TORONTO, ONTARIO - (November 19, 2013) Rainbow Resources Inc. ('Rainbow' or 'the Company') (TSX VENTURE:RBW)(OTCQX:RIINF) is pleased to report continuing project work at its Big Strike Project in the West Kootenay Mining District near Nelson, British Columbia, Canada.
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Rainbow Resources is focusing on the Gold Viking, Whitewater and Referendum properties where vein systems were mapped and sampled at all three sites and 43 samples demonstrating strong mineralization or alteration have been sent to the lab for analysis. Company geologists have conducted further geological and structural mapping which will contribute to upcoming core drilling programs planned for spring 2014.
Mapping was concentrated on evaluating the extent of Au bearing quartz vein systems. Underground workings at the Gold Viking property show dense mineralized quartz veining with open extent along strike (N30?E) and steeply dipping East. Past sampling and drilling demonstrate a strong trend for future targeting of this vein system at large. Mineralization included galena, sphalerite, chalcopyrite and pyrite.
Showings and adits at the Whitewater site exhibit continuous banded veins from .5 - 2m exposed on a continuous trend over 500m. NE striking vein systems with variable steep dips trending east showed strong mineralization of chalcopyrite, pyrite, pyrrhotite and molybdenum. Road access and vein exposure will contribute to successful targeting and exploration development at this site.
Vein exposures at the Referendum indicate the presence of an echelon shear filling mineralized zone. Numerous trenches expose vertical banded quartz veins up to 2m in width and more than 400m extending East to West. Visible gold was present in dark banded quartz veins.
Future drilling is anticipated at all three sites. Drill targeting will take into account upcoming analysis and field observations as well as thorough historical data review.
Mr. Jim Decker, P. Eng., Director of Rainbow Resources Inc. and a Qualified Person as defined by National Instrument 43-101, has reviewed the contents of this news release.
Financing Update:
Rainbow recently announced the closing of $105,000 of the first tranche of its planned $500,000 financing and continues its capital raising efforts and will close another tranche at the end of November.
About Rainbow Resources:
Rainbow is a Canadian based junior exploration company focused on building shareholder value through aggressive exploration in two favourable and proven mining jurisdictions - the West Kootenays in southeast British Columbia (silver, gold and flake graphite), and Nevada where Rainbow's Jewel Ridge gold-silver project is in the heart of a major producing district. Rainbow's shares are listed on the TSX Venture Exchange under the symbol TSX-V:RBW and on the OTCQX International under the symbol RIINF.
Rainbow currently has 47,820,052 common shares issued and outstanding.
Contact:
Rainbow Resources Inc.
David W. Johnston
President
(403) 701-2781
[email protected]
Website: www.RainbowResourcesRBW.com
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Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks,(more)uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.
All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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 of this news release.