Rainy River, Northern Superior hit discovery hole at TPK

Vancouver – Joint-venture partners Rainy River Resources (RR-V) and Northern Superior Resources (SUP-V) have pulled a significant discovery hole from Target 3 at the TPK gold project in northern Ontario.  

Hole 4 hit 13.5 metres grading 25.87 grams gold per tonne from 149 metres depth, with coarse-grained visible gold present. The 13.5-metre intersect, located in a shear zone still open along strike and depth,  included 1.7 metres grading 139.4 grams gold and 0.7 metre carrying 127 grams gold.

The drill hole was one of ten in a nearly 2,000-metre drill program exploring Target 3. The zone is made up of a 400-metre by 200-metre segment of a 5-km long shear zone off the Stull-Wunnummin Fault.

Of the other holes in the program, hole 5 returned 1.2 metres carrying 3.82 grams gold, holes 6, 7 and 3 hit 0.5-metre or shorter intervals of 2 grams gold or below, and hole 1 and 2 showed only trace amounts. Results are pending for two holes.

The companies are next drilling on Target 2, the largest of 4 diamond drill targets identified by reverse circulation drilling. The target is described as being defined by a distinct gold grain in-till anomaly that outlines a dispersion train of at least 3 kilometres trending in a NE-SW direction.

Rainy River is earning in a 51% stake in the eastern half of the TPK project by spending $9.4 million on exploration over three years, paying $300,000 in cash, and buying $1.5-million worth of Northern Superior shares.

The joint venture also noted that the exploration is being conducted with the cooperation of the Neskantaga First Nation, which recently passed a resolution affirming their support for the project.

Northern Superior’s share price was up 25¢ or 39.1% to close at 89¢ on 6.4 million shares outstanding for a 52-week closing high. The stock reached a peak of $1.14 in mid-day trading, while the company was trading at around 10¢ in early June. The company has 149 million shares outstanding.

Rainy River’s share price was up a dollar to $13.30 on 2.3 million shares traded, also a new 52-week closing high. The company has a 52-week share price range between $3.41 and $13.38 and 76 million shares outstanding