TORONTO, ONTARIO--(Marketwire - June 8, 2012) - Rainy River Resources Ltd. ("Rainy River" or the "Company") (TSX:RR) and Northern Superior Resources Inc. (TSX VENTURE:SUP) ("Northern Superior") (together, the "Companies") announce assay results from the 2012 winter diamond drill program. The TPK Joint Venture project is located 190 km northeast of Pickle Lake in Northern Ontario (see Map 1) and is associated with one of the largest gold grain dispersal trains in North America. The diamond drilling program was supported by the Neskantaga First Nation ("Neskantaga") as a result of the positive relationship that has been developed.
HIGHLIGHTS
-- TPK-12-030 returns 59.60 g/t gold, 92.3 g/t silver and 3.19% copper over
0.5 m from 225.0 - 225.5 metres.
-- TPK-12-034 intersects 16.15 g/t gold over 1.5 metres from 66.3 to 67.8
metres.
-- TPK-12-040 returns 7.85 g/t gold over 0.8 metres from 50.2 to 51.0
metres.
-- TPK-12-043 returns 8.85 g/t gold over 1.0 metre from 242.0 to 243.0
metres.
To view Map 1, please click on the following link:
http://media3.marketwire.com/docs/Map1_.pdf.
To view Map 2, please click on the following link:
http://media3.marketwire.com/docs/Map2_.pdf.
To view Map 3, please click on the following link:
http://media3.marketwire.com/docs/Map3_.pdf.
Target 2
Target 2 (see Map 2) covers a broad area and is defined by strong gold-in-till anomalies from Reverse Circulation (RC) drilling, a significant concentration of gold bearing boulders, and several Induced Polarization (IP)/Resistivity geophysical anomalies. The Target 2 Anomaly outlines a dispersion train of at least 3 kilometres, trending in a NE - SW direction. The 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. The winter diamond drill program was designed to test the entire Target 2 anomaly. However, a key portion of the anomaly lies under Crying Boy Lake and was inaccessible due to mild winter conditions, and remains untested. As a result of the weather conditions, all 33 holes targeted the on-land western portion of Target 2.
All 33 drill holes encountered variably mineralized and altered quartz-sericite shears in leucogranite containing disseminated pyrite, pyrrhotite, arsenopyrite and anomalous gold mineralization. Two holes, TPK-12-043 and TPK-12-052 contained sub-millimetre scale specks of visible gold associated with shearing. Shear thicknesses are variable, ranging from 0.1 metres to greater than 40 metres. The results from the drill program explain the anomaly associated with the western half of Target 2.
Target 1
Three holes were drilled in the Target 1 area (see Map 3) to the northeast of Target 2, and northeast of Crying Boy Lake. Target 1 is defined by strong RC drilling anomalies and strong chargeability anomalies. Each hole intersected variably mineralized shear zones in quartz monzonite. One millimetre-sized speck of visible gold was observed in drill hole TPK-12-056. Shearing is coincident with the anomalies, and similar to those intersected in Target 2.
COMMENTARY
Raymond Threlkeld, President and CEO of Rainy River Resources Ltd., commented: "The recent drilling confirms some of the high grade nature and potential of the TPK project. We will be reviewing the results of the last two years of exploration at the TPK project to determine the best path forward."
Thomas Morris, President and CEO of Northern Superior Resources Inc., commented: "This latest drill program has provided invaluable geological information that will assist in directing future drill programs. Northern Superior remains confident in future discoveries as targets are drilled."
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, P.Geo., is also the person responsible for the content of this news release. The Company has a rigorous QA/QC program in place 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 Resources Ltd.
Rainy River Resources Ltd. is a Canadian precious metals exploration company whose key asset is the Rainy River Gold Project, a large gold system centred in Richardson Township (part of Chapple Township). As of March 31, 2012, the Company had approximately $100 million in cash and cash equivalents, and is well funded for its 2012 plans to 1) commence a feasibility level study on the RRGP; 2) continue growing the existing resource through exploration; 3) conduct a condemnation program in areas identified for potential mine facilities; and 4) continue regional exploration. RRGP is very well located in the southwestern corner of northern Ontario, near the U.S. border. It is accessed 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 working to advance the early-stage discoveries at its TPK Joint Venture Property, also in Ontario, where it can earn a 51% interest in the property from Northern Superior Resources Inc. 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 is a junior exploration company focused on exploring for gold in the Superior Province of the Canadian Shield. The Company's primary goal is to advance its Croteau Est gold property in Quebec and the Company is well funded for this endeavor. The Company has a number of 100% owned properties (see Company website,
www.nsuperior.com) that were identified and developed from the Company's extensive geoscientific data base, and from which promising gold exploration projects are being generated. The Company is seeking to option-out a number of these properties. Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.
RAINY RIVER RESOURCES LTD. NORTHERN SUPERIOR RESOURCES INC.
Raymond W. Threlkeld Thomas F. Morris
President & CEO President & CEO
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Companies expect, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Companies undertake no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Companies at
www.sedar.com for further information.
Table 1: Summary of Results
HOLE-ID FROM (m) TO (m) LENGTH (m) Au g/t Target
TPK-12-025 123.0 124.5 1.5 2.41 2
TPK-12-025 192.0 193.0 1.0 1.52 2
TPK-12-028 189.0 190.5 1.5 1.69 2
TPK-12-030 225.0 225.5 0.5 59.60 2
TPK-12-032 205.0 205.5 0.5 1.86 2
TPK-12-033 132.0 132.7 0.7 1.54 2
TPK-12-034 66.3 67.8 1.5 16.15 2
TPK-12-035 114.8 115.8 1.0 2.14 2
TPK-12-036 147.3 148.0 0.7 3.12 2
TPK-12-037 270.5 271.5 1.0 2.29 2
TPK-12-038 124.5 126.0 1.5 5.34 2
TPK-12-040 50.2 51.0 0.8 7.85 2
TPK-12-041 206.9 208.3 1.4 1.92 2
TPK-12-041 251.0 252.0 1.0 2.04 2
TPK-12-043 116.0 117.0 1.0 1.82 2
TPK-12-043 119.0 120.0 1.0 1.75 2
TPK-12-043 241.0 242.0 1.0 1.17 2
TPK-12-043 242.0 243.0 1.0 8.85 2
TPK-12-045 84.0 85.5 1.5 2.63 2
TPK-12-051 152.3 153.2 0.9 3.09 2
TPK-12-051 153.2 154.3 1.1 1.67 2
TPK-12-052 110.4 111.4 1.0 3.83 2
TPK-12-053 111.0 112.0 1.0 2.79 2
TPK-12-056 128.2 129.2 1.0 1.77 1
TPK-12-056 129.2 130.2 1.0 1.82 1