I'll say one thing, Rainbow has great resource property.
Investors are waiting for drill results from Jewel Ridge.
Barrick and Timberline have already proven that this piece of Nevada is one big jewellery box.
Rainbow's property is the place to be when you consider what's around it.
My expectations are high for this company given the sum of all the valuable dirt.
This is a great stock to own especially given the current ground floor pricing.
Nevada - Jewel Ridge
Rainbow Resources optioned the highly prospective Jewel Ridge Property near Eureka, Nevada, in March of this year and quickly completed an initial field exploration program that returned very encouraging results. A Phase 1 reverse circulation drill program was carried out in November with Rainbow intersecting favorable mineralized zones in each of the six holes drilled at the past producing Hamburg Pit as announced December 4, 2012. Assay results are pending. Jewel Ridge is in the middle of a multi-million ounce gold system with Barrick Gold’s Ruby Hill Mine at one end and Timberline Resources’ growing Lookout Mountain deposit at the other.
With several former producing pits lined up along a primary mineralized structure that trends north for at least three kilometres toward the Ruby Hill Mine, Moose Mountain Technical Services (Rainbow's resource consultants) believes there is excellent potential for a large tonnage deposit at Jewel Ridge. Strong evidence for this also comes from historical drill results and the existence of oxidized zones, underground workings and trenching over a wide area. Rainbow's drilling strategy will be to extend the shallow pits at depth and follow the north-south geological contact directly toward the Ruby Hill mine.
A reinterpretation of the potential of Jewel Ridge is emerging given current gold prices and the recent success of the Lookout Mountain Project immediately to the south. Moose Mountain is currently organizing extensive historical drill hole data for Jewel Ridge from various sources going back to the 1970’s - the first time such information for the property has been assembled into common data base. This data, along with results from the just-completed program, are being used to create a conceptual Jewel Ridge geological model that will play an important role in advancing the project, in part through defining a multitude of high-priority exploration and drill targets. A more extensive Phase 2 drill program is planned for the upcoming quarter.
Significant results from Moose Mountain's April site visit included chip samples across 15 metres from the south wall of the Hamburg Pit (southern portion of Jewel Ridge) that assayed 0.98 g/t Au, 14.1 g/t Ag and 3.45% Zn, while another chip sample across seven metres from the nearby Paroni Pit assayed 0.91 g/t Au and 3.9 g/t Ag. A hematite float sample, believed to have originated from the Dunderburg mine area in the northwest section of the property, graded 3.6 g/t Au, 30.4 g/t Ag and 2.2% Pb.
Jewel Ridge is located on the south end of the prolific Battle Mountain - Eureka Trend, along strike and contiguous to the Ruby Hill Mine to the north and Timberline’s advanced-stage Lookout Mountain Project to the south. The deposits contain total NI-43-101 reserves and resources of 4.1 million ounces as follows:
Ruby Hill Mine: 3.5 Million Total Gold Reserves/Resources (Dec. 31, 2011)
Source: Barrick Gold Corp. 2011 Annual Report
Lookout Mountain Deposit: 611,000 Total Gold Resources (April 19, 2012)
Source: Timberline Resources' April 19, 2012, news release.