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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") are pleased to announce the discovery of significant
gold bearing mineralization intersected during the Companies initial diamond
drilling program on Target 3 of their TPK Joint Venture project, 190 km
northeast of Pickle Lake in Northern Ontario. The diamond drilling is being
conducted with the cooperation 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.
HIGHLIGHTS
-- Coarse-grained visible gold was noted in drill hole TPK-10-004
-- TPK-10-004 returns 25.9 g/t Au over 13.5 metres from 149.3 - 162.8
metres
-- incl. 46.0 g/t Au over 0.5 metres from 153.0 - 153.5 metres
-- incl. 139.4 g/t Au over 1.7 metres from 156.8 - 158.5 metres
-- incl. 749.0 g/t Au over 0.3 metres from 157.2 - 157.5 metres
-- and 127.0 g/t Au over 0.7 metres from 162.0 - 162.7 metres
-- The high-grade shear zone intersected in TPK-10-004 is open both along
strike and down dip
-- TPK-10-005 intersects 3.8 g/t gold over 1.2 metres from 49.6 metres -
50.8 metres
To view the maps accompanying this press
release please click on the following link: http://media3.marketwire.com/docs/RR1213.pdf
2010 Diamond Drilling Program - Target 3
To date, ten holes totaling 1,945.0
metres have been drilled on Target 3, with one hole abandoned due to bad
ground conditions. Final assays have been received for seven of the nine
completed holes, and assays for the two remaining holes on Target 3 will be
available in the new year. All reported holes 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 - 13.5 metres. Shear orientations and true
thicknesses are not readily apparent, and will be determined by follow up
drilling, however the high-grade shear zone intersected in TPK-10-004 is open
both along strike and down dip.
Target 3 encompasses a 400 metre-long by
200 metre-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. Reverse circulation (RC) drilling has shown that the glacial
till section immediately south of and glacially down-ice from the shear
corridor consistently averages 100 to 1000 gold grains per 10 kg sample
whereas till sampled 200 metres to the north (up-ice) contains negligible
gold. The gold grains are accompanied by abundant arsenopyrite, ranging up to
millions of grains per sample, which may contain significant additional gold.
The 1.5 metre bedrock intercepts immediately beneath the till, in two of the
four holes drilled on the southern edge of the shear corridor, are
mylonitized and returned gold assays of 0.3 to 0.4 g/t. Sheared,
arsenopyrite-bearing boulders measuring up to 2 metres in diameter and
grading up to 94.2 g/t gold are scattered along the central axis of the shear
corridor. Significant gold diamond-drill intercepts to date (TPK-10-004) are
associated dominantly with disseminated pyrite-bearing mineralization.
Arsenopyrite-rich mineralization, similar to that observed in most of the
high-grade surface boulders, has not yet been encountered in drill core.
2010 Diamond Drilling Program - Target 2
The diamond drill has already moved to
Target 2 to obtain a preliminary test of this partially lake-covered target
prior to winter drilling from the ice. It is anticipated that two diamond
drill holes will be completed prior to demobilization for the Christmas break
on the 18th of December.
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
kilometers 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. 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.
Geophysical program initiated
In an effort to aid targeting for the
2011 winter diamond drill program, Abitibi Geophysics of Val-D'Or, Quebec,
has been mobilized to TPK to carry out an 80 line-kilometre Induced
Polarization (IP) / Resistivity Geophysical Survey. This survey will cover
diamond drill Targets 1-4, with a 100-metre line spacing.
Line cutting crews have also been
mobilized to site, to expand the current grid in order to facilitate the
ground geophysical survey. Neskantaga crews are assisting in grid
re-establishment. IP and line-cutting will break for Christmas, and resume in
the first week of January, 2011.
2011 Winter Diamond Drill Program
Diamond drilling crews are scheduled to
re-mobilize to site on January 17th, 2011. Diamond drilling will continue to
test targets previously identified by RC drilling and boulder prospecting (as
announced in a joint news release on September 15, 2010). The projected
drilling will also continue to test Target 3 for extensions to the newly
discovered gold zone, as well as new targets that are being developed by RC
drilling and the IP geophysical surveys.
Commentary
"We are very excited about the high
grade discovery at TPK," commented Raymond Threlkeld, President &
CEO of Rainy River. "The discovery hole is open along strike and at
depth, and is just part of what we view as a very large gold mineralized
system. We will be aggressively exploring the extensions of the discovery and
the larger target areas with our partners, Northern Superior Resources and Neskantaga
First Nation, and are proud that they are involved in this exciting
project."
Dr. Thomas Morris, President and CEO of
Northern Superior, stated: "Obviously, Northern Superior Resources is
extremely pleased to see results that just begin to validate our belief in
the presence of significant gold mineralization on the TPK property, bearing
in mind of course that the mineralization being reported here, at a depth of
149 metres, does not explain the exceptional and extensive surface
distribution of the gold grain-in-till dispersal apron and mineralized
boulders previously reported." Northern Superior is thrilled at the
potential that these results indicate and are so looking forward to the
future exploration on this property with Rainy River and Neskantaga First
Nation."
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 $69 million in its treasury, Rainy River is well funded to
conduct advanced exploration in preparation for Scoping and feasibility
studies. Rainy River's property is extremely well located in the southwestern
corner of Northern Ontario, near the U.S. border. 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 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.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.
Table 1: Summary of Results
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Vertical Core
Depth From To Length Au Au
Hole - ID Section (m) (m) (m) (m) g/t oz/t
----------------------------------------------------------------------------
TPK-10-001 TRACE TRACE
----------------------------------------------------------------------------
TPK-10-002 ABANDONED
----------------------------------------------------------------------------
TPK-10-002A TRACE TRACE
----------------------------------------------------------------------------
TPK-10-003 5813409 55 68.0 68.4 0.4 1.76 0.05
5813416 65 80.7 81.1 0.4 0.91 0.03
----------------------------------------------------------------------------
TPK-10-004 5813389 59 61.3 64.0 2.7 0.91 0.03
5813396 77 81.9 82.4 0.5 0.93 0.03
5813397 79 83.9 84.5 0.6 0.79 0.02
5813401 89 94.3 94.6 0.3 0.85 0.02
5813406 103 109.2 109.5 0.3 0.80 0.02
5813407 107 113.4 114.4 1.0 1.15 0.03
5813422 146 149.3 162.8 13.5 25.87 0.75
INCL 5813421 143 152.0 154.0 2.0 12.29 0.36
INCL 5813421 144 153.0 153.5 0.5 46.00 1.34
AND 5813423 148 156.8 158.5 1.7 139.37 4.07
INCL 5813423 147 157.2 157.5 0.3 749.00 21.85
AND 5813425 152 162.0 162.7 0.7 127.00 3.70
5813449 219 233.8 234.3 0.5 2.05 0.06
5813451 222 237.0 237.5 0.5 5.47 0.16
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TPK-10-005 5813548 35 45.0 45.3 0.3 4.08 0.12
5813544 39 49.6 50.8 1.2 3.82 0.11
5813481 119 153.6 154.0 0.4 0.68 0.02
5813472 130 168.1 168.4 0.3 2.27 0.07
----------------------------------------------------------------------------
TPK-10-006 5813467 8 10.6 11.1 0.5 1.05 0.03
5813483 27 35.6 35.9 0.3 2.00 0.06
----------------------------------------------------------------------------
TPK-10-007 5813508 11 13.8 14.1 0.3 1.53 0.04
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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
Thomas F. Morris
Northern Superior Resources Inc.
President and CEO
(705) 525-0992
(705) 525-7701 (FAX)
info@nsuperior.ca
www.nsuperior.com |
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