 | | | Published : December 10th, 2009 | Provides Update on 2009 Exploration Activities, Corporate Developments and 2010 Plans |
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| December 10, 2009 |
| Rainy River Provides Update on 2009 Exploration Activities, Corporate Developments and 2010 Plans |
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2009) - Rainy River Resources Ltd. (TSX VENTURE:RR) -
Exploration and Development Highlights:
- Over 110 drill holes completed that will be added to the updated 43-101 report expected in Q1, 2010
- New gold zone discoveries and high grade intercepts for potential underground operations
- Baseline environmental study due in Q2, 2010
- Metallurgical test program initiated with SGS-Lakefield - Flow Sheet Development
- Scoping study to be initiated after release of updated 43-101
Rainy River Resources Ltd. (the "Company" or "Rainy") is pleased to provide an update on the Company's exploration activities, corporate developments and 2010 plans.
2009 Exploration Highlights
The Company's 2009 NI 43-101 compliant resource estimate was prepared by SRK Consulting Ltd. ("SRK") and in May, 2009 the Company announced Indicated resources of 2.2 million ounces of gold and Inferred resources of 1.8 million ounces of gold (see news release dated May 27, 2009). Since mid-December 2008 (the drilling cutoff date for the 2009 report), the Company has drilled over 110 holes which will be added to its updated resource calculation, to be completed by SRK in the first quarter of 2010.
Rainy River has taken major strides during the past year towards advancing its project to the next stage of development. The Company has had significant success in validating existing mineralization in the main ODM17 Zone to convert resources from the Inferred category to the Indicated category. Additionally, Rainy has been successful in expanding known mineralization into areas which lie outside and below the previously defined conceptual pit. The newly discovered South Zone lies to the south of the current boundary of the 43-101 resource. In addition, over 16 holes intersected high grade (+5 g/t gold) intercepts below the current conceptual pit, adding to the potential for future underground mining.
At the end of this news release is a summary table of previously reported drilling results from 2009. The table indicates the zone that each hole is defined as being a part of, whether the minerals within the hole are potentially mineable by way of open pit or part of a potential underground mine, and what the Company's view is of the net result of the assay of the hole i.e. whether it confirmed previously documented resources, potentially added to the existing resource or was a new discovery or new extension of previously existing zones. Please note that Table 1 is a summary of all significant intercepts that have been previously released since the Company's previous 43-101 and not a comprehensive summary of all assay results of all holes drilled by the Company during 2009. Reference should be made to the Company's 2009 news releases filed on SEDAR at www.sedar.com for complete results.
2010 Exploration Plans
The Company plans to continue utilizing five drill rigs in order to explore the numerous high priority drill targets which have been identified on its Rainy River property.
The focus of the 2010 drilling program will be to:
- Continue to expand the near surface zones along strike
- Further expand and confirm the continuity of the ODM Deeps Zone and 433 Zone which are still open to depth and along strike
- Assess untested geophysical anomalies
- Follow up historical (Nuinsco era) drilling that intersected anomalous gold intervals with additional drilling
- Perform regional exploration designed to target gold in bedrock anomalies from previous overburden drilling programs
- Drill test a potential VMS and gold exhalite target at Off Lake, approximately 30 km northeast of the Rainy River project
- Fly an AEM survey to help identify source of large defined gold grain anomaly at Mud Creek, Minnesota
Project Development
1. Baseline Environmental Study. The Company has engaged the services of Klohn Crippen Berger Ltd. ("KCBL") to conduct a baseline environmental study. The results of the baseline data should be released during the second quarter, 2010. KCBL is also advising the Company on geotechnical and facilities design. Recent analysis of the pit slope characteristics indicate that the north side pit wall can be steepened to 50 degrees from the 42 degrees in the SRK 43-101 study, thus potentially reducing the overall strip ratio.
KCBL is also conducting studies respecting potential tailings and facility sites along with geohydrology and geochemistry of the environment.
2. Metallurgical test program. The Company has initiated a metallurgical test program with SGS-Lakefield in order to enhance results from its initial test done in February, 2008. The preliminary results (see news release dated February 13, 2008) indicated excellent gold recoveries (up to 93% in gravity and flotation concentrates) which could potentially greatly enhance the economics of the Rainy River project. This next stage of metallurgical testing will allow the Company to formulate plans for the type of mill and processing which would be required in order to maximize gold recoveries and help determine capital expenditures for inclusion in the planned scoping study.
3. Scoping Study. The Company intends to initiate a scoping study and preliminary economic assessment Rainy River project following the release of its updated 43-101 report in order to assess the potential optimum mining method and production costs of the Rainy River deposit.
Commentary
"2009 has been an important year for the Company. Gold reached an all time high and Rainy River has continued to add value to the project through the discovery of new gold zones and validation of the resource on its existing zones," commented Raymond Threlkeld, President and CEO. "2010 will be a year in which we seek to further define the gold resource on this property in an effort to maximize the potential of this project and increase shareholder value. We will aim to expand Rainy's 4 million ounce gold resource and start to take the necessary steps towards the development of this high potential project."
Corporate Highlights:
In addition to its exploration achievements over the past year, the Company has made major strides in its corporate development. Highlights include:
- Appointment of Raymond Threlkeld as the Company's President & CEO - proven track record of exploration and development success
- Discussions initiated with Fort Frances Chiefs Secretariat, Fort Frances Tribal Council concerning development of a positive and mutual beneficial relationship between the Company and local First Nations communities
- $8.2 million raised by way of a flow-through financing, giving the Company a treasury of approximately $22 million as of the date of this news release
The appointment of Raymond W. Threlkeld as the Company's President & CEO (news release dated June 23, 2009) was an important development in 2009, one which has given the Company the expertise to grow from strictly an exploration company to a company that has the in-house capability to develop and operate its projects. Mr. Threlkeld is a seasoned mining professional with more than 30 years of experience in exploration, mine development, mine operations and executive management. The Company will continue to strengthen its management, board and technical teams as it moves further towards potential project development.
The Company believes that a critical part of any exploration and/or development process is to establish a strong and mutually beneficial working relationship with local communities. During 2009, the Company and Fort Frances Chiefs Secretariat, Fort Frances Tribal Council, which represents a number of First Nations communities in the area, have entered into discussions with a view to reaching an accord on mutual co-operation in the further exploration and development of the Rainy River project in a manner which is mutually beneficial to the Company and local First Nations and respectful of the values of the First Nations. The Company also engaged the services of Rainy River Tribal Contracting as a drilling contractor, which enabled it to add a fifth rig to its drilling program on the property, and has instituted support for local core box production for the project's drill contractors. In addition to First Nations consultations, the Company holds annual town hall meetings in order to keep local residents apprised of any new or possible developments.
The Company raised approximately $8.2 million in flow-through funds in November 2009 (news release dated November 2, 2009), enabling the preservation of hard dollars and the utilization of flow-through funds for its aggressive exploration program on high priority targets. As of the date of this release the Company has approximately $22 million in its treasury.
Rainy is well positioned for continued growth in 2010. The Company's management will focus on adding shareholder value through continued exploration success and positive corporate developments.
Qualified persons
Rainy River's exploration program in Richardson Township is being supervised by Stuart Averill, P.Geo. Vice-President Exploration and is being managed by Wally Rayner, P.Geo., Project Manager, both Qualified Persons as defined by National Instrument 43-101. The Company's regional exploration manager, C.J. Baker, M.Sc., is managing the Company's Off Lake exploration program 15 km to the northeast. Nelson W. Baker, P.Eng. is the Qualified Person for the project and Raymond Threlkeld and Stuart Averill are the persons responsible for the contents 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. The procedures of the QA/QC program are detailed on Rainy River's website at www.rainyriverresources.com.
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 CAN$22 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. 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
TABLE 1: Summary of Previously Reported Significant Drill Results
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HOLE FROM TO LENGTH GOLD VERTICAL NET RESULT
NUMBER (m) (m) (m) (g/t) DEPTH (m) ZONE OP/UG OF HOLE
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NR09-319 197.0 218.0 21.0 2.6 175 HS OP CONFIRM
NR09-319 212.0 215.0 3.0 12.7 175 HS OP CONFIRM
NR09-319 290.0 309.5 19.5 0.6 230 433 OP CONFIRM
NR09-320 188.8 240.5 51.7 1.9 187 433 OP CONFIRM
NR09-320 192.5 198.5 6.0 3.7 187 433 OP CONFIRM
NR09-320 230.0 237.5 7.5 6.0 187 433 OP CONFIRM
NR09-321 279.5 291.5 12.0 1.3 187 433 OP CONFIRM
NR09-323 309.5 342.5 33.0 0.8 187 433 OP CONFIRM
NR09-323 323.0 336.5 13.5 1.0 187 433 OP CONFIRM
NR09-323 344.0 347.0 3.0 3.1 187 433 OP CONFIRM
NR09-324 219.5 236.0 16.5 1.0 195 HS OP ADD
NR09-324 309.5 342.5 33.0 0.8 275 433 OP CONFIRM
NR09-326 230.0 233.0 3.0 5.8 200 HS OP CONFIRM
NR09-326 399.5 416.0 16.5 1.3 330 433 OP CONFIRM
NR09-331 59.0 129.5 70.5 0.8 80 17 ZONE OP CONFIRM
NR09-332 96.5 98.0 1.5 26.7 80 17 ZONE OP ADD
NR09-332 224.0 225.5 1.5 7.4 190 HS OP NEW
NR09-332 267.5 281.0 13.5 0.8 230 HS OP ADD
NR09-332 398.3 405.5 7.2 7.5 330 433 OP ADD
NR09-334 59.0 107.0 48.0 1.0 80 17 ZONE OP CONFIRM
NR09-334 89.5 99.5 10.0 2.2 80 17 ZONE OP CONFIRM
NR09-334 114.5 150.5 36.0 0.9 80 17 ZONE OP CONFIRM
NR09-334 379.0 402.5 23.5 0.8 350 433 OP ADD
NR09-334 423.5 434.0 10.5 1.3 350 433 OP ADD
NR09-334 444.5 452.0 7.5 2.1 350 433 OP ADD
NR09-335 257.0 267.5 10.5 2.1 225 HS OP CONFIRM
NR09-335 258.5 263.0 4.5 3.1 225 HS OP CONFIRM
NR09-340 165.5 168.5 3.0 4.9 150 433 WEST OP NEW
STRIKE
EXTENSION
NR09-341 98.0 104.0 6.0 2.1 90 HS OP CONFIRM
NR09-341 213.5 233.0 19.5 0.7 180 433 OP CONFIRM
NR09-341 252.0 253.1 1.1 51.1 180 433 OP CONFIRM
NR09-342 63.5 131.0 67.5 1.3 100 HS OP CONFIRM
NR09-342 125.0 131.0 6.0 8.9 100 HS OP CONFIRM
NR09-344 68.0 105.5 37.5 1.4 100 17 ZONE OP CONFIRM
NR09-344 89.0 93.5 4.5 6.4 100 17 ZONE OP CONFIRM
NR09-344 473.2 491.0 17.8 2.6 400 433 OP ADD
NR09-344 483.5 491.0 7.5 5.2 400 433 UG ADD
NR09-345 57.5 86.0 28.5 0.8 80 17 ZONE OP CONFIRM
NR09-345 357.5 360.5 3.0 11.4 300 433 OP ADD
NR09-345 357.5 369.5 12.0 3.5 300 433 OP ADD
NR09-346 65.0 93.5 27.0 1.6 80 17 ZONE OP CONFIRM
NR09-346 89.0 93.5 4.5 7.5 80 17 ZONE OP CONFIRM
NR09-346 272.0 273.5 1.5 29.2 230 17 ZONE OP ADD
NR09-347 189.5 230.0 40.5 0.6 250 17 ZONE OP CONFIRM
NR09-347 234.5 254.0 19.5 1.2 250 17 ZONE OP CONFIRM
NR09-347 249.5 254.0 5.0 3.4 250 17 ZONE OP CONFIRM
NR09-349 164.0 168.5 4.5 3.0 150 ODM OP ADD
NR09-349 564.4 566.0 1.6 70.9 450 433 WEST UG NEW
STRIKE
EXTENSION
NR09-352 105.5 158.0 52.5 1.2 120 ODM OP CONFIRM
NR09-352 153.5 155.0 1.5 19.3 120 ODM OP CONFIRM
NR09-353 111.5 131.0 19.5 1.2 110 ODM OP CONFIRM
NR09-353 111.5 150.4 38.9 0.9 110 ODM OP CONFIRM
NR09-355 134.0 321.5 187.5 0.8 170 ODM OP CONFIRM
NR09-356 98.0 116.0 18.0 3.1 160 17 ZONE OP CONFIRM
NR09-356 111.5 116.0 4.5 10.3 160 17 ZONE OP CONFIRM
NR09-356 167.0 177.5 10.5 2.3 160 17 ZONE OP CONFIRM
NR09-356 170.0 174.5 4.5 4.7 160 17 ZONE OP CONFIRM
NR09-356 195.5 209.0 13.5 0.9 160 17 ZONE OP CONFIRM
NR09-356 240.5 254.0 13.5 0.9 160 17 ZONE OP CONFIRM
NR09-356 497.0 510.5 13.5 1.6 360 433 OP ADD
NR09-356 527.0 542.0 15.0 3.2 360 433 OP ADD
NR09-356 537.5 542.0 4.5 8.4 360 433 OP ADD
NR09-357 140.0 200.0 60.0 2.3 130 17 ZONE OP CONFIRM
NR09-357 179.0 189.5 10.5 5.3 130 17 ZONE OP CONFIRM
NR09-357 257.0 266.0 9.0 3.4 200 17 ZONE OP CONFIRM
NR09-357 414.5 428.0 13.5 1.0 320 HS OP CONFIRM
NR09-358 397.3 431.0 32.2 1.2 380 17 ZONE HW OP NEW
NR09-358 449.0 450.5 1.5 33.4 390 17 ZONE HW OP NEW
NR09-358 474.5 531.5 57.0 1.0 420 17 ZONE OP CONFIRM
NR09-358 527.0 531.5 4.5 3.6 420 17 ZONE UG CONFIRM
NR09-360 281.0 305.0 24.0 1.1 240 SOUTH OP ADD
NR09-360 591.5 627.5 36.0 3.9 550 ODM DEEPS UG CONFIRM
NR09-360 623.0 627.5 4.5 10.7 550 ODM DEEPS UG CONFIRM
NR09-361 49.0 179.0 130.0 0.9 120 433 OP CONFIRM
DOWNPLUNGE
HOLE
NR09-364 165.5 167.0 1.5 7.7 130 280 ZONE OP CONFIRM
NR09-365 431.0 435.5 4.5 6.2 400 17 ZONE UG CONFIRM
NR09-365 503.0 507.5 4.5 3.9 430 17 ZONE UG CONFIRM
NR09-367 89.0 221.1 132.1 1.2 140 433 OP CONFIRM
DOWNPLUNGE
HOLE
NR09-368 52.0 255.5 203.5 0.9 150 433 OP CONFIRM
DOWNPLUNGE
HOLE
NR09-369 221.0 234.5 13.5 1.8 206 SOUTH OP ADD
NR09-370 52.0 333.5 281.5 0.7 160 433 OP CONFIRM
DOWNPLUNGE
HOLE
NR09-371 135.5 143.0 7.5 2.8 120 SOUTH OP ADD
NR09-371 498.5 501.5 3.0 7.7 450 ODM DEEPS UG CONFIRM
NR09-371 728.0 732.5 4.5 4.6 450 ODM DEEPS UG CONFIRM
NR09-373 305.3 321.0 15.7 0.7 270 SOUTH OP ADD
NR09-376 455.0 458.0 3.0 36.9 430 17 ZONE UG ADD
NR09-377 418.5 438.0 19.5 0.7 350 ODM OP ADD
NR09-378 344.0 366.5 22.5 0.8 280 17 ZONE OP ADD
NR09-382 446.0 452.0 6.0 9.6 400 ODM UG CONFIRM
NR09-382 446.0 461.0 15.0 6.5 400 ODM UG CONFIRM
NR09-383 567.0 570.0 3.0 6.4 500 ODM UG ADD
NR09-386 470.0 473.0 3.0 4.6 480 ODM UG ADD
NR09-386 524.0 525.5 1.5 12.2 480 ODM UG ADD
NR09-389 181.5 210.0 28.5 0.7 200 SOUTH OP ADD
NR09-389 225.0 240.0 15.0 0.9 200 SOUTH OP ADD
NR09-389 550.5 552.0 1.5 27.0 570 ODM DEEPS UG ADD
NR09-389 559.5 561.0 1.5 25.1 570 ODM DEEPS UG ADD
NR09-391 69.5 108.5 39.0 0.8 80 17 ZONE OP CONFIRM
NR09-392 257.4 288.0 30.6 0.5 310 SOUTH OP CONFIRM
NR09-392 348.0 351.0 3.0 3.2 310 SOUTH OP CONFIRM
NR09-392 682.5 685.5 3.0 5.0 620 ODM DEEPS UG ADD
NR09-394 141.5 152.0 10.5 8.9 140 SOUTH OP CONFIRM
NR09-394 146.0 151.0 5.0 17.9 140 SOUTH OP CONFIRM
NR09-394 148.0 149.0 1.0 73.5 140 SOUTH OP CONFIRM
NR09-397 70.5 81.5 11.0 1.0 60 17 ZONE OP CONFIRM
NR09-399 298.2 313.0 14.8 0.7 260 SOUTH OP ADD
NR09-399 638.4 643.0 4.6 12.8 580 ODM DEEPS UG ADD
NR09-399 641.5 673.0 31.5 5.7 580 ODM DEEPS UG ADD
NR09-399 671.5 676.0 4.5 25.3 580 ODM DEEPS UG ADD
NR09-400 101.0 149.5 48.5 0.7 100 17 ZONE OP CONFIRM
NR09-401 239.0 246.5 7.3 0.8 200 BP ZONE OP ADD
NR09-402 245.0 249.5 4.5 3.4 230 BP ZONE OP ADD
NR09-402 245.0 294.5 49.5 1.3 230 BP ZONE OP ADD
NR09-402 282.5 294.5 12.0 3.4 230 BP ZONE OP ADD
NR09-402 284.0 288.5 4.5 5.6 230 BP ZONE OP ADD
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.
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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Rainy River Resources, Ltd.
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EXPLORATION STAGE |
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CODE : RR.V |
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Rainy River is a gold and silver exploration company based in Canada. Its main exploration properties are TI-PA-HAA-KAA-NING (TPK) and RAINY RIVER in Canada. Rainy River is listed in Canada and in United States of America. Its market capitalisation is CA$ 3.0 millions as of today (US$ 2.4 millions, € 2.3 millions). Its stock quote reached its highest recent level on April 29, 2011 at CA$ 9.92, and its lowest recent point on May 12, 2022 at CA$ 0.03. Rainy River has 99 973 000 shares outstanding. |
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