The Rainbow property is located approximately 350 km southwest of Baker Lake, Nunavut. Remotely located, Arviat (260 km to the east) is the nearest costal access route, and Churchill (380 km to the southeast) is the closest railhead. In previous years, a tented staging camp for exploration was located at Cullaton Lake, near the abandoned Cullaton Lake airstrip and past producing gold mine currently owned by Barrick Gold Corporation.

Access to the camp is possible via fixed wing aircraft to Cullaton Lake airstrip (gravel strip, 4500 feet long, capable of taking HS748 aircraft).

Inco discovered the nickel mineralization at Rainbow Lake (Main Zone Showing) during a reconnaissance program in 1952. Subsequent work by Noranda, in 1977, confirmed the presence of the Main Zone Showing and additionally the presence of transported massive sulphide boulders that assayed 4.6% and 7.4% Ni. In 1995, INCO re-acquired and explored the area once again. In 1997, they reported in-situ sulphide mineralization containing 2.85% Ni from the Main Zone Showing as well as assays ranging between 1.92 to 2.33% Ni from massive sulphide-bearing boulders overlying and southeast of the Main Zone Showing.

In 2004, Falconbridge conducted mapping, sampling, airborne Geotem (1808 line-km, 200m spacing) and ground HLEM (41 line-km) geophysical surveys, and 1,012 m of diamond drilling (6 holes), all in the southern third of the present claim group. Several geophysical targets were identified and drilled, yet many remain untested. Four of the six holes intersected disseminated sulphide mineralization, including one 0.5 m intersection of semi-massive sulphides grading 0.79% Ni and 9.93% S. Significantly, one hole (RB-04-04) intersected 13.10 g/t Au and 4.73% S over 2.14 metres, including 24.20 g/t and 7.88% S over 1.0 metres.

Falconbridge’s surface-sampling confirmed the presence of outcrop and boulder Ni-sulphide mineralization and, importantly, gold mineralization. Near the Main Zone Showing a quartz-veined sulphide-oxide iron formation boulder returned 1.34 g/t Au, while a sample of oxide iron formation outcrop returned 3.39 g/t Au. An oxide iron formation outcrop approximately 17 km to the northeast and sampled when encountered on a reconnaissance traverse beyond the then claim holding, but within the current property, assayed 26.5 g/t Au.

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In 2010, Pure Nickel Inc. conducted an MMI soil geochemistry test program to determine the effectiveness of the method while verifying some of the Ni and Au anomalies on the property. Areas with elevated Au and Ni MMI response ratios were identified along transects that crossed the mineralized iron formation and ultramafic-mafic volcanics targeted by the 2004 Falconbridge drilling program, thus demonstrating the utility of MMI for further property exploration.