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TORONTO, ONTARIO--(Marketwire - Feb. 4, 2011) - 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.
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.
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