Wed Aug 20, 2008
Rimfire/Northgate Make Gold Discovery at Boulevard, Yukon
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PR08--12
Vancouver, BC -- August 20, 2008: Rimfire Minerals Corporation ("Rimfire") is pleased to announce the discovery of gold mineralization made during a trenching program conducted with partner Northgate Minerals Corporation at the Boulevard Property in Yukon Territory. The Boulevard Property is located approximately 135 kilometres south of Dawson City, Yukon. Gold bearing mineralization, including 7.04 g/t gold over 6.0 metres, was encountered in two of three trenches spaced 300 metres apart. A 1000 metre diamond drilling program to test this new discovery will commence September 1 of this year.
Chip sampling from the first trench (TRBV08-01) yielded 7.04 g/t gold over 6.0 metres. One hundred metres southeast, trench TRBV08-02 returned 6.43 g/t gold over 2.0 metres. A third trench located 200 metres northwest of trench TRBV08-01 appears to have been located off trend. Gold mineralization is hosted in strongly sericite-clay altered schists with disseminated pyrite, arsenopyrite, stibnite and specular hematite that envelopes quartz and massive stibnite veins. The work program, completed in July, targeted anomalous arsenic-antimony-gold soil geochemistry. Additional soil sampling undertaken in conjunction with trenching has now expanded the target to an area of 2.0 by 0.4 kilometres.
"This mineralization doesn't outcrop. It is a blind discovery that is the result of solid execution of classic grassroots exploration techniques," stated Jason Weber, President and CEO of Rimfire Minerals. "Together with Northgate, we have advanced the Boulevard from concept to discovery and we now look forward to the September drill program where we will test the extent of this mineralization."
This program was conducted under an Exploration Alliance with Northgate signed in December, 2005. This alliance targeted "Pogo-style" intrusion-related gold deposits in an area fitting the model criteria and possessing placer gold deposits without a known bedrock source. The Boulevard area was selected from a much larger regional compilation and reconnaissance silt sampling program that led to the identification of anomalous gold and pathfinder elements in creeks draining the Boulevard. Detailed soil sampling in 2007 outlined the multi-element geochemical anomaly that was the focus of the recent trenching program.
In light of these positive results, Rimfire and Northgate have added 96 claim units to the property and a follow up program is planned for early September. This program will consist primarily of diamond drilling with four to six holes (averaging 150 metres in length) to test the continuity of the mineralization at depth and on strike. Prior to drilling, reconnaissance IP geophysical survey lines will be completed to determine if IP will be an effective targeting tool. As well, auger soil sampling will be conducted over certain portions of the existing grid to recover higher quality samples from areas where permafrost and an ash layer have masked soil geochemical response.
The Boulevard Property is held jointly by Rimfire and Northgate, with each company having funded the initial $330,000 in exploration that led to staking of the property. To date, Northgate is has funded approximately $435,000 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.
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