Rise Gold Corp. (RISE:CSE; RYES:OTCQB) announced in a news release the conceptual size and grade of an initial exploration target at its past producing Idaho-Maryland gold project in Northern California and its next steps for moving toward reopening the mine.
The company successfully drilled 19 holes over 20,584 meters recently. The work, which took place over the past 20 months, was part of Rise's initial surface exploration program at the asset.
Drilling encountered numerous high-grade gold intercepts near the existing mine workings and to depths of more than 1 kilometer below historical mining areas, thus confirming extensions to previously mined veins and structures.
From both recent and historical data, Rise calculated an initial exploration target at Idaho-Maryland, an area of mineralization near and accessible from the existing mine infrastructure "that can be readily drilled from surface and/or underground to define a mineral resource," the release noted.
The initial exploration target, not a resource estimate as clarified in a follow-up news release, ranges from 2,280,000–3,410,000 tons of mineralized material with gold grades of 0.19–0.30 ounces per ton (or 6.5–10.3 grams per ton) and containing 432,000–1,019,000 ounces of gold.
Rise has temporarily halted surface exploration drilling to focus on getting the necessary engineering work done to advance Idaho-Maryland. The next goal is to apply for a use permit from Nevada County to dewater the underground mine workings, conduct underground exploration drilling and then commercially mine and process 1,000 tons per day.[NLINSERT]
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