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Rainbow Resources Completes Technical Review and Plans Follow-Up Drilling Program at Jewel Ridge in Nevada
(via Thenewswire.ca) TORONTO, ONTARIO , August 13, 2013 - Rainbow Resources Inc. (TSX V...
About this update from Canadian Critical Minerals Inc
[{"type":"text","content":"Rainbow Resources Completes Technical Review and Plans Follow-Up Drilling Program at Jewel Ridge in Nevada(via Thenewswire.ca)\n\n \nTORONTO, ONTARIO, August 13, 2013 - Rainbow Resources Inc. (TSX VENTURE:RBW) (OTCQX:RIINF) (\"Rainbow\" or the \"Company\") is pleased to announce that it has completed a comprehensive review of all available technical data associated with its Jewel Ridge property near Eureka, Nevada. This review has permitted the Company to identify several promising drill targets on the property that should be followed up on. It is anticipated that a significant portion of the funds received from the current private placement offering can be directed towards a reverse circulation drilling program at Jewel Ridge later this fall.\n\n\n \nBackground - The Jewel Ridge property is located ~5 miles south of the town of Eureka, Nevada and falls within the Battle Mountain-Eureka Trend, one of several trends across Nevada characterized by world-class sediment-hosted disseminated gold deposits. The 1,510 acre (611 hectares) Jewel Ridge property is located between the operating Barrick Gold-owned Ruby Hill mine to the north and the advanced-stage exploration project Lookout Mountain to the south, owned by Timberline Resources. \n\n \n \nA number of historic workings exist both within the Jewel Ridge claim blocks as well as in the adjacent claims to the north and south. Some of the larger historic mines in the claim blocks include the Hamburg, the Peroni, the Croesus, and the Eureka (See Figure 1 attached). Based on historical records it is estimated that these mines produced approximately 35,000 ounces of gold equivalent during the period 1871 to the 1920's.\n\n \n \nGeology - The Eureka Mining District consists of Early Cambrian through Permian carbonates, shales and quartzites, overlain by Eocene to Oligocene volcanics and intruded by several units in the Late Mesozoic and Tertiary. Typical of Central and Eastern Nevada the entire sequence has been folded and faulted a number of times between the Pre-Cambrian through the Tertiary. Two similar but distinct styles of mineralization have been identified within the Jewel Ridge claim block: \n\n\n \n\n1.Irregular polymetallic replacement bodies primarily isolated to the northern part of the property near the historic Croesus and Eureka mines and, \n\n\n\n2.Bedded replacement d...