Rise Gold (RISE.C) is now getting ready to initiate its first round of diamond drilling at the Idaho-Maryland gold mine in October as it has completed its review of all the data it inherited when it acquired the project. The drill program is pretty straightforward as Rise will drill one ‘mother hole’ (usually known as a ‘pilot hole’ or a ‘master pilot hole’ which will be the ‘basis’ hole for other drill holes which will deviate from the master hole to reach their targeted areas.
The drill rig will start drilling the hole towards the west of the New Brunswick shaft, and the mother hole will penetrate the mineralization at the Brunswick block. The company aims to reach a depth of 1,230 meters which by itself will already encounter several mineralized veins and stockwork zones in the final 25% of the hole. The deviating holes will be drilled to focus on the Idaho #1 Vein target, the discovery of additional Brunswick Style mineralization below the 52 vein area (where gold was being mined until the second world war broke out) and the ‘new’ zone which was discovered in 1949.
In other news, the company has reached an agreement with the seller of the 82 acre industrial land package which is located adjacent to the New Brunswick shaft. The remaining US$1.3M will now be payable over a 9 month period with US$300,000 payable on September 30th followed by similar payments in December and March, and a final US$400,000 payment in June 2018. This industrial land could be important for Rise Gold’s development plants as the 40 acre leveled land (which previously hosted a lumber mill) would be perfect for a processing plant.
Go to Rise’s website
The author has a long position in Rise Gold. Rise is a sponsor of the website. Please read the disclaimer
