Thu Jan 31, 2008
Williams Project Update
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PR08-03 Vancouver, BC -- January 31, 2008: Jason Weber, President and CEO of Rimfire Minerals Corporation reports final results from the 2007 exploration of the Williams Property, located 150 kilometres southeast of Dease Lake, BC. This work, funded by Arcus Development Group Inc., consisted of mapping, prospecting and rock, silt and soil geochemical sampling to evaluate new claims staked in 2006. Ground work was also undertaken at the T-Bill high-grade gold target to refine targets for drilling, and at the GIC porphyry copper-gold prospect. Soil geochemical sampling led to the identification of the LN anomaly, a large molybdenum, copper+/-gold-in-soil geochemical anomaly immediately east of the GIC prospect.
Arcus has informed Rimfire that it does not intend to continue exploration of the Williams Property. Rimfire will retain 100% of the property, which includes two drill-ready targets at the T-Bill and GIC prospects. In keeping with Rimfire's business model, management will be seeking a partner to advance both prospects.
T-Bill Prospect
The focus of the 2007 program at the T-Bill was to confirm the orientation of quartz-carbonate-arsenopyrite veins in order to refine targets for subsequent drilling. This program included hand trenching in select areas to expose veining that previous workers had intersected in drilling. Eighteen historic holes have been drilled within a 900 by 500 metre area to date resulting in 11 separate 2.0 metre intersections in excess of 12.0 g/t gold, including 35.0 g/t gold and 24.8 g/t over 2.0 metres. Potential for large low-grade gold style targets is evidenced by intersections from the same area that include 1.1 g/t gold over 75 metres (true width). Hand trenching of the T-Bill veining confirmed management's interpretation that the vein swarm is steeply dipping with a northwest/southeast strike.
GIC Prospect
Previous programs at the GIC Prospect include drilling in 2006 that identified porphyry style alteration and pyrite dominant mineralization coincident with an Induced Polarization (IP) chargeability high anomaly. The 2007 program focussed on unexplored jarosite gossans east of the area drilled in 2006, and led to the identification of the LN Anomaly, a 450 by 900 metre molybdenum, copper+/-gold-in-soil anomaly (Mo > 16 ppm, Cu > 129 ppm). The anomaly, which remains open to the east, is coincident with an airborne magnetic high.
"We were successful in verifying the orientation of veining at the T-Bill Prospect and determining that the porphyry-style hydrothermal system at the GIC extends outside of the area investigated by drilling in 2006. We now have excellent drill targets at both prospects," stated Mark Baknes, VP Exploration for Rimfire. "Molybdenum-copper soil geochemistry may be vectoring us from pyrite (iron) dominated mineralization to copper, gold and molybdenum-rich mineralization east of the GIC. At the T-Bill, we now have much more certainty in the orientation of high-grade gold veining which will allow us to systematically test these veins by drilling. We will be seeking a partner to test these two targets."
The 2007 work program was conducted under the direction of Henry Awmack, P.Eng., of Equity Engineering Ltd., a Qualified Person for the purpose of National Instrument 43-101. Assays were completed by ALS Chemex Labs of North Vancouver, BC.
