TORONTO, Nov. 8, 2012 /PRNewswire/ -- Rainbow Resources Inc. (OTCQX: RIINF) ("Rainbow" or the "Company") is pleased to report that it has completed 12 diamond drill holes over two separate sections, approximately 3,300 feet apart, at its Gold Viking Property in the Slocan Mining District of southeast British Columbia. This 1500-acre 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 500 feet, 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 0.06 oz/ton over 131 feet.
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.
For further information: President David W. Johnston - (403) 701-2781.
Visit our website at www.RainbowResourcesInc.com.
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.
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,(more)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.