A District, Not Just An Orebody
CEO Raymond Threlkeld Talks About Rainy River’s New Intrepid Zone
Kevin Michael Grace
November 14, 2012 - Rainy River Resources Ltd T.RR announced November 14 a $57.5-million bought-deal private placement to fund its Rainy River Gold Project (RRGP) and working capital. The agreement with National Bank Financial and BMO Capital Markets as co-lead underwriters will see the issuance of 10.5 million common shares at $5.50. The underwriters have the option to buy a further 1.6 million shares.
Also November 13, Rainy River announced the latest assays from its new Intrepid Zone, located one kilometre east of the proposed openpit boundary of RRGP. Highlights include
2.2 grams per tonne gold, 38.5 g/t silver over 18.5 metres
(including 6 g/t gold, 83.9 g/t silver over 3 metres)
4.3 g/t gold, 33.3 g/t silver over 18 metres
(including 8.4 g/t gold, 37 g/t silver over 6 metres)
3.8 g/t gold, 12.3 g/t silver over 10.5 metres
(including 8.3 g/t gold, 22.6 g/t silver over 3 metres)
RRGP comprises 16,530 hectares located 65 kilometres northwest of Fort Frances, near the Minnesota border. According to an October 10, 2012, 43-101 resource estimate, it contains 158.5 million tonnes grading 1.21 g/t gold and 2.62 g/t silver for 6.17 million ounces gold and 13.3 million ounces silver measured and indicated and 93.8 million tonnes grading 0.75 g/t gold and 2.32 g/t silver for 2.28 million ounces gold and 6.98 million ounces silver inferred. (Cutoff grades are 0.35 g/t gold openpit and 2.5 g/t gold underground.)
President/CEO Raymond Threlkeld spoke to Kevin Michael Grace November 8; read that interview here.