Gold & Copper
British Columbia, Yukon Territory, Australia, Nevada & Alaska
Message: Drilling at Boulevard Property Yields Gold Mineralization
| January 22, 2009 |
| Rimfire and Northgate Report Drilling at Boulevard Property Yields Gold Mineralization |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2009) - (All figures in Canadian dollars) - Rimfire Minerals Corporation (TSX VENTURE:RFM) is pleased to report results from diamond drilling at the Boulevard Property, Yukon Territory. Drilling, funded by Northgate Minerals Corporation (TSX:NGX) intersected gold mineralization in five of seven holes (totalling 524.9 metres) to follow up a trenching discovery in the summer of 2008 (see news release dated September 23, 2008). Drilling tested the mineralization in the discovery trench and targets along the apparent strike of this mineralization, within a large multi-element soil geochemical anomaly. Prior to this drill program, gold mineralization was discovered at the Boulevard in the first of three trenches to investigate portions of a 2.0 kilometre (km) by 0.4 km arsenic-antimony-gold soil geochemical anomaly in an area of sparse outcrop. The discovery trench, TRV08-01, returned 7.04 grams per tonne (g/t) gold over 6.0 metres. Three drill holes tested this mineralization at depth, returning 1.0 g/t gold over 1.8 metres in BV08-01, approximately 45 metres down dip from the trench, and 0.9 g/t gold over 18 metres including 1.9 g/t gold over 3.5 metres in BV08-03 approximately 5 metres down dip from the trench. Two holes tested beneath a second mineralized trench (TRV08-02, 6.43 g/t gold over 2.0 metres) located 100 metres southeast along trend from TRV08-01, returned 0.8 g/t gold over 4.2 metres and 0.5 g/t gold over 5.5 metres at approximately 20 and 30 metres down dip respectively. Two additional holes targeted anomalous arsenic-gold-antimony geochemistry located 220 metres and 1110 metres along trend from the discovery area. BV08-07 returned 1.0 g/t gold over 3.3 metres in a subtle style of mineralization not observed in previous drill holes or trenches. Gold mineralization is hosted in strongly sericite +/- clay altered schists with disseminated pyrite, arsenopyrite and stibnite. Sulphide mineralization is finely disseminated in the wall rock of quartz vein arrays or occurs as massive sulphide veins within the arrays. Mineralization-hosting quartz vein arrays follow regional northwesterly structures along major contacts between lithological packages. "Drilling and trenching in 2008 focused on a relatively small portion of a large multi-element geochemical anomaly, resulting in the discovery of buried gold mineralization," stated Mark Baknes VP exploration. "Our focus will be to investigate the remainder of this anomaly and determine the best portions for future trenching." The Boulevard Property is held jointly by Rimfire and Northgate without underlying royalties, with each company having funded the initial $330,000 in exploration that led to staking of the property. To date, Northgate has funded approximately $1.39 million of the required $1.5 million in exploration expenditures to earn an additional 10% interest (for a total of 60%) in the property. This news release has been reviewed by Mark Baknes, M.Sc., P.Geo., VP Exploration of Rimfire Minerals, a Qualified Person for the purpose of National Instrument 43-101. About Rimfire Rimfire Minerals Corporation is an aggressive, well-financed mineral exploration company with a portfolio of highly prospective gold and copper properties in western North America and Australia. Rimfire currently has in excess of two years of operating capital, and finances approximately 80% of its exploration through option and joint venture agreements. Current and former partners include AngloGold Ashanti Limited, Barrick Gold Corporation, Newmont Mining Company, Inmet Mining Corporation, Northgate Minerals Corporation, Fronteer Development Group Inc., Rubicon Minerals Corporation, American Creek Resources Ltd., Island Arc Exploration Corporation, Jaguar Minerals Limited and BWG. About Northgate Minerals Corporation Northgate is a mid-tier gold and copper producer with mining operations, development projects and exploration properties in Canada and Australia. The company is forecasting record production of 392,000 ounces of unhedged gold production in 2009 and is targeting growth through further acquisition opportunities in stable mining jurisdictions around the world. Northgate is listed on the Toronto Stock Exchange under the symbol NGX and on the NYSE Alternext US (formerly AMEX) under the symbol NXG. On behalf of Rimfire Minerals Corporation Jason Weber, P.Geo., President & CEO |
1 Recommendations
Loading...
Loading...
New Message
Please
login
to post a reply