Rimfire Commences Drilling at the Walmer Property, Australia
21 Ottobre 2008 - 2:00PM
Marketwired
Rimfire Minerals Corporation (TSX VENTURE: RFM) is pleased to
announce that drilling has commenced at the Trounce gold prospect
on the Walmer Property, Australia. The Walmer Property is located
40 km south of Dubbo, in New South Wales. Up to five diamond drill
holes totalling 500 metres are planned to test this target.
The Walmer Property was one of nine properties acquired in 2007
based on targets identified in a neural network study conducted
within a 120,000 square kilometre area of interest in New South
Wales. The Trounce prospect consists of a small outcropping of
silicified sediments with quartz - pyrite veining and stockwork.
Two of seven grab samples from the showing returned gold values of
2.4 and 3.6 g/t gold and the remaining five assayed from 0.21 to
0.61 g/t gold. Float samples of quartz veining and silicified
sediments sampled directly adjacent to these outcrops returned
highlight values of 3.5, 5.9 and 7.4 g/t gold. The Trounce showing
is marked by historical workings, but has had no modern
exploration. On surface, the showing occurs within a subtle,
north-south striking topographic high, coincident with anomalous
gold soil geochemistry and a 40 metre-wide by 500 metre long
chargeability and resistivity high. This topographic and
geophysical signature is open to the north and south and is
coincident with the trace of a regional-scale thrust fault. Surface
rock and soil samples with anomalous gold values extends, but does
not limit the potential strike length of the system to 750
metres.
Active Projects Update
Drilling was recently completed at the Grizzly property in
northwest British Columbia. This work program was funded by partner
Inmet Mining Corporation and consisted of 10 holes totalling 2120
metres of drilling to test the Grizzly and Mirko Grid targets for
their potential to host copper-gold alkalic porphyry mineralization
similar to other deposits in the area, such as Galore Creek.
Surface results from the Grizzly Showing, located four kilometres
from the Galore Creek access road include 38 metres averaging 0.74
% copper and 1.1 g/t gold from chip sampling. Assays from the
current program are pending.
Rimfire and Northgate Minerals Corporation recently completed a
seven hole (525 metre) diamond drilling program at the Boulevard
property, Yukon Territory. Northgate funded this program on the
heels of a successful summer trenching program that yielded gold
mineralization in 2 of 3 trenches, including 7.04 g/t gold over 6
metres and 6.43 g/t over 2 metres in a second trench. All drill
samples have been recently submitted for assay and the results are
pending.
Rimfire completed 23 line km of IP geophysical surveys at the
Springfield Project, NSW, Australia. This work is the first program
undertaken at Springfield since obtaining an option to explore the
property from Jaguar Minerals, an Australian-based junior explorer
in April, 2008. The IP data is currently being compiled for a
proposed 2009 drill program.
Rimfire has recently finalized an agreement with two prospectors
to begin work on the Gillis property located 30 km southwest of
Merritt, British Columbia. Rimfire has the option to acquire 100%
interest in the property by paying the vendors a total of C$165,000
over three years and must also incur exploration costs of C$300,000
over four years. The vendors retain a 2% net smelter royalty (NSR)
of which 1.5 % may be purchased by Rimfire at anytime for
C$1,500,000.
The first phase of exploration at the Gillis is underway, and
consists of prospecting, mapping and soil sampling. The property is
located close to infrastructure and is accessible by logging
roads.
This news release has been reviewed by Mark Baknes, M.Sc.,
P.Geo., VP Exploration for Rimfire Minerals Corporation, a
Qualified Person for the purpose of National Instrument 43-101.
Treasury
Rimfire Minerals Corporation currently has in excess of C$6
million in working capital. Historically, 80% of Rimfire's
exploration exposure is funded by partners. Given the quality of
our exploration partners and assuming this continues, Rimfire
expects similar funding requirements going forward. This scenario
would give Rimfire approximately two years of operating capital
based on current exploration plans.
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.
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.
On behalf of Rimfire Minerals Corporation
Jason Weber, P.Geo., President & CEO
CAUTIONARY STATEMENT: This News Release includes certain
"forward-looking statements". Other than statements of historical
fact, all statements included in this release, including, without
limitation, statements regarding future plans and objectives of
Rimfire Minerals Corporation, are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from Rimfire's expectations are the risks
detailed herein and from time to time in the filings made by
Rimfire Minerals Corporation with securities regulators. Those
filings can be found on the Internet at http://www.sedar.com and
http://www.sec.gov/edgar/searchedgar/companysearch.html.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
Contacts: Rimfire Minerals Corporation Patrick Moodie (604)
669-6660 Rimfire Minerals Corporation Jason Weber (604) 669-6660
(604) 669-0898 (FAX) Email: info@rimfire.ca Website:
www.rimfireminerals.com
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