Rise Gold Corp – One of America’s Largest Gold Mines Set for Reactivation – Drills 22.4 g/t Over 5.2 Meters
In case you missed it – you can read our original Palisade write-Up of Rise Gold here…
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Shares Outstanding: 116.1M
Market Capitalization: C$9.3M
Total Liabilities: C$0.3M
Rise Gold Corp (CSE:RISE, OTC:RYES) is currently working on the re-activations of the Idaho-Maryland gold project, once the second largest producing gold mine in America only to be shut down by World War 2.
It was already confirmed that the Brunswick veins continue below the lowest production level (B1600L) and the average grade of veins tested to date is similar to historic production at the Brunswick mine.
Today’s result, more importantly, drill hole B-18-05 tested the Brunswick veins down plunge and below the B2300 level – the deepest intersection of the Brunswick vein system in the history of the Idaho-Maryland gold project.
This intersection is modelled to be 280 meters downdip on the vein below the B2300 Level and 220 meters along the vein strike from the 6-3 Fault. With an estimated true width of 2.6 meters, the B40 vein presents a significant exploration target.
Many of today’s most prolific mines are reactivation of older mines. And just like Rise’s Idaho-Maryland gold project, the mines were given second lives by simply drilling lower. Modern technology and higher gold prices have allowed this.
We believe the Idaho-Maryland is the most compelling of all the older mine sites being explored. The project has been dormant for decades – the previous owner did not drill one single hole beneath the mine workings.
Rise will continue to explore its advanced targets with proven mineralization – the company will have more high-impact drill results in the near future.