Rise Gold (RISE.C) released additional assay results from its ongoing drill program at the Idaho-Maryland mine in California in December, and this drill program, which has been designed to test new targets, has returned the highest gold value to date.
The hole Rise reported on was targeting the 52 Vein area, which lies directly above the Idaho#1 Vein, and the results appear to be very encouraging:
After seeing these grades (although we don’t fully understand how the shorter higher grade interval of 0.5meters at 2,190 g/t gold carries more gold than in the entire 6.8 meter interval. Our calculations indicate the remaining 6.3 meters of the interval would contain a negative gold value of 12.66 g/t) it’s clear why Rise Gold thinks the 52 Vein area is a significant exploration target.
This isn’t a new discovery as the historical operators had already known the existence of a gold-rich zone at that location. The zone was actually mined in the past, and according to the historical data, the diluted mine grade coming out of the 52 Vein zone was approximately 10.6 g/t gold, but there are several reports about very high grade occurrences.
As the 52 Vein area is located above the Idaho-veins, we should see more assay results from this zone soon as every drill hole that will be aimed at intersecting the Idaho vein will have to be drilled through the 52 Vein area anyway.