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Rainy
River Resources Ltd. ("Rainy River") (TSX VENTURE:RR - News) and Northern Superior
Resources Inc. ("Northern Superior") (TSX VENTURE:SUP - News; 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.
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.
Contact:
Raymond Threlkeld
Rainy River Resources Ltd.
President and CEO
(647) 476-5407
(416) 642-9312 (FAX)
lcaridi@rainyriverresources.com
www.rainyriverresources.com
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