Rimfire Pacific Mining (ASX: RIM) will commence a reverse circulation (RC) drill program at the Sorpresa Gold Project in New South Wales within 14 days, aiming to extend the strike length and probe new locations for gold potential.
The company has continued its extensive exploration programs, focused mainly on gold mineralisation at Fifield in NSW, with further exploration generating substantial new gold targets.
Final assays of the previous May 2011 drill program have confirmed additional silver intersections and there is potential for large scale mineralisation at Fifield.
John Kaminsky, executive chairman, said “the final assays received have confirmed our view that additional silver intervals were likely, and that we had already picked the best gold positions.
"It is very satisfying to know we have developed a field recognition process that helps us reliably identify the mineralisation position in this way."
Given that the mineralisation seen at Sorpresa is near surface, field recognisable and assay friendly, the company will place part of its next round of RC drilling on Area 1 and look to extend the strike. The 3D model Rimfire has developed on Area 1 gives the company confidence it can track the gold mineralisation.
Following this additional RC drilling work, the company will look towards defining a resource at Sorpresa.
Also, exploration in adjacent areas has provided an important advancement in the understanding of the underlying gold position at these new locations, in particular the Western Block region, 2 kilometres from Sorpresa, through extensive creek sampling.
In addition, the company said the exercise of listed options at $0.04 per share on 31st August 2011 has the potential to raise up to A$5 million in working capital for the Company.