TORONTO, Jan. 2, 2013 /PRNewswire/ -- Rainbow Resources Inc. (TSX VENTURE: RBW and OTCQX: RIINF) ("Rainbow" or the "Company") has intersected high-grade silver and gold mineralization near-surface in the southern section of the Company's 100% owned Gold Viking Property near the Village of Slocan in southeast British Columbia. The property had never been previously drilled and is immediately adjacent to the Ottawa Mines, the Slocan Valley's top silver producer in the 1900's, which includes ground also held 100% by Rainbow. Plans are under way to initiate a step-out winter drill program at Gold Viking, if ground conditions continue to be favorable, to further evaluate this new discovery.
Drill hole GV-12-04 intersected 0.51 oz/ton Au and a preliminary silver value of 1.9 oz/ton over 6.2 feet between a depth of 15.4 and 21.6 feet. One sample in the interval returned an over-limit silver grade (>2.9 oz/ton). A 1:1:1 aqua regia digestion and ICP-ES analysis by Acme Analytical Laboratories Ltd. will provide a precise silver grade as the initial assaying procedure could not determine silver values above 2.9 oz/ton.
Hole GV-12-04 also included a 3.9-foot intersection between a depth of 95.8 feet and 99.7 feet (>2.9 oz/ton Ag and 0.03 oz/ton Au) that is being re-assayed for a precise silver grade.
Hole GV-12-03 returned 0.07 oz/ton Au and a preliminary value of 1 oz/ton Ag over 8.9 feet at a depth between 84.9 and 93.8 feet. Again, this interval included an over-limit sample (>2.9 oz/ton Ag) that is being re-assayed.
Results from GV-12-01 and GV-12-02 were reported by Rainbow December 4, 2012. A 15-foot section in GR-12-02 included two over-limit silver samples (>2.9 oz/ton) with a preliminary grade of 1.3 oz/ton Ag, and re-assaying results are still pending. Two other holes were drilled at Gold Viking South (GV-12-05 and GV-12-6) while six holes were drilled approximately 3,300 feet to the north. Rainbow expects to be able to report all remaining results (eight more holes plus the high-grade samples being re-tested) within approximately three weeks.
"Subject to conditions on the ground, which are currently favorable, our plan is to get back to Gold Viking as soon as possible for additional drilling as we already know we have an important trail of mineralization to follow at Gold Viking South," stated Rainbow President David W. Johnston.
The six holes drilled in the southern section of the property were designed to test an exposed vein with old underground workings. It appears that a multiple vein system may exist that dips steeply to the east and was overlooked by artisanal miners. A drill location map for Gold Viking South has been posted on the Rainbow web site (www.RainbowResourcesInc.com). GV-12-03 (-45 degrees) and GV-12-04 (-65 degrees) were both drilled from the same site toward the west. These holes were collared approximately 27 metres north of GV-01 (-45 degrees) and GV-02 (-65 degrees) which were also drilled from the same site toward the west. GV-12-05 and GV-12-06 were both collared in between those two sites and drilled toward the east.
Gold Viking is immediately adjacent to Rainbow's Ottawa Property, part of the Ottawa Mines that produced a total of 1.8 million ounces of silver and quantities of lead, zinc, gold and copper, mostly in the early 1900's but with some production occurring as late as 1984. The approximate historical average mined grade for silver at the Ottawa mines was 61.6 oz/ton.
Gold Viking is approximately 8 miles south of Discovery Ventures' Willa advanced-stage Willa Property. Since the late 19th century, the Slocan mining region has hosted more than 20 mining/milling operations and about 200 additional mines that have shipped ore to custom mills and smelters.
Rainbow is also pleased to report that drill core from Gold Viking, and other samples from the Company's West Kootenay and Nevada projects, will be on display at the PDAC Convention in Toronto in early March. Rainbow has been accepted into the "Session A" PDAC Core Shack Display covering the first two days of the event - Sunday, March 3, and Monday, March 4, at the Toronto Convention Centre.
Nevada Project Update
In addition to following up on the highly encouraging results from the initial round of drilling at Gold Viking as reported above, Rainbow's major focus of attention during 2013 will be its advanced-stage Jewel Ridge Project along the prolific Battle Mountain-Eureka Trend in Nevada. Visual analysis of six reverse circulation drill holes at Jewel Ridge completed by the end of November revealed significant mineralized intervals in each hole as reported by Rainbow December 4, 2012. Assay results are still pending for all holes plus numerous rock samples that were collected over a wide area. A geological model for Jewel Ridge is also currently being developed from a valuable collection of historical drill hole data with results from Rainbow's work to soon be added. Rainbow expects to be able to report the results of its recently completed drill program and sampling during the second half of January.
For further information: President David W. Johnston - (403) 701-2781.
Visit our website at www.RainbowResourcesInc.com.
Qualified Person
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.
Quality/Assurance Control & 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. MMTS follows a strict QA/QC protocol with a certified reference material (CRM), blanks and duplicate samples inserted with every 25 samples. Two CRM types were used, one as a gold reference, and as a high base metal reference. The blank samples are also certified blank material. Duplicate samples each represent ¼ core with the ½ core retained in the core box for future reference. Gold Viking drill core samples referred to in this news release were assayed by Acme Analytical Laboratories Ltd. in Vancouver. Samples were weighed and crushed before a 250g sub-sample was split out. The sub-sample was then pulverized to pass 200 mesh and a 15g split digested in 1:1:1 Aqua Regia. Analysis was by ICP-MS. Mineralized intersections are reported as drilled lengths. True widths are unknown at this time.
About Rainbow Resources
Rainbow is a newly-listed Canadian based junior exploration company focused on building shareholder wealth through aggressive exploration in two favorable and proven mining jurisdictions - the West Kootenays in southeast British Columbia (silver, gold and flake graphite), and Nevada where Rainbow's Jewel Ridge Gold-Silver Project is in the heart of a major producing district. Rainbow's shares are listed for trading on the TSX Venture Exchange under the symbol RBW.V, and on the OTCQX International under the symbol RIINF. Rainbow has 41,627,719 common shares issued and outstanding.
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.
SOURCE Rainbow Resources Inc.