Rainbow drills three m of 601 g/t Ag at Jewel Ridge
2013-02-04 14:00 ET - News Release
Mr. David Johnston reports
RAINBOW INTERSECTS 601 G/T SILVER (21.2 OZ/TON) OVER 3 METRES NEAR-SURFACE AT JEWEL RIDGE
Rainbow Resources Inc. has provided assay results from recent drilling at its Jewel Ridge gold-silver project in Nevada. Jewel Ridge is strategically located along the prolific Battle Mountain Trend near Eureka and is contiguous with Barrick Gold's Ruby Hill Mine to the north.
-High-grade silver mineralization has been discovered in an argillic zone at the Hamburg Pit (601 g/t or 21.2 oz/ton between a depth of 15.2 and 18.2 metres in JR-12-04 with continuous mineralization from surface to 45.7 metres);
-The silver discovery in JR-12-04 adds significantly to the understanding of Jewel Ridge and magnifies the scale and potential economics of the overall mineralized system;
-Geological modeling of Jewel Ridge continues with Rainbow targeting a large tonnage gold system (sediment hosted deposit) and important silver values over a north-south trend of at least four kilometres where mineralization appears to be continuous along the Hamburg-Dunderberg contact.
David W. Johnston, Rainbow Resources' President, commented: "These initial drill results have exceeded our expectations and we believe there is much greater gold and silver potential with Jewel Ridge that can be proven out with additional drilling. We have valuable new information concerning the property including the discovery in JR-12-04. The geological modeling, to be completed in the coming weeks, will prioritize the best locations for upcoming Phase 2 drilling. Barrick's producing Ruby Hill gold mine is the beginning of a highly mineralized trend that runs south through Jewel Ridge and beyond. We have a strong geological and engineering team in place to lead our effort in advancing this property as efficiently and effectively as possible. We look forward to showing samples from Jewel Ridge in the Core Shack display at PDAC in Toronto in early March."