Rainy River and Northern Superior Announce Initial Assays and the Completion of Winter Diamond Drilling at the Ti-Pa-Haa-Kaa-Ning ('TPK') Project
TORONTO, ONTARIO -- (Marketwire) -- 04/13/11 -- Rainy River Resources Ltd. (TSX VENTURE: RR) ('Rainy River') and Northern Superior Resources Inc. (TSX VENTURE: SUP) ('Northern Superior') (together, the 'Companies') announce initial assay results from the 2011 winter diamond drill program. In total, 2,900 metres of diamond drilling was completed on Target 3. The TPK Joint Venture project is located 190 km northeast of Pickle Lake in Northern Ontario. The diamond drilling is being conducted with the cooperation of Neskantaga First Nation ('Neskantaga').
HIGHLIGHTS
-- TPK-11-013 returns 4.74 g/t gold over 6.84 metres from 186.96 to 193.80
metres including 15.52 g/t gold over 1.50 metres from 192.30 to 193.80
metres and including 33.90 g/t gold over 0.50 metres from 192.30 to
192.80 metres
-- TPK-11-015 intersects 10.15 g/t gold over 0.40 metres from 34.85 to
35.25 metres and 3.11 g/t gold over 1.74 metres from 175.26 to 177.00
metres
-- IP Geophysical Survey identifies several short to medium strike length
Priority 1 Chargeability anomalies for follow up
-- RC drilling identifies main source of major gold-in-till anomaly
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2011 Winter Diamond Drilling Program - Target 3
Early stage exploration at TPK continues to deliver promising gold results. Winter diamond drilling continued to focus on better definition of the initial discovery at Target 3 and a better understanding of the structural controls on the gold mineralization (refer to Plan Map). To date, 20 holes totaling 4,845 metres have been drilled on Target 3. Final assay results have been received for six of the ten holes drilled in 2011 (holes TPK-11-013 through TPK-11-018). All holes intersected significant sheared intervals variably mineralized with gold.
SECTION 442320 E - Holes TPK-11-013 and TPK-11-015 were designed to re-drill the original discovery section from north to south, due to structural observations suggesting that the original drilling may have been oriented down the dip of the controlling structure. Hole TPK-11-013 intersected a strongly sheared and quartz-flooded sericite schist with 5-8% disseminated pyrite and local arsenopyrite from 185.5 to 197.0 metres. Trace amounts of visible gold were noted throughout the zone. TPK-11-013 returned 4.74 g/t gold over 6.84 metres from 186.96 to 193.8 metres, including 15.52 g/t gold over 1.50 metres from 192.30 to 193.80 metres, and including 33.90 g/t gold over 0.50 metres from 192.30 to 192.80 metres. TPK-11-014 intersected 3.63 g/t gold over 0.80 metres, 80 metres vertically below hole TPK-11-013; however it is unclear whether this intersection is related to the mineralized zone in TPK-11-013. TPK-11-015 intersected the zone approximately 25 metres up-dip of hole TPK-11-013, returning 3.11 g/t gold over 1.74 metres from 175.26 to 177.00 metres in a well-mineralized sericitized shear zone. TPK-10-015 also intersected 10.15 g/t gold over 0.40 metres from 34.85 metres to 35.25 metres down-hole. Mineralization consists of moderately sheared and sericitized quartz monzonite, with trace disseminated pyrite and 1% arsenopyrite. Mineralization here is located directly underneath mineralized surface boulders and may represent another mineralized shear zone.
SECTION 442270 E - Holes TPK-11-016 and TPK-11-017 were collared from the same setup 50 metres to the west of the discovery section and were designed to intersect the mineralized horizon 25 metres up and down dip of the mineralized horizon encountered in TPK-11-013. TPK-11-016 intersected a 15-metre thick, weakly mineralized and sericitized shear zone at the projected target elevation; however the zone only returned values of 1.67 g/t gold over 1.0 metre. TPK-11-017 intersected a five-metre thick weakly mineralized shear zone 25 metres down dip of the discovery hole; however no significant results were returned. TPK-11-017 intersected two new zones of mineralization, one shallow and one deep, with values of 1.24 g/t gold over 4.50 metres from 7.00 to 11.50 metres down hole, including 4.45 g/t gold over 0.5 metres from 10.50 to 11.00 metres, and 1.59 g/t gold over 1.50 metres from 221.50 to 223.00 metres.
SECTION 442225 E - TPK-11-018 was designed to test for shallow gold bearing mineralization 50 metres down dip of hole TPK-10-005 which returned 3.8 g/t gold over 1.5 metres (previously announced on December 14, 2010). TPK-11-018 intersected a moderately sericitized shear zone from 48.8 to 54.2 metres down hole with minor quartz stringers and local arsenopyrite. The zone ran 0.63 g/t gold over 5.90 metres from 45.40 to 51.30 metres including 3.02 g/t gold over 0.50 metres from 49.80 to 50.30 metres.
All reported holes on Target 3 have intersected multiple zones of variably mineralized, quartz flooded, sericitized shears in quartz monzonite, variably containing disseminated pyrite, arsenopyrite and traces of visible gold. Shallow mineralization encountered in drilling is sufficient to explain the mineralized surface boulders. Shear thicknesses range from 0.1 metres to 13.5 metres. Preliminary structural interpretations suggest multiple shallow, north dipping gold bearing ductile shears bounded by more brittle zones. Mineralized zones pinch and swell in both the dip and strike direction, and gold mineralization is very nuggety. It is not known if any of the zones have a plunge trend. Further drilling will be required to fully understand how the structural overprint affects the mineralization.
Geophysics
Abitibi Geophysics of Val-d'Or, Quebec, has now completed an 80 line-kilometre Induced Polarization (IP)/Resistivity Geophysical Survey that covered diamond drill Targets 1 through 4. A final report has now been received and is in the process of being interpreted. Abitibi has identified 15 Priority-1 targets that could be associated with disseminated mineralization. Preliminary observations suggest that several of these targets are associated with mineralized gold bearing boulders on Targets 1 to 3. Many of the IP anomalies are open-ended and will require further IP surveying.
RC Drilling
Additional reverse circulation (RC) drilling was performed concurrently with the recent diamond drilling, completing the 117-hole program that began in July 2010. Preliminary results from this program confirm that the main source of the major gold-grains-in-till anomaly on the TPK property is in the 3 kilometre wide area extending from Targets 2 and 4 on the leucogranite porphyry stock that lies immediately south of the quartz monzonite batholith hosting the Target 3 gold zones. The porphyry is large, measuring 800 metres by 5 kilometres but has no outcrop exposure. It is much more strongly sheared than the batholith, with extensive sericite-fluorite-spessartine garnet alteration and pyrite-arsenopyrite-sphalerite mineralization, forming an unusually large and attractive drill target.
Commentary
'We continue to be very encouraged with the early stage exploration program at TPK,' commented Raymond Threlkeld, President and CEO. 'The size of the gold grain anomalies, coincident with strong IP geophysical anomalies and a large intrusive, provide preliminary indications that TPK is a large, prospective mineralized system. Drilling will resume following spring breakup with the focus on the Target 2 area which contains the largest concentration of boulder and till gold anomalies.'
Dr. T.F. Morris, President and CEO of Northern Superior Resources states: 'The Company is encouraged by the progress being made on the TPK project thus far. For such an early stage exploration program Rainy River has greatly advanced our understanding of the gold bearing system associated with the TPK property. Indeed, everything observed thus far does indicate that we are exploring a large, prospective mineralized system. Northern Superior is greatly encouraged with the commitment made by Rainy River for the next phase of drilling and looks forward to the next round of related results.'
Qualified persons
Rainy River is the operator of the TPK Joint Venture. The exploration program is being supervised by Kerry Sparkes, P.Geo. Vice-President Exploration, a Qualified Person as defined by National Instrument 43-101. Mr. Sparkes is the person responsible for the content of this news release. Rainy River has implemented a rigorous QA/QC program to ensure best practices in sampling and analysis of drill core. All drill core is marked for sampling and then split in half with a diamond saw blade. Samples are placed in sealed bags with security tags. All samples were assayed using a standard fire assay, 30 gram nominal sample weight with an AA finish. Over-limit samples were re-assayed with a gravimetric finish. Samples with visible gold were automatically analyzed for Ore Grade by 1000g screen fire assay, with coarse and fine fractions being combined proportionately and the fine fraction being assayed twice. Standards, blanks and duplicates are inserted every 25 metres. ALS Canada Ltd. performed primary assaying, with duplicates being analyzed at Activation Laboratories Ltd. ALS Canada Ltd. and Activation Laboratories Ltd. implements independent QA/QC protocols that include the insertion of certified blanks and standards as part of their routine analysis.
About Rainy River
Rainy River is a Canadian precious metals exploration company whose key asset is the Rainy River Gold Project. With approximately $130 million in its treasury, the Company is well positioned to focus on expanding and optimizing the known resources at the Rainy River Gold Project through its advanced exploration program (underground) as well as drilling exploration targets outside of the known resource area. The Rainy River Gold Project property is extremely well located in the southwestern corner of Northern Ontario near the U.S. border, is accessible year round 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 in Canada. The Company is also working to advance the early-stage discoveries at its TPK Property, also in Ontario, where it can earn a 51% interest in the property from Northern Superior Resources. Ontario has low political risk and, according to the annual Fraser Institute global survey of the mining industry, has consistently ranked as one of the top jurisdictions embracing mineral development.
About Northern Superior Resources Inc.
Northern Superior Resources Inc. is a junior exploration company focused on exploring for gold and diamonds in the Superior Province of the Canadian Shield. Northern Superior currently has three active, gold exploration projects in Ontario and Quebec TPK, Thorne Lake and Wachigabau (see Company web site, www.nsuperior.com). These projects and seven more early stage gold exploration projects are based on the same type of geoscientic data as TPK (New Growth (Northwest part of the TPK Property), Rapson Bay, Meston Lake, Lespinay, Lac Surprise, Hazeur, Chibougamou River and Lemark). 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.
Table 1: Summary of Results
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Drill
Intercept Elevation From To Length Au
Hole-ID Reference (m) (m) (m) (m) g/t Horizon
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TPK-11-013 442311 97 185.50 197.00 11.50 2.96 LOWER
INCL 442311 98 186.96 193.80 6.84 4.74 LOWER
INCL 442311 96 192.30 193.80 1.50 15.52 LOWER
INCL 442311 96 192.30 192.80 0.50 33.90 LOWER
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TPK-11-014 442323 222 25.50 27.00 1.50 1.06 UPPER
442315 20 238.70 243.80 5.10 0.98 LOWER
INCL 442315 18 243.00 243.80 0.80 3.63 LOWER
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TPK-11-015 442323 229 25.50 26.20 0.70 1.48 UPPER
442323 222 34.85 35.25 0.40 10.15 UPPER
442316 121 175.26 177.00 1.74 3.11 LOWER
442311 83 227.80 228.30 0.50 0.81 LOWER
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TPK-11-016 442273 142 131.00 131.40 0.40 1.09 LOWER
442272 112 168.00 169.00 1.00 1.67 LOWER
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TPK-11-017 442271 240 7.00 11.50 4.50 1.24 UPPER
INCL 442271 242 7.00 7.60 0.60 3.07 UPPER
AND 442271 239 10.50 11.00 0.50 4.45 UPPER
442269 47 221.50 223.00 1.50 1.59 LOWER
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TPK-11-018 442227 209 45.40 51.30 5.90 0.63 UPPER
INCL 442227 211 45.40 45.90 0.50 2.42 UPPER
AND 442227 207 49.80 50.30 0.50 3.02 UPPER
442222 82 210.00 210.50 0.50 2.19 LOWER
442216 38 265.50 266.00 0.50 0.90 LOWER
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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