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 Agover 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.
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.
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.
SOURCE Rainbow Resources Inc.