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Rainbow finishes drilling 12 holes at Gold Viking
2012-11-08 13:17 PT - News Release
Mr. David Johnston reports
DRILLING INTERSECTS TWO PROMISING AREAS AT RAINBOW'S GOLD VIKING PROPERTY
Rainbow Resources Inc. has completed 12 diamond drill holes over two separate sections, approximately 1,000 metres apart, at its Gold Viking property in the Slocan mining district of southeast British Columbia. This 600-hectare property, part of the Company's 100% owned Big Strike Project, has never been previously drilled and is located along a major structural break.
Drilling over both areas has intersected a potential stockwork vein system, dominated by disseminated to coarse pyrite, and hosted by an intensely altered quartz monzonite intrusive complex. Breccia zones and mafic dikes have been observed within the intrusive package. Gold is believed to be associated with the pyrite. The Company is awaiting results from these holes in order to plan a step-out drilling strategy.
A large coincident geophysical and geochemical anomaly stretches beyond the boundaries (north-south and east-west) of the areas drilled. The property features numerous historical adits as quantities of gold and silver were mined in the late 1800's and early 1900's, and gold values have been discovered at surface through sampling by Rainbow as previously reported. The Company is already permitted for additional drilling at Gold Viking which is possible over the winter months.
Jewel Ridge Property Update
Rainbow has completed the first two holes of a Phase 1 reverse circulation drill program at the Jewel Ridge Property near Eureka, Nevada. This first phase of drilling is focused on the past-producing Hamburg Pit area. Each hole, drilled to depths of approximately 150 metres, hit the contact zone between the Hamburg Dolomite and the Dunderberg Shale with intense silicification reported throughout each hole. Drilling continues as Rainbow follows up on some highly encouraging near-surface historical drill results in this area of Jewel Ridge including 2.1 g/t Au over 39.6 metres.
Rainbow's exploration target at Jewel Ridge is a sediment-hosted gold deposit. Barrick Gold's Ruby Hill Mine is contiguous to the northern border of Jewel Ridge, while Timberline Resources' advanced-stage Lookout Mountain deposit is immediately to the south.
International Silver Property Update
Moose Mountain Technical Services, Rainbow's resource consultants, continue to receive and compile final data on the Company's recently completed 15-hole drill program at the International Silver Property in the West Kootenays. Rainbow is eagerly looking forward to imminently receiving assay results and Moose Mountain's review, and a news release will follow accordingly.
Qualified Person & Assaying Procedures
Rainbow's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Mr. Robert Morris, P.Geo., of Moose Mountain Technical Services, who serves as a Qualified Person under the definition of National Instrument 43-101.
We seek Safe Harbor.
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