Drilling on the Rainbow property is confirming a new zone of copper mineralization encountered earlier this year.
Teck (TSE) now holds a 70% interest, which it acquired from Getchell Resources (VSE). The property is near Kamloops, B.C.
The drilling program is following up hole 94-14, which intersected 61.5 metres grading 0.70% copper and 0.1 grams gold per tonne on a northwest-trending dyke complex south of the known No. 2 zone. Hole 94-17, drilled 35 metres east of 94-14 on the same section, intersected two zones. One of these was 18 metres (51 to 69 metres) grading 1.1% copper; the other was 91 metres (126 to 217 metres) grading 0.93% copper. The intervening core length (69 to 227 metres) graded 0.21% copper, giving the entire 176-metre interval an average grade of about 0.61% copper. The true width of the intersection has not been determined, and the joint venture reports that holes 94-21 and 94-22, drilled 50 metres north and south of holes 94-14 and 17, are visually mineralized.
Holes 100 metres north and south of 94-21 and 22 are reportedly not mineralized. Drilling continues.
Deak Resources (TSE) holds a 2% net smelter royalty in Rainbow, with Teck retaining the right to buy half that royalty for $500,000.
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