Gold hits lift Rainy River, Northern Superior

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 of 139.4 grams gold and 0.7 metre carrying 127 grams gold.
The drill hole was one of 10 in a nearly 2,000-metre drill program exploring Target 3. The zone is comprised of a 400-metre by 200-metre segment of a 5-km-long shear zone of 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 holes 1 and 2 showed only trace amounts. Results are pending for two holes.
The companies are next drilling on Target 2, the largest of four 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 km trending in a northeast-southwest direction.
Rainy River is earning 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¢ to close at 89¢, a 52-week closing high. The stock reached a peak of $1.14 in mid-day trading; the company’s shares were trading at around 10¢ last June. It has 149 million shares outstanding.
Rainy River’s share price was up $1 to $13.30 on 2.3 million shares traded, also a new 52-week closing high. The company has a 52-week trading range between $3.41 and $13.38, and 76 million shares outstanding.