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Rainbow was a mining town in 1911 to 1938.

The mining camp of Rainbow was the center of gilsonite mining activity in the surrounding area. One of the most significant mines was the Thimble Rock that can be seen to the east. This was the loading area for ore from numerous mines to be shipped by rail to final destination. About 30 families lived here in company built homes and a school. It its heyday, Rainbow was known as “Queen of the gilsonite mining camps” with strict company rules including “no alcohol.”