Rimfire and Inmet Commence Drilling at Grizzlyadmin
Rimfire Minerals Corporation announce that in partnership with Inmet Mining, it has commenced the second phase of fieldwork at the Grizzly Property in northwest British Columbia. Phase 2 will consist of 1500 metres of drilling aimed at targets defined by the first phase program which included prospecting, mapping, soil geochemistry and a 32 line kilometre Induced Polarization (IP) survey. The drill program will test the Grizzly showing and targets on the Mirko Grid. The Grizzly copper-gold porphyry target shows a number of similarities to Teck Cominco/Novagold’s Galore Creek deposit, including the volcanic host rocks, associated magacrystic syenite porphyries, regional magnetic signature and style and composition of hydrothermal alteration and mineralization. The Grizzly Property is approximately 50 kilometres east of the Galore Creek project and within four kilometres of the partially completed Galore Creek access road.
Previously reported mineralization from trenches at the Grizzly Showing returned results which included 38 metres averaging 0.74% copper and 1.1 g/t gold from continuous chip sampling. This copper and gold mineralization is reflected in the 2008 IP survey as chargeability values of 10 to 15 mV/V. This geophysical signature defines an area of potential copper – gold mineralization that is 750 metres wide by 400 metres long and open to the northeast, east and to depth. This area of high chargeability is also coincident with a one square kilometre copper, gold and molybdenum soil geochemical anomaly which taken together define a compelling target. The 1500 metre drilling program directed at targets on both the Grizzly showing and the Mirko grid will be financed by Inmet Mining.
“We are very pleased that the IP has responded by highlighting and characterizing the surface mineralization at the Grizzly Showing,” stated Jason Weber, P.Geo., President and CEO. “The knowledge we have gained by modeling the known mineralization with IP allows us to target aggressively within the large area of positive IP response in particular where those same areas coincide with strong copper and gold geochemistry.”
The Mirko Grid
Soil sampling on the Grizzly property identified zones with anomalous copper, gold and molybdenum geochemistry two kilometres to the northwest of the Grizzly showing. This area (the Mirko Grid) is interpreted to be geologically similar to the Grizzly Showing based on airborne magnetic data and sparse outcrop; however the source of the soil anomalies is largely unknown due to poor exposure. Three consecutive 400 metre-spaced IP lines identified 100 to 200 metre wide zones with anomalous chargeabilities coincident with some of the highest molybdenum, copper and gold values in the Mirko soil geochemical anomaly. This pattern of coincident IP chargeability and anomalous soil geochemistry also provides the basis for a drill targets on the Mirko Grid.
The Grizzly project is being explored through a partnership with Inmet Mining announced January 2008. Under the terms of the agreement, Inmet Mining may earn up to a 60% interest in the property by funding at least $5 million in exploration at the Grizzly over four years. For additional information please see the press release dated January 31st, 2008.
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.