Calgary-based junior mining company optimistic about Slocan/Nelson area properties

Rainbow Resources Inc., a junior mining company based in Calgary with a field office in Nelson, has picked up several mining properties in the Nelson/Slocan Valley and Duncan Lake areas since 2011.

“We’re very optimistic about our prospects in the West Kootenay,” David Johnston, Rainbow Resources president, told The Valley Voice newspaper editor Jan McMurray recently.

Last year, an exploratory drilling program at the Gold Viking property near Slocan City resulted in a discovery of high-grade gold and silver, and grab samples from the Referendum and Rhea/Sirus/Whitewater properties near Nelson had very high-grade gold values. The company hopes to raise enough funding to do more work on these three properties this fall.

“The economy for junior miners is very tight, but if we are successful in raising operating funds, we have a three-fold plan for the fall,” said Jim Decker, VP Operations & Technical Services, in the same interview.

The plan includes a follow-up drill program at the Gold Viking property, and some mapping and sampling at the Referendum and Whitewater properties to establish targets for drilling later in the year.

“We’re not exploring for the sake of exploring. We are focused on finding a mine,” said Decker. “We’d like to build a mine in the valley that can employ local people and boost the local economy.”

The Gold Viking is situated next to the Ottawa property, Slocan Valley’s top silver producer in the 1900s. Rainbow Resources holds both the Gold Viking and Ottawa properties, covering 600 hectares and located across Hwy 6 from Slocan City.

The company also holds a 40,000-hectare flake graphite property in the southern Slocan Valley.

In the Duncan Lake area, the company’s holdings include the International silver property, the Tin City silver/tungsten property and the President silver property.