Rainy River and Northern Superior Announce Final Phase 1 Results and Commencement of Winter Diamond Drilling at the Ti-Pa-Haa-Ka
February 04 2011 - 8:00AM
Marketwired Canada
Rainy River Resources Ltd. ("Rainy River") (TSX VENTURE:RR) and Northern
Superior Resources Inc. ("Northern Superior") (TSX VENTURE:SUP) (together, the
"Companies"), announce final assay results from the 2010 Phase I diamond drill
program and the commencement of their 2011 diamond drilling and geophysical
exploration program. Three thousand meters of diamond drilling is planned prior
to the spring breakup. 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-10-009 returns 6.9 g/t Au over 0.8 metres from 68.7 - 69.5 metres
- TPK-10-010 returns 1.8 g/t Au over 2.5 metres from 100.3 - 102.8 metres
Incl. 5.1 g/t Au over 0.5 metres from 100.8 - 101.3 metres
- TPK-10-011 intersects 1.0 g/t Au over 2.4 metres from 66.8 metres - 69.2
metres
and 1.5 g/t Au over 1.5 metres from 82.5 - 84.0 metres
and 1.6 g/t Au over 1.4 metres from 85.6 - 87.0 metres
2010 Diamond Drilling Program - Target 3
To date 10 holes totaling 1,945.0 metres have been drilled on Target 3, with one
hole abandoned due to bad ground conditions. Final assays have now been received
for the 2 remaining holes on Target 3. TPK-10-008 and 009 were drilled from the
same setup approximately 450 metres NW of the discovery hole TPK-10-004. These
two holes were designed to test an area up-ice of a strong coincident
gold/arsenopyrite reverse circulation till anomaly. Several discrete
arsenopyrite/pyrite bearing sericitized shears were intersected throughout the
hole with the best assay being returned from TPK-10-009 - 6.9 g/t Au over 0.8
metres. The type of mineralization seen within the core appears to match the
reverse circulation anomaly and follow-up drilling is planned.
All reported holes on Target 3 have intersected variably mineralized shears in
quartz monzonite, containing disseminated pyrite, arsenopyrite and/or
coarse-grained visible gold. Shear thicknesses are variable, ranging from 0.1
metres to 13.5 metres. Continuous down-hole multi element ICP geochemical data
coupled with high resolution AEM data suggests a steep north dip in the Target 3
area whereas most of the holes were based on a south dip and thus either
overshot the target or did not test its full width. Drilling has now recommenced
at Target 3, with initial drilling planned to complete a section of holes to
resolve dip and orientation of the mineralized zone prior to stepping out.
2010 Diamond Drilling Program - Target 2
Three holes totaling 596.5 meters were completed on Target 2 prior to
demobilization for the Christmas break. Target 2 is the largest of four diamond
drill targets identified by RC drilling. It is defined by a distinct gold grain
in-till anomaly that outlines a dispersion train of at least 3 kilometres
trending in a NE-SW direction. The till anomaly is also associated with
anomalous arsenic and zinc, and overlies a broad, shear-fractured leucogranite
of the "contact stock". The leucogranite contains both spessartine garnet and
fluorite alteration. Initial prospecting during the autumn produced 41
mineralized boulders, of which 33 boulders (or 80%) were found to be anomalous
in gold. Five of the boulders yielded assays between 5-10 g/t gold, while one
boulder yielded an assay of 42 g/t gold. Many additional mineralized boulders
were found in follow-up prospecting.
The three drill holes tested only two small areas of the overall target, part of
which lies under Crying Boy Lake. Two of the holes intersected narrow intervals
of coincident gold and arsenopyrite mineralization in drill core. TPK-10-010
returned 5.1 g/t Au over 0.5 metres, and TPK-10-011 returned 1.0 g/t Au over 2.4
metres, 1.5 g/t Au over 1.5 metres and 1.6 g/t Au over 1.4 metres. As at Target
3, core angles and other data suggest that the holes were drilled along the dip
plane of the structure and thus left most of its width untested. Further diamond
drilling on Target 2 will await results from the IP geophysical survey to better
define drill targets.
Geophysics and Linecutting
Linecutting has now been completed and crews demobilized. Abitibi Geophysics of
Val-D'Or, Quebec, has re-mobilized to TPK to complete the 80 line-kilometre
Induced Polarization (IP)/Resistivity Geophysical Survey. This survey will cover
diamond drill Targets 1-4, with a 100-metre line spacing. Severe winter cold has
slowed progress however crews should complete the survey within the next 10
days.
To view accompanying map, click on the following link:
http://media3.marketwire.com/docs/TPKplanmap.pdf
Commentary
"The discovery that we had in the initial 7 holes and the fact that 11 of 12
holes drilled intersected at least 1 g/t gold is extremely encouraging,"
commented Raymond Threlkeld, President and CEO of Rainy River Resources. "The
lack of outcrop at TPK hindered drill direction selection and now that we have
additional data to guide the exploration, we look forward to our winter drilling
program to make further discovery at TPK."
Dr. T.F. Morris, President and CEO of Northern Superior Resources states: "The
completion of this first phase diamond drilling not only intersected numerous
gold-bearing shear zones, the drilling achieved an important objective in
providing invaluable data to direct future drilling. This data, coupled with
data derived from the IP survey, reverse circulation drill programs and boulder
surveys will provide critical information necessary for a successful winter
drill program."
Qualified persons
Rainy River is the operator of the TPK Joint Venture and the current 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 $138 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, high quality gold exploration
projects in Ontario and Quebec - TPK, Thorne Lake and Wachigabau (see Company
web site, www.superior.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.
Table 1:Summary of Results
HOLE-ID From (m) To (m) Length (m) Gold g/t
--------------------------------------------------------
TPK-10-008 187.6 187.9 0.3 0.5
195.5 196.0 0.5 0.6
--------------------------------------------------------
TPK-10-009 10.2 10.6 0.4 1.4
48.0 48.3 0.3 0.6
66.5 67.0 0.5 0.6
68.7 69.5 0.8 6.9
--------------------------------------------------------
TPK-10-010 100.3 102.8 2.5 1.8
100.8 101.3 0.5 5.1
212.4 212.9 0.4 0.9
--------------------------------------------------------
TPK-10-011 66.8 69.2 2.4 1.0
INCL 66.8 67.3 0.5 1.7
AND 68.7 69.2 0.5 1.5
82.5 84.0 1.5 1.5
85.6 87.0 1.4 1.6
96.5 97.1 0.6 1.1
102.0 102.5 0.5 0.5
--------------------------------------------------------
TPK-10-012 NSA
--------------------------------------------------------
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.
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