NEW GOLD EXPANDS OPEN PIT AND UNDERGROUND MINERALIZATION AT RAINY RIVER, DEMONSTRATES STRONG SUPPORT FOR MINERAL RESOURCES GROWTH
"The strong exploration results support our ongoing exploration strategy and confirm the upside potential remaining at
Underground Zones Extended Along Strike and at Depth, New Gold Mineralization Intersected between Intrepid and Underground Main
Diamond drilling conducted from surface and from underground confirmed the extension of gold mineralization along strike at Intrepid and down-plunge at the ODM East and 17-East zones of Underground Main ("UG Main"). In addition, diamond drilling from the connection ramp between Intrepid and UG Main led to the intersection of sulphide-bearing gold mineralization above current underground mining cut-off grade (1.74 g/t AuEq) and minimum mining width (2.4 metres) at the Gap Area target.
Underground Highlights1
- Intrepid Strike-Extension drilling highlights:
-
- 3.26 g/t gold and 7.22 g/t silver (3.32 AuEq) over 7.5 metres core length (6 metres estimated true width) in Borehole RR24-2011 including:
- 6.09 g/t gold and 9.60 g/t silver (6.17 AuEq) over 1.5 metres core length (1 metre estimated true width)
- 4.44 g/t gold and 38.05 g/t silver (4.78 AuEq) over 4.3 metres core length (4 metres estimated true width) in Borehole RR24-2005 including:
- 8.83 g/t gold and 46.90 g/t silver (9.24 AuEq) over 1.5 metres core length (1 metre estimated true width)
- 3.26 g/t gold and 7.22 g/t silver (3.32 AuEq) over 7.5 metres core length (6 metres estimated true width) in Borehole RR24-2011 including:
- ODM East down-plunge drilling highlights:
-
- 2.59 g/t gold and 3.10 g/t silver (2.62 AuEq) over 13.50 metres core length (11 metres estimated true width) in Borehole RR24-2001 including:
- 5.47 g/t gold and 5.13 g/t silver (5.52 AuEq) over 4.50 metres core length (4 metres estimated true width)
- 2.59 g/t gold and 3.10 g/t silver (2.62 AuEq) over 13.50 metres core length (11 metres estimated true width) in Borehole RR24-2001 including:
- 17 East drilling highlights:
-
- 4.09 g/t gold and 31.42 g/t silver (4.37 AuEq) over 7.6 metres core length (6 metres estimated true width) in Borehole RR24-2003B including:
- 8.19 g/t gold and 74.76 g/t silver (8.85 AuEq) over 2.20 metres core length (2 metres estimated true width)
- 4.09 g/t gold and 31.42 g/t silver (4.37 AuEq) over 7.6 metres core length (6 metres estimated true width) in Borehole RR24-2003B including:
- New gold mineralization intersection at Gap Area Target:
-
- 3.59 g/t gold over 4.50 metres core length (3 metres estimated true width) in Borehole RRUG24-0007 including:
- 7.65 g/t gold over 1.50 metres core length (1 metres estimated true width)
- 3.59 g/t gold over 4.50 metres core length (3 metres estimated true width) in Borehole RRUG24-0007 including:
1All gold and silver grades are reported uncapped. It has yet to be determined whether further exploration will result in the target being delineated as a mineral resource. Additional data and further interpretation work are expected to better define the geometry and extent of the mineralized zones. Indicative gold equivalent (AuEq) grades are included for context, estimated using price assumptions of |
Continuity of Near-Surface Zones Confirmed, Supporting the Potential for Additional Open Pit Mineral Resources
Completion of the reverse circulation ("RC") drilling program confirmed the continuity of near-surface gold mineralization at NW-Trend and 280 Zone, including high-grade gold mineralization intersections at NW-Trend, providing potential opportunities for additional open pit mining.
Open Pit Highlights1
- NW-Trend near-surface drilling highlights:
-
- 4.15 g/t gold and 5.13 g/t silver (4.20 AuEq) over 18.0 metres core length (17 metres estimated true width) in Borehole RC24-0020 including:
- 8.47 g/t gold and 10.28 g/t silver (8.57 AuEq) over 8 metres core length (8 metres estimated true width)
- 2.34 g/t gold and 11.03 g/t silver (2.44 AuEq) over 12.0 metres core length (12 metres estimated true width) in Borehole RC24-0022 including:
- 3.47 g/t gold 20.40 g/t silver (3.66 AuEq) over 6 metres core length (6 metres estimated true width)
- 4.15 g/t gold and 5.13 g/t silver (4.20 AuEq) over 18.0 metres core length (17 metres estimated true width) in Borehole RC24-0020 including:
- 280 Zone near-surface drilling highlights:
-
- 1.20 g/t gold and 0.72 g/t silver (1.21 AuEq) over 32 metres core length (21 metres estimated true width) in Borehole RC24-0050 including:
- 3.35 g/t gold and 0.90 g/t silver (3.36 AuEq) over 6 metres core length (4 metres estimated true width)
- 1.20 g/t gold and 0.72 g/t silver (1.21 AuEq) over 32 metres core length (21 metres estimated true width) in Borehole RC24-0050 including:
1All gold and silver grades are reported uncapped. It has yet to be determined whether further exploration will result in the target being delineated as a mineral resource. Additional data and further interpretation work are expected to better define the geometry and extent of the mineralized zones. Indicative gold equivalent (AuEq) grades are included for context, estimated using price assumptions of |
Rainy River Exploration Budget Increased by Another
Following the highly encouraging results to date, the Company intends to allocate an additional
"The exploration successes support the Company's approach at optimizing net asset value with modest investment, leveraging existing infrastructure," added
Rainy River Exploration Drilling Results
This year marks the first major exploration campaign carried out at
- Test the potential extension of underground ore zones at depth and along strike.
- Explore the previously undrilled gap between Intrepid and UG Main.
- Follow up on previously drilled near-surface priority targets surrounding the existing
Rainy River open pit.
On the first exploration component, diamond drilling conducted from surface and from underground confirmed the extension of gold mineralization along strike at Intrepid and down-plunge at the ODM East and 17 East zones at UG Main. At Intrepid, new drill intersections locally extend the mineralized envelope by approximately 100 metres towards the east, which has the potential to add underground reserves and increase the gold ounces per level. At UG Main, five boreholes intersected gold mineralization at a depth of up to 850 metres below surface, extending the resource envelopes down-plunge and confirming continuity of existing ore zones. All zones remain open at depth. The new diamond drilling results are expected to have a positive impact on underground resources at year-end.
Additionally, diamond drilling conducted from the underground ramp between Intrepid and UG Main intersected new gold mineralization. UG Main and Intrepid deposits are interpreted to occur along the same stratigraphic units. However, the 1,000-metre strike length between the two deposits remained mostly undrilled prior to this year. Borehole RRUG24-0007 intersected gold-bearing sulphide mineralization grading 3.59 g/t gold over 4.50 metres core length (3 metre estimated true width), above current underground cut-off grade and minimum mining width (Figure 3). Additional underground drilling will focus on exploring the extents of this new mineralized area. All new notable diamond drilling intercepts from Intrepid, ODM East, 17 East, and
The third exploration component is to define near-surface mineral resources with the potential to be mined by open pit methods. On review of historical exploration data and following the successful addition of Phase 5 open pit mineral reserves at year-end 2023, high-quality targets were identified, of which the NW-Trend, or
Table 1: Notable Exploration Drilling Results at Rainy River Underground1, 2
Zone |
Drill Hole |
|
From (m) |
To (m) |
Interval (m) |
Estimated |
Au (g/t) |
Ag (g/t) |
AuEq |
Intrepid |
RR24-2005 |
|
512.9 |
517.2 |
4.3 |
4 |
4.44 |
38.05 |
4.78 |
Including |
515.7 |
517.2 |
1.5 |
1 |
8.83 |
46.90 |
9.24 |
||
RR24-2007 |
|
518.1 |
521.1 |
3.0 |
3 |
1.95 |
17.85 |
2.11 |
|
Including |
520.6 |
521.1 |
0.5 |
0.5 |
7.22 |
72.60 |
7.86 |
||
RR24-2008 |
|
530.0 |
533.0 |
3.0 |
2 |
2.15 |
6.35 |
2.21 |
|
|
546.5 |
551.0 |
4.5 |
4 |
2.81 |
7.50 |
2.88 |
||
RR24-2010 |
|
519.5 |
524.5 |
5.0 |
4 |
1.88 |
13.49 |
2.00 |
|
RR24-2011 |
|
548.0 |
555.5 |
7.5 |
6 |
3.26 |
7.22 |
3.32 |
|
Including |
548.0 |
549.5 |
1.5 |
1 |
6.09 |
9.60 |
6.17 |
||
RR24-2012 |
|
536.0 |
539.0 |
3.0 |
2 |
2.29 |
10.95 |
2.39 |
|
RR24-2013 |
|
566.0 |
570.5 |
4.5 |
4 |
2.96 |
56.50 |
3.46 |
|
RRUI24-029 |
|
72 |
79 |
6.5 |
4 |
1.92 |
13.99 |
2.04 |
|
RRUI24-031 |
|
100 |
105 |
4.5 |
3 |
2.32 |
92.43 |
3.14 |
|
RRUI24-032 |
|
99 |
111 |
12.0 |
6 |
2.17 |
16.22 |
2.31 |
|
ODM East |
RR24-2001 |
|
809.0 |
822.5 |
13.5 |
11 |
2.59 |
3.10 |
2.62 |
Including |
815.0 |
819.5 |
4.5 |
4 |
5.47 |
5.13 |
5.52 |
||
RR24-2001 |
|
827.0 |
831.5 |
4.5 |
4 |
1.84 |
2.33 |
1.86 |
|
17 East |
RR24-2003B |
|
914.0 |
921.6 |
7.6 |
6 |
4.09 |
31.42 |
4.37 |
Including |
914.0 |
916.2 |
2.2 |
2 |
8.19 |
74.76 |
8.85 |
||
RR24-2009-W1 |
|
807.0 |
819.0 |
12.0 |
11 |
1.94 |
21.55 |
2.13 |
|
RR24-2009-W2B |
|
803.0 |
807.5 |
4.5 |
4 |
1.92 |
8.00 |
1.99 |
|
RR24-2014-W2 |
|
846.5 |
849.5 |
3.0 |
2 |
4.34 |
2.95 |
4.37 |
|
Including |
846.5 |
848.0 |
1.5 |
1 |
6.07 |
4.20 |
6.11 |
||
Gap |
RRUG24-0007 |
|
126.0 |
130.5 |
4.5 |
3 |
3.59 |
NA |
NA |
Including |
127.5 |
129.0 |
1.5 |
1 |
7.65 |
NA |
NA |
1Notable drilling intervals are defined by 3-metre-long composites with average grade above 1.75 g/t gold. |
2Indicative gold equivalent (AuEq) grades are included for context, estimated using price assumptions of |
Table 2: Notable Near-Surface RC Drilling Results at
Zone |
Drill Hole |
|
From (m) |
To (m) |
Interval (m) |
Estimated |
Au (g/t) |
Ag (g/t) |
AuEq |
NW Trend |
RC24-0020 |
|
93.0 |
111.0 |
18.0 |
17 |
4.15 |
5.13 |
4.20 |
Including |
101.0 |
109.0 |
8.0 |
8 |
8.47 |
10.28 |
8.57 |
||
RC24-0022 |
|
89.0 |
101.0 |
12.0 |
12 |
2.34 |
11.03 |
2.44 |
|
Including |
93.0 |
99.0 |
6.0 |
6 |
3.47 |
20.40 |
3.66 |
||
RC24-0025 |
|
75.0 |
87.0 |
12.0 |
11 |
1.12 |
1.42 |
1.13 |
|
RC24-0030 |
|
53.0 |
69.0 |
16.0 |
15 |
0.63 |
1.05 |
0.64 |
|
|
99.0 |
111.0 |
12.0 |
11 |
1.26 |
7.45 |
1.33 |
||
RC24-0033 |
|
117.0 |
129.0 |
12.0 |
9 |
0.46 |
10.80 |
0.56 |
|
RC24-0035 |
|
61.0 |
81.0 |
20.0 |
19 |
0.67 |
0.38 |
0.67 |
|
RC24-0036 |
|
115.0 |
129.0 |
14.0 |
14 |
1.50 |
0.59 |
1.51 |
|
RC24-0037 |
|
133.0 |
145.0 |
12.0 |
12 |
0.46 |
0.35 |
0.46 |
|
RC24-0038 |
|
51.0 |
69.0 |
18.0 |
16 |
0.57 |
0.39 |
0.57 |
|
RC24-0040 |
|
71.0 |
95.0 |
24.0 |
22 |
0.41 |
0.50 |
0.41 |
|
|
153.0 |
165.0 |
12.0 |
11 |
0.80 |
1.30 |
0.81 |
||
Zone 280 |
RC24-0045 |
|
115.0 |
127.0 |
12.0 |
8 |
0.76 |
0.75 |
0.77 |
RC24-0047 |
|
89.0 |
101.0 |
12.0 |
7 |
0.73 |
0.53 |
0.73 |
|
RC24-0048 |
|
65.0 |
77.0 |
12.0 |
8 |
0.52 |
1.92 |
0.54 |
|
RC24-0050 |
|
73.0 |
105.0 |
32.0 |
21 |
1.20 |
0.72 |
1.21 |
|
Including |
99.0 |
105.0 |
6.0 |
4 |
3.35 |
0.90 |
3.36 |
||
RC24-0001 |
|
43.0 |
65.0 |
22.0 |
16 |
0.86 |
1.07 |
0.87 |
|
RC24-0002 |
|
73.0 |
89.0 |
16.0 |
11 |
0.42 |
0.38 |
0.42 |
|
RC24-0006 |
|
55.0 |
69.0 |
14.0 |
7 |
0.64 |
1.86 |
0.66 |
|
RC24-0007 |
|
95.0 |
117.0 |
22.0 |
11 |
0.53 |
0.73 |
0.54 |
|
RC24-0008 |
|
111.0 |
145.0 |
34.0 |
25 |
0.55 |
0.74 |
0.56 |
|
RC24-0009 |
|
97.0 |
113.0 |
16.0 |
13 |
0.66 |
0.68 |
0.67 |
|
RC24-0012 |
|
91.0 |
103.0 |
12.0 |
9 |
1.07 |
1.90 |
1.09 |
1Notable drilling intervals are defined by 10-metre-long composites with average grade above 0.3 g/t gold. Rainy River Open Pit Mineral Reserves cut-off grade is 0.3 g/t AuEq. |
2Indicative gold equivalent (AuEq) grades are included for context, estimated using price assumptions of |
Table 3: All New Exploration Diamond Drilling Location and Orientation at
Drill Hole |
Azimuth |
Dip |
Length (m) |
UTM Easting (m) |
UTM Northing (m) |
Elevation (m) |
RR24-2001 |
5 |
-74 |
935 |
425,566 |
5,408,959 |
348 |
RR24-2002 |
7 |
-71 |
938 |
425,996 |
5,408,891 |
348 |
RR24-2003B |
350 |
-77 |
949 |
425,996 |
5,408,891 |
348 |
RR24-2004B |
0 |
-73 |
641 |
425,053 |
5,408,840 |
347 |
RR24-2005 |
3 |
-71 |
587 |
427,251 |
5,409,427 |
376 |
RR24-2006 |
28 |
-65 |
950 |
425,996 |
5,408,890 |
348 |
RR24-2007 |
19 |
-64 |
574 |
427,251 |
5,409,427 |
376 |
RR24-2008 |
358 |
-75 |
590 |
427,251 |
5,409,427 |
375 |
RR24-2009 |
20 |
-57 |
909 |
425,996 |
5,408,890 |
348 |
RR24-2009-W1 |
20 |
-57 |
930 |
425,996 |
5,408,890 |
348 |
RR24-2009-W2 |
20 |
-57 |
500 |
425,996 |
5,408,890 |
348 |
RR24-2009-W2B |
20 |
-57 |
926 |
425,996 |
5,408,890 |
348 |
RR24-2010 |
14 |
-70 |
575 |
427,251 |
5,409,426 |
376 |
RR24-2011 |
11 |
-72 |
626 |
427,251 |
5,409,426 |
376 |
RR24-2012 |
18 |
-71 |
643 |
427,251 |
5,409,427 |
376 |
RR24-2013 |
13 |
-76 |
669 |
427,251 |
5,409,427 |
376 |
RR24-2014C |
349 |
-73 |
482 |
425,996 |
5,408,892 |
348 |
RR24-2014-W1 |
349 |
-73 |
480 |
425,996 |
5,408,892 |
348 |
RR24-2014-W2 |
349 |
-73 |
971 |
425,996 |
5,408,892 |
348 |
RR24-2015 |
358 |
-77 |
689 |
427,250 |
5,409,426 |
375 |
RR24-2016 |
19 |
-68 |
614 |
427,252 |
5,409,426 |
376 |
RRUG24-0001 |
180 |
-5 |
400 |
426,763 |
5,409,579 |
-6 |
RRUG24-0002 |
180 |
-43 |
180 |
426,763 |
5,409,579 |
-8 |
RRUG24-0003 |
164 |
+73 |
231 |
426,852 |
5,409,669 |
8 |
RRUG24-0004 |
189 |
+38 |
176 |
426,850 |
5,409,668 |
7 |
RRUG24-0005 |
152 |
-12 |
195 |
426,963 |
5,409,723 |
23 |
RRUG24-0006 |
176 |
-27 |
251 |
426,962 |
5,409,723 |
22 |
RRUG24-0007 |
164 |
-24 |
195 |
426,851 |
5,409,668 |
5 |
RRUG24-0008 |
144 |
+10 |
176 |
426,852 |
5,409,668 |
6 |
RRUG24-0009 |
236 |
+70 |
146 |
426,764 |
5,409,580 |
-3 |
RRUG24-0011 |
136 |
+25 |
176 |
426,964 |
5,409,723 |
24 |
RRUI24-029 |
119 |
-6 |
105 |
427,300 |
5,409,766 |
28 |
RRUI24-030 |
127 |
+16 |
131 |
427,300 |
5,409,766 |
28 |
RRUI24-031 |
127 |
+9 |
116 |
427,299 |
5,409,766 |
28 |
RRUI24-032 |
139 |
+19 |
111 |
427,299 |
5,409,765 |
28 |
Table 4: Drilling Location and Orientation of Rainy River RC Drilling
Drill Hole |
Azimuth |
Dip |
Length (m) |
UTM Easting (m) |
UTM Northing (m) |
Elevation (m) |
RC24-0001 |
15 |
-61 |
111 |
426,601 |
5,410,086 |
378 |
RC24-0002 |
20 |
-59 |
131 |
426,618 |
5,410,084 |
378 |
RC24-0003 |
10 |
-62 |
121 |
426,574 |
5,410,067 |
378 |
RC24-0004 |
10 |
-60 |
135 |
426,601 |
5,410,059 |
378 |
RC24-0005 |
29 |
-63 |
161 |
426,614 |
5,410,058 |
378 |
RC24-0006 |
56 |
-49 |
151 |
426,619 |
5,410,087 |
378 |
RC24-0007 |
56 |
-51 |
171 |
426,613 |
5,410,060 |
378 |
RC24-0008 |
10 |
-61 |
171 |
426,602 |
5,410,027 |
378 |
RC24-0009 |
348 |
-63 |
161 |
426,594 |
5,410,026 |
378 |
RC24-0010 |
335 |
-61 |
101 |
426,574 |
5,410,076 |
378 |
RC24-0011 |
335 |
-68 |
121 |
426,577 |
5,410,060 |
378 |
RC24-0012 |
320 |
-61 |
151 |
426,603 |
5,410,018 |
378 |
RC24-0013 |
335 |
-53 |
151 |
426,289 |
5,409,569 |
363 |
RC24-0014 |
345 |
-60 |
151 |
426,289 |
5,409,568 |
363 |
RC24-0015 |
16 |
-60 |
131 |
426,290 |
5,409,566 |
363 |
RC24-0016 |
16 |
-49 |
131 |
426,290 |
5,409,567 |
363 |
RC24-0017 |
30 |
-53 |
151 |
426,291 |
5,409,566 |
363 |
RC24-0018 |
318 |
-64 |
181 |
426,290 |
5,409,567 |
363 |
RC24-0019 |
36 |
-70 |
171 |
426,292 |
5,409,567 |
363 |
RC24-0020 |
73 |
-70 |
115 |
424,217 |
5,410,127 |
366 |
RC24-0022 |
70 |
-69 |
101 |
424,236 |
5,410,146 |
366 |
RC24-0023 |
62 |
-72 |
171 |
424,186 |
5,410,156 |
366 |
RC24-0024 |
70 |
-65 |
141 |
424,191 |
5,410,166 |
366 |
RC24-0025 |
64 |
-49 |
101 |
424,216 |
5,410,183 |
366 |
RC24-0026 |
75 |
-61 |
121 |
424,205 |
5,410,188 |
366 |
RC24-0027 |
75 |
-72 |
111 |
424,186 |
5,410,186 |
366 |
RC24-0028 |
55 |
-70 |
141 |
424,188 |
5,410,191 |
366 |
RC24-0029 |
70 |
-49 |
101 |
424,193 |
5,410,207 |
366 |
RC24-0030 |
70 |
-58 |
111 |
424,191 |
5,410,200 |
366 |
RC24-0031 |
57 |
-64 |
122 |
424,193 |
5,410,206 |
366 |
RC24-0032 |
46 |
-47 |
125 |
424,192 |
5,410,207 |
366 |
RC24-0033 |
37 |
-58 |
131 |
424,194 |
5,410,204 |
366 |
RC24-0035 |
40 |
-56 |
115 |
424,328 |
5,409,952 |
357 |
RC24-0036 |
35 |
-74 |
171 |
424,314 |
5,409,922 |
357 |
RC24-0037 |
40 |
-68 |
171 |
424,310 |
5,409,879 |
357 |
RC24-0038 |
50 |
-64 |
101 |
424,365 |
5,409,937 |
358 |
RC24-0039 |
48 |
-56 |
131 |
424,282 |
5,409,972 |
356 |
RC24-0040 |
70 |
-55 |
191 |
424,305 |
5,409,862 |
357 |
RC24-0041 |
35 |
-50 |
135 |
424,372 |
5,409,775 |
350 |
RC24-0044 |
330 |
-62 |
125 |
426,583 |
5,410,032 |
378 |
RC24-0045 |
306 |
-62 |
155 |
426,597 |
5,410,014 |
378 |
RC24-0046 |
316 |
-49 |
109 |
426,582 |
5,410,041 |
378 |
RC24-0047 |
358 |
-64 |
105 |
426,593 |
5,410,051 |
378 |
RC24-0048 |
14 |
-74 |
151 |
426,600 |
5,410,030 |
378 |
RC24-0049 |
28 |
-61 |
141 |
426,602 |
5,410,031 |
378 |
RC24-0050 |
5 |
-73 |
105 |
426,612 |
5,410,063 |
378 |
RC24-0051 |
318 |
-55 |
165 |
426,287 |
5,409,568 |
363 |
RC24-0052 |
28 |
-72 |
185 |
426,292 |
5,409,567 |
363 |
About
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this news release, including any information relating to
All forward-looking statements in this news release are based on the opinions and estimates of management that, while considered reasonable as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to important risk factors and uncertainties, many of which are beyond
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: price volatility in the spot and forward markets for metals and other commodities; discrepancies between actual and estimated production, between actual and estimated costs, between actual and estimated Mineral Reserves and Mineral Resources and between actual and estimated metallurgical recoveries; equipment malfunction, failure or unavailability; accidents; risks related to early production at the
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Technical Information
The scientific and technical information relating to the exploration results at
For additional technical information on
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