Thursday, December 15, 2005 10:54:54 PM
News for 'NXG' - (Rimfire Minerals Corporation and Northgate Minerals
Corporation: Diamond Drilling Intersects Eskay-Equivalent Stratigraphy at
RDN Property-$1 Million Exploration Budget Approved for 2006)
VANCOUVER, BRITISH COLUMBIA, Dec 15, 2005 (CCNMatthews via COMTEX) -- (All
figures in Canadian dollars except where noted) - Joint Venture partners
Rimfire
Minerals Corporation (TSX VENTURE:RFM) and Northgate Minerals Corporation
(TSX:NGX)(AMEX:NXG) today reported results from the 2005 diamond drilling
campaign at the RDN Property, located 50 km northwest of the Eskay Creek
Mine in
northwest British Columbia. Drilling at the Arctic Grid target intersected
stratigraphy equivalent in age and geological setting to that hosting the
Eskay
Creek deposit. Based on the geological similarities to Eskay observed on
surface
and in drillholes, Northgate has expressed its intent to continue
exploring the
property for gold-silver rich massive sulphide deposits in 2006. The 2006
program, budgeted at $1 million, will consist of airborne geophysical
surveys,
groundwork and diamond drilling at the Arctic Grid.
"We are very pleased with Northgate's commitment to the RDN Property,"
stated
David Caulfield, President and CEO of Rimfire Minerals Corporation. "Our
exploration teams work well together, and to capitalize on these synergies
we
are working towards identifying new exploration opportunities to pursue in
conjunction with exploration at the RDN."
"We are confident that the Arctic Grid area is prospective for Eskay
Creek-style
precious metal rich massive sulphide deposits," states Carl Edmunds,
Exploration
Manager for Northgate Minerals Corporation. "Eskay Creek-style deposits
have a
small footprint and the 5 kilometer long Arctic Grid area represents a
target
requiring comprehensive drill testing over its extent."
In the 2005 program, six drillholes were completed for a total of 1,470
metres
in two target areas: Blind Fault and Arctic Grid. Northgate funded the
program
under the terms of an option agreement whereby Northgate can earn a 51%
interest
in the RDN by funding exploration expenditures totalling $5 million by
December
31, 2007. An additional 9% can be earned by funding all expenditures up to
the
completion of a feasibility study.
Arctic Grid
The Arctic Grid was targeted for drilling due to the presence of Eskay
Creek-equivalent stratigraphy exposed on surface. 2005 results have shown
that
rhyolite within this stratigraphy is very similar geochemically and in age
(as
determined by precision age dating) to rhyolites intimately associated
with
mineralization at Eskay Creek.
Two stratigraphic drill holes (RDN05-43, 45) were completed on the Arctic
grid,
approximately 1.5 kilometres apart. Both holes cored interbedded mafic
volcaniclastic fragmentals and mudstones occurring above a thick package
of
sericite-altered rhyolite flows and black matrix breccia. This is a
geologic
environment conducive to the formation of massive sulphide deposits. Both
drill
holes exhibit elevated barium at the rhyolite-sediment contact; elevated
silver
and zinc in the volcaniclastic-sedimentary assemblage; and discontinuous
but
elevated arsenic within the rhyolite. The prospective rock assemblage
extends
for at least 5 km through the Arctic Grid area, where the surface geology
is
partially hidden by glacial overburden.
A third hole (RDN05-44) was drilled approximately 1000 metres east,
testing a
separate gold target in older rock units and anomalous
mercury-arsenic+/-gold
geochemistry in soils. This hole sufficiently tested the target,
intersecting
anomalous mercury-arsenic-gold interpreted to be the source of the
anomalous
surface geochemistry.
Blind Fault
Three holes in the Blind Fault area targeted a 300 x 50 metre zone of vein
and
disseminated silver-lead-zinc mineralization in volcanic and sedimentary
rocks
where native silver was discovered in 2004. Continuous channel sampling in
2005
returned 24.7 metres averaging 24.9 g/t silver. Hole RDN05-42, one of
three
holes testing this target intersected three silver-bearing intervals, the
best
of which assayed 30.7 g/t silver over 21 metres.
Diamond Drilling Survey Data
--------------------------------------------------------------------
Total
East North Depth-
Hole Area (NAD83) (NAD83) Elev Azimuth Dip m
--------------------------------------------------------------------
RDN05-40 Blind 400760 6311793 1672 290 -50 218.54
Fault degrees degrees
--------------------------------------------------------------------
RDN05-41 Blind 400669 6311820 1653 105 -50 190.80
Fault degrees degrees
--------------------------------------------------------------------
RDN05-42 Blind 400809 6311964 1732 290 -50 297.79
Fault degrees degrees
--------------------------------------------------------------------
RDN05-43 Arctic 399505 6326680 518 020 -55 256.03
Grid degrees degrees
--------------------------------------------------------------------
RDN05-44 Arctic 399933 6328454 700 270 -60 79.25
Grid degrees degrees
--------------------------------------------------------------------
RDN05-45 Arctic 398874 6328143 630 050 -65 309.37
Grid degrees degrees
--------------------------------------------------------------------
1351.78
--------------------------------------------------------------------
- does not include approximately 119 metres of drilling in holes
lost in overburden.
The results of the 2005 program have been reviewed, verified and compiled
by
Rimfire's geological staff (which includes a qualified person, Mark
Baknes, P.
Geo., VP Exploration, for the purpose of National Instrument 43-101).
Rimfire
employs a rigorous quality assurance, quality control program described on
the
Company website at www.rimfireminerals.com. Assays from the current
program were
completed at ALS Chemex in North Vancouver.
New Acquisition - LL Property
Rimfire and Northgate have acquired a 22 square kilometre claim block,
named the
LL Property, to be included in the existing RDN option agreement. The LL
Property is contiguous with the north eastern boundary of RDN Property and
covers the northern extent of favourable rhyolite stratigraphy. The
property is
host to the Grizzly Creek showing which covers an area approximately 300 x
50
metres in size, consisting of chlorite-sericite-carbonate altered andesite
flows
and tuffs. Mineralization is hosted in andesites adjacent to syenite
porphyry
dykes where 14 trenches have returned an average of 0.55% copper and 0.76
g/t
gold over 4.8 metres. The best trench returned 5.4 metres of 1.65% copper,
2.46
g/t gold and 10.2 g/t silver. The terms of purchase are $30,000 cash on
signing
with a 2% Net Smelter Royalty which can be purchased for $2,000,000.
To view the map accompanying this press release please click on the
following
link: http://www.ccnmatthews.com/docs/1215NGX.jpg
Rimfire-Northgate Exploration Alliance
To capitalize on the strong working relationship between Rimfire and
Northgate,
the two companies have agreed to pursue exploration opportunities in
partnership
in 2006. Each company will contribute $150,000 to the joint venture in
2006,
including $40,000 to identify and research precious metal exploration
targets.
Specific project details and the terms of the agreement will be announced
once
the target selection process has been completed.
About Rimfire Minerals Corporation
Rimfire Minerals Corporation is an aggressive, well-financed mineral
exploration
company with a portfolio of highly prospective gold and silver properties
in
western North America. Rimfire now includes four gold producers as active
partners, including the world's three largest. Currently, Rimfire is
partnered
with AngloGold (USA) Exploration Inc., Barrick Gold Corporation, Newmont
Mining
Company, Northgate Minerals Corporation, Cangold Limited and Serengeti
Resources
Inc.
About Northgate Minerals Corporation
Northgate Minerals Corporation is a gold and copper mining company focused
on
operations and opportunities in the Americas. The Corporation's principal
assets
are the 300,000-ounce per year Kemess South mine in north-central British
Columbia, the adjacent Kemess North deposit, which contains a Proven and
Probable Reserve of 4.1 million ounces of gold and the Young-Davidson
property
in northern Ontario with a total resource base of 1.5 million ounces of
gold.
Northgate is listed on the Toronto Stock Exchange under the symbol NGX and
on
the American Stock Exchange under the symbol NXG.
Forward-Looking Statements
This news release includes certain "forward-looking statements" within the
meaning of section 21E of the United States Securities Exchange Act of
1934, as
amended. These forward-looking statements include estimates, forecasts,
and
statements as to management's expectations with respect to, among other
things,
future metal production and production costs, potential mineralization and
reserves, exploration results, progress in the development of mineral
properties, demand and market outlook for commodities and future plans and
objectives of Northgate Minerals Corporation (Northgate). Forward-looking
statements generally can be identified by the use of forward-looking
terminology
such as "may", "will", "expect", "intend", "estimate", "anticipate",
"believe",
or "continue" or the negative thereof or variations thereon or similar
terminology. Forward-looking statements are necessarily based upon a
number of
estimates and assumptions that, while considered reasonable by management
are
inherently subject to significant business, economic and competitive
uncertainties and contingencies. 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 Northgate's
expectations
are disclosed under the heading "Risk and Uncertainties" in Northgate's
2004
Annual Report and under the heading "Risk Factors" in Northgate's 2004
Annual
Information Form (AIF) both of which are filed with Canadian regulators on
SEDAR
(www.sedar.com) and with the United States Securities and Exchange
Commission
(www.sec.gov). Northgate expressly disclaims any intention or obligation
to
update or revise any forward-looking statements whether as a result of new
information, future events or otherwise.
SOURCE: Northgate Minerals Corporation
CONTACT: Rimfire Minerals Corporation
Mr. David A. Caulfield
President and Chief Executive Officer
(604) 669-6660
Rimfire Minerals Corporation
Mr. Jason S. Weber
Manager, Corporate Communications
(604) 669-6660
www.rimfireminerals.com
Northgate Minerals Corporation
Mr. Ken G. Stowe
President and Chief Executive Officer
(416) 216-2772
Northgate Minerals Corporation
Mr. Jon A. Douglas
Senior Vice President and Chief Financial Officer
(416) 216-2774
www.northgateminerals.com
Copyright (C) 2005 CCNMatthews. All rights reserved.
-0-
INDUSTRY KEYWORD: Mining
SUBJECT CODE: MINING DRILLING RESULTS
Source: Comtex Wall Street News
Corporation: Diamond Drilling Intersects Eskay-Equivalent Stratigraphy at
RDN Property-$1 Million Exploration Budget Approved for 2006)
VANCOUVER, BRITISH COLUMBIA, Dec 15, 2005 (CCNMatthews via COMTEX) -- (All
figures in Canadian dollars except where noted) - Joint Venture partners
Rimfire
Minerals Corporation (TSX VENTURE:RFM) and Northgate Minerals Corporation
(TSX:NGX)(AMEX:NXG) today reported results from the 2005 diamond drilling
campaign at the RDN Property, located 50 km northwest of the Eskay Creek
Mine in
northwest British Columbia. Drilling at the Arctic Grid target intersected
stratigraphy equivalent in age and geological setting to that hosting the
Eskay
Creek deposit. Based on the geological similarities to Eskay observed on
surface
and in drillholes, Northgate has expressed its intent to continue
exploring the
property for gold-silver rich massive sulphide deposits in 2006. The 2006
program, budgeted at $1 million, will consist of airborne geophysical
surveys,
groundwork and diamond drilling at the Arctic Grid.
"We are very pleased with Northgate's commitment to the RDN Property,"
stated
David Caulfield, President and CEO of Rimfire Minerals Corporation. "Our
exploration teams work well together, and to capitalize on these synergies
we
are working towards identifying new exploration opportunities to pursue in
conjunction with exploration at the RDN."
"We are confident that the Arctic Grid area is prospective for Eskay
Creek-style
precious metal rich massive sulphide deposits," states Carl Edmunds,
Exploration
Manager for Northgate Minerals Corporation. "Eskay Creek-style deposits
have a
small footprint and the 5 kilometer long Arctic Grid area represents a
target
requiring comprehensive drill testing over its extent."
In the 2005 program, six drillholes were completed for a total of 1,470
metres
in two target areas: Blind Fault and Arctic Grid. Northgate funded the
program
under the terms of an option agreement whereby Northgate can earn a 51%
interest
in the RDN by funding exploration expenditures totalling $5 million by
December
31, 2007. An additional 9% can be earned by funding all expenditures up to
the
completion of a feasibility study.
Arctic Grid
The Arctic Grid was targeted for drilling due to the presence of Eskay
Creek-equivalent stratigraphy exposed on surface. 2005 results have shown
that
rhyolite within this stratigraphy is very similar geochemically and in age
(as
determined by precision age dating) to rhyolites intimately associated
with
mineralization at Eskay Creek.
Two stratigraphic drill holes (RDN05-43, 45) were completed on the Arctic
grid,
approximately 1.5 kilometres apart. Both holes cored interbedded mafic
volcaniclastic fragmentals and mudstones occurring above a thick package
of
sericite-altered rhyolite flows and black matrix breccia. This is a
geologic
environment conducive to the formation of massive sulphide deposits. Both
drill
holes exhibit elevated barium at the rhyolite-sediment contact; elevated
silver
and zinc in the volcaniclastic-sedimentary assemblage; and discontinuous
but
elevated arsenic within the rhyolite. The prospective rock assemblage
extends
for at least 5 km through the Arctic Grid area, where the surface geology
is
partially hidden by glacial overburden.
A third hole (RDN05-44) was drilled approximately 1000 metres east,
testing a
separate gold target in older rock units and anomalous
mercury-arsenic+/-gold
geochemistry in soils. This hole sufficiently tested the target,
intersecting
anomalous mercury-arsenic-gold interpreted to be the source of the
anomalous
surface geochemistry.
Blind Fault
Three holes in the Blind Fault area targeted a 300 x 50 metre zone of vein
and
disseminated silver-lead-zinc mineralization in volcanic and sedimentary
rocks
where native silver was discovered in 2004. Continuous channel sampling in
2005
returned 24.7 metres averaging 24.9 g/t silver. Hole RDN05-42, one of
three
holes testing this target intersected three silver-bearing intervals, the
best
of which assayed 30.7 g/t silver over 21 metres.
Diamond Drilling Survey Data
--------------------------------------------------------------------
Total
East North Depth-
Hole Area (NAD83) (NAD83) Elev Azimuth Dip m
--------------------------------------------------------------------
RDN05-40 Blind 400760 6311793 1672 290 -50 218.54
Fault degrees degrees
--------------------------------------------------------------------
RDN05-41 Blind 400669 6311820 1653 105 -50 190.80
Fault degrees degrees
--------------------------------------------------------------------
RDN05-42 Blind 400809 6311964 1732 290 -50 297.79
Fault degrees degrees
--------------------------------------------------------------------
RDN05-43 Arctic 399505 6326680 518 020 -55 256.03
Grid degrees degrees
--------------------------------------------------------------------
RDN05-44 Arctic 399933 6328454 700 270 -60 79.25
Grid degrees degrees
--------------------------------------------------------------------
RDN05-45 Arctic 398874 6328143 630 050 -65 309.37
Grid degrees degrees
--------------------------------------------------------------------
1351.78
--------------------------------------------------------------------
- does not include approximately 119 metres of drilling in holes
lost in overburden.
The results of the 2005 program have been reviewed, verified and compiled
by
Rimfire's geological staff (which includes a qualified person, Mark
Baknes, P.
Geo., VP Exploration, for the purpose of National Instrument 43-101).
Rimfire
employs a rigorous quality assurance, quality control program described on
the
Company website at www.rimfireminerals.com. Assays from the current
program were
completed at ALS Chemex in North Vancouver.
New Acquisition - LL Property
Rimfire and Northgate have acquired a 22 square kilometre claim block,
named the
LL Property, to be included in the existing RDN option agreement. The LL
Property is contiguous with the north eastern boundary of RDN Property and
covers the northern extent of favourable rhyolite stratigraphy. The
property is
host to the Grizzly Creek showing which covers an area approximately 300 x
50
metres in size, consisting of chlorite-sericite-carbonate altered andesite
flows
and tuffs. Mineralization is hosted in andesites adjacent to syenite
porphyry
dykes where 14 trenches have returned an average of 0.55% copper and 0.76
g/t
gold over 4.8 metres. The best trench returned 5.4 metres of 1.65% copper,
2.46
g/t gold and 10.2 g/t silver. The terms of purchase are $30,000 cash on
signing
with a 2% Net Smelter Royalty which can be purchased for $2,000,000.
To view the map accompanying this press release please click on the
following
link: http://www.ccnmatthews.com/docs/1215NGX.jpg
Rimfire-Northgate Exploration Alliance
To capitalize on the strong working relationship between Rimfire and
Northgate,
the two companies have agreed to pursue exploration opportunities in
partnership
in 2006. Each company will contribute $150,000 to the joint venture in
2006,
including $40,000 to identify and research precious metal exploration
targets.
Specific project details and the terms of the agreement will be announced
once
the target selection process has been completed.
About Rimfire Minerals Corporation
Rimfire Minerals Corporation is an aggressive, well-financed mineral
exploration
company with a portfolio of highly prospective gold and silver properties
in
western North America. Rimfire now includes four gold producers as active
partners, including the world's three largest. Currently, Rimfire is
partnered
with AngloGold (USA) Exploration Inc., Barrick Gold Corporation, Newmont
Mining
Company, Northgate Minerals Corporation, Cangold Limited and Serengeti
Resources
Inc.
About Northgate Minerals Corporation
Northgate Minerals Corporation is a gold and copper mining company focused
on
operations and opportunities in the Americas. The Corporation's principal
assets
are the 300,000-ounce per year Kemess South mine in north-central British
Columbia, the adjacent Kemess North deposit, which contains a Proven and
Probable Reserve of 4.1 million ounces of gold and the Young-Davidson
property
in northern Ontario with a total resource base of 1.5 million ounces of
gold.
Northgate is listed on the Toronto Stock Exchange under the symbol NGX and
on
the American Stock Exchange under the symbol NXG.
Forward-Looking Statements
This news release includes certain "forward-looking statements" within the
meaning of section 21E of the United States Securities Exchange Act of
1934, as
amended. These forward-looking statements include estimates, forecasts,
and
statements as to management's expectations with respect to, among other
things,
future metal production and production costs, potential mineralization and
reserves, exploration results, progress in the development of mineral
properties, demand and market outlook for commodities and future plans and
objectives of Northgate Minerals Corporation (Northgate). Forward-looking
statements generally can be identified by the use of forward-looking
terminology
such as "may", "will", "expect", "intend", "estimate", "anticipate",
"believe",
or "continue" or the negative thereof or variations thereon or similar
terminology. Forward-looking statements are necessarily based upon a
number of
estimates and assumptions that, while considered reasonable by management
are
inherently subject to significant business, economic and competitive
uncertainties and contingencies. 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 Northgate's
expectations
are disclosed under the heading "Risk and Uncertainties" in Northgate's
2004
Annual Report and under the heading "Risk Factors" in Northgate's 2004
Annual
Information Form (AIF) both of which are filed with Canadian regulators on
SEDAR
(www.sedar.com) and with the United States Securities and Exchange
Commission
(www.sec.gov). Northgate expressly disclaims any intention or obligation
to
update or revise any forward-looking statements whether as a result of new
information, future events or otherwise.
SOURCE: Northgate Minerals Corporation
CONTACT: Rimfire Minerals Corporation
Mr. David A. Caulfield
President and Chief Executive Officer
(604) 669-6660
Rimfire Minerals Corporation
Mr. Jason S. Weber
Manager, Corporate Communications
(604) 669-6660
www.rimfireminerals.com
Northgate Minerals Corporation
Mr. Ken G. Stowe
President and Chief Executive Officer
(416) 216-2772
Northgate Minerals Corporation
Mr. Jon A. Douglas
Senior Vice President and Chief Financial Officer
(416) 216-2774
www.northgateminerals.com
Copyright (C) 2005 CCNMatthews. All rights reserved.
-0-
INDUSTRY KEYWORD: Mining
SUBJECT CODE: MINING DRILLING RESULTS
Source: Comtex Wall Street News
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