The Ancient Greek king, Croesus, was renowned for his wealth.
Looking at the drill results from the Croesus claims in Nevada, it appears that the name and reference is quite apropos.
The Rainbow boys continue to hit.
Rainbow’s Growing Jewelry Box At Jewel Ridge
Less than two weeks after reporting a high-grade Silver discovery at its Jewel Ridge Project in Nevada, Rainbow Resources (RBW, TSX-V) has delivered more surprising high-grade results from this intriguing property – and on claims it now owns 100%…Rainbow negotiated a deal with private landholders to secure the “Croesus” claims, about 40 hectares of strategically important ground within the Jewel Ridge package…the company announced the closing of this transaction after market hours yesterday, and also released stellar historical drill results from Croesus including hole N85-36 (drilled by Homestake 20 or 30 years ago) that returned 4 g/t Au over 18.2 metres from surface…other results from Croesus included 6.1 metres grading 4.9 g/t Au (4.5 m to 10.6 m in PL7-15) and 7.5 metres grading 3.7 g/t Au (15.2 to 22.7 m in N85-31)…in this business, those are terrific numbers…in addition, grab samples collected by Rainbow at Croesus confirmed the presence of impressive mineralization with Gold values ranging from 1.4 g/t to 3.2 g/t while Silver values ranged from 8.9 g/t to 24.7 g/t…immediately to the west of Croesus, on Rainbow’s shared ground, grab samples returned 1.5 g/t Au and 190 g/t Ag, and 4.4 g/t Au and 85.3 g/t Ag…
Widespread Mineralization At Jewel Ridge
Rainbow is quickly putting the Jewel Ridge puzzle together no small accomplishment given the fact that no other company has properly assembled all of the historical data…the property map that was released yesterday provides a bigger picture view of what’s unfolding with locations of some historical drill results as well as Rainbow’s sampling…mineralization literally extends from one end of the property to the other – a distance of at least three kilometres, so this indeed could be a very substantial system…RBW has already reported that “mineralization appears to be continuous along the Hamburg-Dunderberg contact”…importantly, Rainbow has also discovered high-grade silver mineralization at Jewel Ridge as evidenced by the argillic zone encountered in JR-12-04 (one of six RC holes drilled in November)…most previous operators, interestingly, didn’t even bother assaying for Silver – including Greencastle back in 2004…near the northern boundary with Barrick, Rainbow collected a grab sample that graded nearly 400 g/t Ag - 2.5 kilometres to the north of JR-12-04…meanwhile, approximately 750 metres northeast of JR-12-04, historical drill results include 18.1 metres grading 3.4 g/t Au, 12.2 metres grading 4.0 g/t Au, 10.6 metres grading 4.4 g/t Au, and 21.8 metres grading 1.0 g/t Au…all historical drill results, as well as historical soil sampling data and of course Rainbow’s Phase 1 drill results, are being incorporated into a conceptual Jewel Ridge geological model that could become a “game-changer” for Rainbow – possibly in the coming weeks…we’ve said all along, this is a fabulous property – and now it’s starting to show its true potential…mining exploration history in North America is full of examples of companies that have gone back to properties like Jewel Ridge and have turned them into huge success stories thanks to a fresh set of eyes, geological re-interpretation and higher metal prices…what also excites us, of course, about Rainbow is the company’s recent Gold-Silver discovery at Gold Viking in the Kootenays – a property never previously drilled – and news is likely imminent regarding that…in addition, Rainbow’s substantial land position in the flake graphite region of the Slocan Valley is of significant importance – especially considering the market’s appetite for graphite at the moment…what seems likely, based on the company’s January 18 news release, is a spin-out of this asset or a JV…Rainbow’s 100-square-kilometre land package includes strategic claims within shouting distance of privately-held Eagle Graphite’s processing facility…Eagle is the only producer of natural flake graphite in western North America….