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The Rainy River Gold Project ("RRGP") is an advanced gold exploration project, situated in the southern half of Richardson Township located some fifty kilometres northwest of Fort Frances in Western Ontario. In June 2005, Rainy River Resources Limited ("Rainy River") acquired a one hundred percent interest in the project from Nuinsco Resources Limited ("Nuinsco"). Delineated gold mineralization within the RRGP occurs as three sub parallel east-west trends. The RRGP was originally explored as a shear-hosted, epigenetic gold model. Recent studies however suggest that gold mineralization conforms to a caldera-hosted volcanogenic model. In addition, a 350 metre long crosscutting zone of nickel-copper-PGE mineralization hosted by mafic-ultramafic rocks has been identified. The Rainy River land position comprises a portfolio of unpatented mining claims in the townships of Richardson, Fleming, Potts, Menary, Senn and Mather as well as patented mining and surface rights in the Richardson Township. The RRGP is situated in the southern half of Richardson Township. All of the claims and patents within Richardson Township can be accessed by a network of secondary all-weather roads that branch off the well-maintained Trans Canada Highways 11 and 71. In June 2005, Rainy River completed the acquisition of a one hundred percent interest in the project from Nuinsco. As of 22 June 2009, the entire Rainy River land package consists of:
Various option payments are due on certain patented land claims within the Richardson Township. In addition, share commitments are still in place for several patented land claims. Rainy River report that as of May 12, 2009, all Net Smelter Royalties previously assigned to the property have been settled. Consultation between the local First Nations groups and the Rainy River was initiated in January, 2009. SRK is not aware of any outstanding aboriginal land rights or aboriginal claims to this area In June 2005, Rainy River completed the acquisition of a one hundred percent interest in the project from Nuinsco. In the same year Rainy River relogged key sections of the historical core drilled on the property and then input all of the data into a GIS database. Rainy River subsequently drilled in excess of 100 reverse circulation holes in three phases to better define the gold-in-till and gold-in-bedrock" anomalies In 2007 Rainy River discovered the ODM Zone, which is correlated as being the western extension of the 17 Zone. Rainy River completed a fourth phase of exploratory reverse circulation drilling at this time. Between 2005 and 2007 an additional 209 diamond drill holes for 95,340 metres were drilled. In April 2008, a mineral resource estimate for the RRGP was completed by CCIC. At a cut-off grade of 0.5 g/t gold, an Indicated resource of 34,238,000 tonnes at 1.26 g/t gold and an Inferred resource of 67,564,000 tonnes at 1.03 g/t gold were reported. In 2008 Rainy River drilled an additional 112 diamond drill boreholes for 59,719 metres and completed a fifth phase of reverse circulation drilling near the resource area totalling 47 holes. During this time a better understanding of the deposit was gained with additional zones of mineralization recognized, including the HS zone. Early exploration work on the RRGP was based on the premise that the gold mineralization was a shear hosted epigenetic type. As exploration activities progressed, a volcanogenic massive sulphide model was proposed was proposed. A volcanogenic caldera model (termed the 'Richardson Caldera' model) was proposed in 1997 to explain the gold and sulphide mineralization observed at Rainy River. Several mineralized zones have been delineated by exploration on the RRGP to date. Gold mineralization is found in the southern Cap Zone, the central ODM17, Beaver Pond and West Zones and the northern HS and 433 Zones. Recent studies suggest that there are at least two stages of gold mineralization within the RRGP, an early pervasive disseminated stage as well as a later stage of cross-cutting veinlets that often contain visible gold. In April, 2009, SRK Consulting Inc., an international independent consulting firm, prepared the third resource evaluation for the Rainy River gold deposit employing a database comprising data from five hundred and thirty eight boreholes (204,574 metres) drilled by Rainy River and Nuinsco. SRK prepared a mineral resource estimate dated April 28, 2009 on the RRGP, using a 0.40 g/t Au cut-off for open pit gold mineralization and a 3.0 g/t Au cut-off for the higher grade underground portion of the deposit, that calculated an Indicated Resource of 55.6 million tonnes grading 1.24 g/t Au for a total of 2.2 Moz and an Inferred Resource of 64.0 million tonnes grading 0.88 g/t Au for a total of 1.8 Moz for a combined 4.03 Moz of gold. Despite being handicapped by limited outcrop and thick overburden cover, dedicated and focussed exploration by Nuinsco and Rainy River has increased our understanding of this enigmatic deposit considerably. The Rainy River gold deposit represents a significant discovery! This resource is located on a small portion of the total Rainy River land package. Other regional exploration targets exist, which remain untested on the property. These additional exploration targets have the potential to define a significant gold camp in the Rainy River area. Preliminary pit optimization routines were used to assess the portions of the Rainy River deposit that shows 'reasonable prospects for economic extraction from an open pit'. In addition, block model quantities and grade estimates were reviewed to determine the portions of the Rainy River deposit having "reasonable prospects for economic extraction" from an underground mine, based on parameters sourced from comparable studies. SRK considers that the material above the final depth of the conceptual pit shell offers reasonable prospects for economic extraction from an open pit because ongoing drilling results suggest that the zone of gold mineralization is broader than currently modelled and that this new and future drilling information should positively impact future pit optimization. 
|  Mar 03, 2010: Rainy River Increases Land Position READ MORE > Mar 02, 2010: Rainy River Announces Updated Resource Estimate Of... READ MORE > Feb 25, 2010: Rainy River Announces Closing of $55 Million Priva... READ MORE > Feb 22, 2010: Rainy River Announces Final 2009 Drill Results READ MORE > Feb 19, 2010: Rainy River Announces Increased Size of Private Pl... READ MORE > | ||
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