A spectacular intersect of 1,335 grams gold per tonne and 76.7 grams silver in 2 metres, just 42 metres below the surface, sent shares of Rainy River Resources (RR-V) up 29¢, or 3%, to $10.05 per share.
The intersect came from hole 11719, which was drilled in the Western area, a new exploration region 800 metres northwest of the Beaver Pond zone at the company’s Rainy River gold project in northwestern Ontario.
The company is drilling 170,000 metres this year at the project, and released results from 11 drill holes on July 6.
Other highlights include hole 11711, which returned 4.4 grams gold over 11 metres, and hole 11731, which cut 3.9 grams gold over 23 metres.
The Western area lies within a large magnetic low trend that hosts the Rainy River gold deposit and stretches over 10 km to the west. The first significant gold
intersection in this new area, reported at the end of March, returned 7.1 grams gold and 23 grams silver over 9 metres in hole 11648.
The advanced-stage project, which Rainy River acquired from Nuinsco Resources (NWI-T) in June 2005, is 5 km northwest of Fort Frances. The property has year-round access and is 21 km north of a railway.
The junior plans to complete a scoping study before September, and is also doing metallurgical test work and environmental baseline and geotechnical studies.
In the meantime, recent highlights from the first results of Rainy River’s infill program include: hole 101, returning 1.2 grams gold and 1.8 grams silver over 93 metres in the ODM zone; hole 11718, cutting 1.8 grams gold over 39 metres, including 4.2 grams gold over 13 metres in the 17 East zone; hole 11729, returning 1 gram gold over 11 metres; and hole 11724, intersecting 16.5 grams gold and 16.9 grams silver over 2 metres.
Rainy River is also continuing exploration drilling to the north of the main deposit, where hole 11692 cut 7.9 grams gold over 2 metres, hole 11693 returned 34.2 grams gold over 2 metres and hole 11694 intersected 5.3 grams gold over 2 metres.
At presstime, Rainy River traded at $10.25 per share within a 52-week range of $5.66 (July 16, 2010) and $13.50 (Feb. 11, 2011).
Be the first to comment on "Rainy River rains gold"