Rimfire outlines anomalies in Alaska

Rimfire Minerals (RFM-V) and Western Keltic Mines (WKM-V) have identified three prospective gold zones on their jointly owned properties in east-central Alaska.

The juniors are targeting gold mineralization similar to the nearby Pogo deposit (9.9 million tonnes grading 0.52 oz.) being explored by Teck. The first-phase program identified the Boundary, Southeast Surf and Beverly Creek geochemical anomalies. A second-phase program of mapping and soil sampling over the Boundary and Southeast Surf anomalies is complete. Chip samples from the Boundary and Southeast Surf anomalies returned up to 24.8 and 4.6 grams gold per tonne, respectively. Additional soil and rock sample results are pending.

Western Keltic can boost its 50% interest in the land package to 80% by issuing 300,000 shares and spending $2.5 million on exploration by 2003.

Barrick Gold (ABX-T) has a financing and option agreement with Western Keltic, allowing it to earn up to a 51% interest in any of the five properties by spending $1 million on exploration and paying $100,000 for each property. The major also holds a 5% stake in Western Keltic.

In related news, a 574-metre drill program has been completed on Rimfire’s RDN property, 129 km northwest of Stewart, B.C. The 9-hole program tested for “Eskay Creek-type” precious-metals-rich massive sulphide deposits at the Jungle anomaly and Marcasite gossan, as well as gold-bearing, quartz-sulphide veins at the Main and Wedge zones.

Two holes attempted to test a 100-by-400-metre gold-arsenic soil anomaly at the Jungle zone but were abandoned because of poor ground conditions.

Although both holes failed to reach the target horizon at the felsic volcanic-argillite contact, hole 1 intersected a 1.1-metre interval grading 5.19 grams gold.

Holes 5 and 6 tested the Marcasite gossan and failed to intercept any significant gold mineralization.

At the Main zone, hole 2 and 3 tested the Main vein. Hole 2 intersected a 6.9-metre interval grading 1.27 grams gold. Within that interval, 1.1 metres graded 4.78 grams gold, 0.27% copper, 1.8% lead and 2.62% zinc. Hole 3 was drilled just under the second hole and intersected 9.8 metres grading 0.21 gram gold. Hole 9 tested the Club vein, 180 metres along strike of the second hole, and intersected 0.22 gram gold over 18.7 metres. Hole 4 intersected the Baseline vein, returning 0.93 gram gold over 0.9 metre.

The Wedge zone, where previous drilling by Noranda Exploration in the early 1990s encountered narrow intercepts of erratic, high-grade gold mineralization, was tested by hole 8. That hole intersected a 0.8-metre interval grading 0.95 gram gold.

Rimfire has earned a 100% interest in the property, subject to a 1.33% net smelter royalty. The company will now pursue a joint-venture partner in order to fund the next phase of exploration.