS 425094 229 291.0 295.5 4.5 0.7 HS 425099 320 417.0 418.5 1.5 1.7 HS 425100 339 442.5 444.0 1.5 2.0 HS --------------------------------------------------------------------------- NR11653 426093 698 780.0 793.5 13.5 4.6 17 EAST EXTENSION INCL 426094 708 792.0 793.5 1.5 29.5 17 EAST EXTENSION 426096 717 802.5 804.0 1.5 1.2 17 EAST EXTENSION 426097 723 810.0 811.5 1.5 1.4 17 EAST EXTENSION 426098 729 817.5 819.0 1.5 2.7 17 EAST EXTENSION --------------------------------------------------------------------------- NR11654 425103 42 40.5 61.5 21.0 1.0 THE GAP 425098 205 259.5 264.0 4.5 3.2 HS --------------------------------------------------------------------------- NR11655 424936 98 123.4 125.0 1.6 1.1 BP HW 424936 123 155.0 156.5 1.5 4.3 BP HW 424936 204 254.0 263.0 9.0 11.8 BP INCL 424936 202 255.5 257.0 1.5 67.2 BP 424937 249 315.5 317.0 1.5 1.1 HS 424938 283 360.5 362.0 1.5 5.0 HS 424945 393 506.0 507.5 1.5 1.6 HS --------------------------------------------------------------------------- NR11657 425136 138 170.2 172.2 2.0 2.4 THE GAP 425136 155 183.0 201.0 18.0 0.7 THE GAP --------------------------------------------------------------------------- NR11658 NSA --------------------------------------------------------------------------- NR11660 424060 25 33.5 35.0 1.5 2.0 WESTERN AREA 424060 28 38.0 39.5 1.5 1.9 WESTERN AREA 424060 50 66.5 68.0 1.5 1.9 WESTERN AREA 424062 107 144.5 146.0 1.5 2.8 WESTERN AREA 424071 214 293.0 294.5 1.5 1.2 WESTERN AREA 424076 260 357.5 359.0 1.5 1.0 WESTERN AREA --------------------------------------------------------------------------- NR11662 425172 62 73.5 76.5 3.0 1.4 THE GAP ---------------------------------------------------------------------------
To view the maps accompanying this press release please visit the following link: http://media3.marketwire.com/docs/RRmap330.pdf
The TSX Venture Exchange has not reviewed and does not accept the
responsibility for the adequacy or accuracy of this news release.
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