Signs Agreement on Quesnel Trough Porphyry Copper-Gold Targets
posted on Apr 28, 2009 05:40AM
British Columbia, Yukon Territory, Australia, Nevada & Alaska
|April 28, 2009|
|Rimfire Signs Agreement on Quesnel Trough Porphyry Copper-Gold Targets|
|VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2009) - Rimfire Minerals Corporation (TSX VENTURE:RFM) is pleased to announce that Xstrata Canada Corporation has signed an option agreement to explore Rimfire's Quesnel Trough properties in central British Columbia. The terms of the agreement grant Xstrata the option to earn a 51% interest in the property by completing a preliminary assessment and spending $3,000,000 by December 31, 2013. In addition, Xstrata must spend no less than $250,000 in each calendar year commencing in 2010. Xstrata may earn an additional 24% (total 75%) by completing a feasibility study and incurring no less than $20 million in feasibility study expenditures which must be completed within the Bump-up period which ends on the tenth anniversary of Xstrata earning its 51% interest. This agreement facilitates the advancement of Rimfire's Quesnel Trough properties, all of which are located within an area of British Columbia with excellent infrastructure and proximity to resource communities.
"Xstrata is an obvious partner for us in the Quesnel Trough as they already hold a large claim package and have been operating in the area for two years," stated Jason Weber, President and CEO. "It fits our strategy of partnering with major companies to advance our exploration projects and it is a natural fit for Xstrata as it incorporates our targets into their regional exploration strategy."
Rimfire acquired seven properties (approximately 345 square kilometres) after the 2007 announcement of Geoscience BC's $5.75 million QUEST (Quesnellia Exploration Strategy) geophysical survey of the Quesnel Trough. The properties are located 15 km south of Prince George to 40 km northeast of Fort St. James, BC. This portion of the Quesnel Trough is largely covered by glacial overburden but is prospective for porphyry copper-gold deposits similar to Mt. Polley, Mt. Milligan, and Serengeti Resources' Kwanika copper-gold discovery.
In 2007, Rimfire conducted a detailed helicopter airborne magnetics survey over its seven target areas greatly improving the resolution of the magnetic high anomalies on each of the targets which were followed up with reconnaissance programs in 2008. Alteration, consistent with porphyry-style copper-gold mineralization and anomalous copper in rock samples and copper-gold in soil samples were obtained from several different target areas.
Xstrata will carry out a surface exploration program consisting of Induced Polarization geophysical surveys and geochemical surveys over all seven target areas in 2009. Xstrata will act as operator and fund the exploration programs.
This news release has been reviewed by Mark Baknes, M.Sc., P.Geo., a Qualified Person for the purpose of National Instrument 43-101. Assays were completed by ALS Chemex Labs of North Vancouver, BC.
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, Xstrata Canada Corporation, Newmont Mining Company, Inmet Mining Corporation, Northgate Minerals Corporation, Fronteer Development Group Inc., Rubicon Minerals Corporation, Jaguar Minerals Limited and BWG.
On behalf of Rimfire Minerals Corporation
Jason Weber, P.Geo., President & CEO