An updated mineral estimate has been released on Rainy River Resources' ever-expanding gold project in northwestern Ontario.
The Toronto miner said its namesake gold project contains a measured and indicated mineral resource of 5.72 million ounces, plus 12.01 million ounces of silver, and an inferred resource of 2.25 million of gold with 6.77 million ounces of silver.
The company is sizing up the deposit for both an open pit and underground mine.
In a Feb. 24 release, president Ray Threlkeld said the measured gold in the underground portion of the project has increased 72 per cent over last June's estimate, and the resource still remains open at depth.
The company has one of the largest exploration programs in Canada with 12 drill rigs turning.
Overall, the company has drilled more than 578,000 metres at its project located in Richardson Township, 60 kilometres west of Fort Frances.
Armed with $115 million in the treasury, the company plans to start a feasibility study during the middle of this year while continuing exploration.