Rimfire Pacific Mining NL (ASX:RIM) has completed the first phase of aircore and auger drilling totalling 288 holes over the central third of the Fifield project tenement area in New South Wales.
Drilling is part of an earn-in agreement with New Gold (TSE:NGD) who committed to spend A$2 million during 2017 subject to conditions and may choose to spend up to $12 million within 5 years to earn up to a 70% interest in Rimfire’s Fifield tenements.
News regarding plans for the next drill campaigns at the project area are expected later this week.
All gold assays have now been received with final multi-element data expected at a later stage.
The top 12.5% of assays ranged from 7 to 80 ppb gold, with highest values occurring along contacts of newly identified intrusives and interpreted structural trends.
John Kaminsky, managing director, commented
“While interpretation incorporating the latest information remains a work in progress, the new data generated by New Gold’s aircore and auger drilling program has significantly advanced our understanding of the bedrock geology and related mineral potential north and east of the Sorpresa Corridor.
“An area west of Sorpresa, running from south of Golden Green through to the south side of Fortuna is being tested with auger drilling, with additional holes being planned for aircore drilling.
“This greatly extends the first program 7 kilometres south also filling gaps from the initial drilling towards the eastern project boundary.
“It is also anticipated that bedrock chips from the new aircore and auger drilling programs will enable an expansion of the initial spectral mapping coverage as well.”
Background
Rimfire is focused on its 669 square kilometres of tenements located within the Lachlan Transverse Zone (LTZ) near the town of Fifield in central New South Wales.
The company discovered the Sorpresa gold and silver deposit and in 2014 delivered a JORC resource of 6.4 million ounces grading 0.61 g/t gold and 38 g/t silver for circa 250,000 ounces of gold equivalent.
Importantly, subsequent exploration has provided evidence that the “Wider Sorpresa Area” is now considered a significant gold mineralised system of some potential.
Multi-billion dollar Canadian producer New Gold Inc. (TSE:NGD) signed an earn-in agreement with Rimfire over its Fifield tenements.