Rainy River and Northern Superior Initiate Diamond Drilling at TPK With Support From Neskantaga First Nation
TORONTO, ONTARIO -- (Marketwire) -- 10/25/10 -- Rainy River Resources Ltd. ('Rainy River') (TSX VENTURE: RR) and Northern Superior Resources Inc. ('Northern Superior') (TSX VENTURE: SUP) (together, the 'Companies'), are pleased to announce that diamond core drilling has commenced on their TPK Joint Venture project 190 km northeast of Pickle Lake in Northern Ontario. The drilling is proceeding with the co-operation of Neskantaga First Nation ('Neskantaga') which recently passed a community resolution supporting the agreement between Rainy River and Northern Superior and affirming their support for the TPK project.
The diamond drilling will test three of the four gold targets previously identified by RC drilling and boulder prospecting (see September 15, 2010 joint news release). An initial 20 holes totaling approximately 4000 metres (m) are planned for the pre-Christmas period. Additional drilling is anticipated for February and March 2011, to test a lake-covered area on Target 2 as well as new targets that are being developed by RC drilling. The RC drilling program has been scheduled in a manner that respects and accommodates Neskantaga traditional pursuits and practices and will resume in early November.
Target 3
The diamond drilling will initially focus on Target 3, proceeding to Targets 1 and 2, and be refined as additional RC drilling and boulder prospecting results are received.
Target 3 encompasses a 400m long x 200m wide segment of a 5 km long shear zone that splays west-northwest from the Stull-Wunnummin Fault, a major, gold-fertile structure that extends into Manitoba. RC drilling has shown that the glacial till section immediately south of (glacially down-ice from) the shear zone consistently averages 100 to 1000 gold grains per 10 kg sample whereas till sampled 200m to the north (up-ice) contains negligible gold. The gold grains are accompanied by abundant arsenopyrite, ranging to millions of grains per sample, which may contain significant additional gold. The 1.5m bedrock intercepts immediately beneath two of the four holes drilled on the southern edge of the shear zone are mylonitized and returned gold assays of 0.3 to 0.4 grams per tonne (g/t). Sheared, arsenopyrite-bearing boulders measuring up to 2m in diameter and grading up to 48 g/t gold are scattered along the central axis of the shear zone.
Commentary
'We are excited to begin diamond drilling on the first substantial gold target to be tested on the TPK property,' commented Stu Averill, Vice-President Exploration, of Rainy River Resources. 'Previous diamond drilling, prior to the RC drilling, was performed around minor gold showings in outcrops that are 2 to 3 km apart and constitute less than 1 percent of the surface area of the property. The strong 7 x 7 km gold-grains-in-till anomaly defined by our joint venture partner's early surface sampling and enhanced by our recent RC drilling and boulder prospecting, indicates the presence of several significant gold zones in the broad areas between outcrops. We are very pleased that Neskantaga First Nation is involved in our initial testing of these targets and appreciate their continuing support for the TPK project.'
Dr. T.F. Morris, President and CEO of Northern Superior stated: 'Clearly we are excited about the initiation of this very important diamond drill program. These are very high quality gold exploration targets, developed from previous exploration programs and the recently completed reverse circulation and boulder prospecting programs. We are also very pleased at the continued support of Neskantaga First Nation and look forward to continuing our work and engagement with this Community as the program advances.'
Qualified persons
Rainy River is the Operator of the TPK Joint Venture and the current exploration program is being supervised by Stuart Averill, P.Geo. Vice-President Exploration, a Qualified Person as defined by National Instrument 43-101. Mr. Averill is the person responsible for the content of this news release. The Company continues to implement a rigorous QA/QC program to ensure best practices in sampling and analysis of till and drill core. The procedures of the QA/QC program are detailed on Rainy River's website at www.rainyriverresources.com.
About Rainy River
Rainy River is a Canadian precious metals exploration company, the key asset of which is the Rainy River Gold Project. With approximately $75 million in its treasury, the Company is well funded to conduct a dual-focused drilling program consisting of: 1) definition diamond drilling of the main gold resources in preparation for scoping and prefeasibility studies, and 2) selective diamond drill testing of high-priority gold targets defined primarily by RC drilling within the large gold system centered in Richardson Township. The Company's property is extremely well located in the southwestern corner of Northern Ontario near the U.S. border. It is accessed by a network of roads and is close to hydro-electric infrastructure. The Rainy River district has a skilled labour force and is one of the lowest-cost areas for mineral exploration and development. Ontario has low political risk relative to other mining jurisdictions and according to the annual Fraser Institute global survey of the mining industry, Ontario has consistently ranked as one of the top jurisdictions to embrace mineral development.
About Northern Superior Resources Inc.
Northern Superior Resources Inc. is a junior exploration company focused on exploring for gold in the Superior Province of the Canadian Shield. The Company currently has three high active, high quality gold exploration projects in Ontario and Quebec - TPK, Thorne Lake and Wachigabau (see Company web site, www.superior.com). These projects were all developed from the Company's extensive geoscientific data base. Additional gold exploration projects including seven more early stage gold exploration projects (Rapson Bay, Meston Lake, Lespinay, Lac Surprise, Hazeur, Chibougamou River and Lemarck) are currently being developed from this data base. Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.
Forward looking statements: This news release includes certain 'forward-looking information' within the meaning of Canadian securities legislation and 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act or 1995 (collectively, 'forward looking statements'). Forward looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'believe', 'plan', 'estimate', ' forecast', ' expect', 'potential', 'project', 'target', 'schedule', 'budget' and 'intend' and statements that an event or result 'may', 'will', 'should', 'could' or 'might' occur or be achieved or other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results, interpretation of results, the timing and success of exploration activities generally, the timing and results of future resource estimates, and future plans and objectives of Northern Superior or Rainy River are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Northern Superior's or Rainy River's expectations include exploration risks, changes in project parameters as plans continue to be refined, results of future resources estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward looking statements.
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 or accuracy of this release.
Contacts:
Rainy River Resources Ltd.
Raymond Threlkeld
President and CEO
(647) 476-5407
(416) 642-9312 (FAX)
lcaridi@rainyriverresources.com
www.rainyriverresources.com
Northern Superior Resources Inc.
Thomas F. Morris
President and CEO
(705) 525-0992
(705) 525-7701 (FAX)
info@nsuperior.ca
www.nsuperior.com