Rimfire Pacific Mining NL’s (ASX:RIM) earn-in partner New Gold Inc (TSE:NGD) has completed phase II drilling at the Fifield Project in New South Wales, with assays awaited.
It is worth noting that the drill program was substantially increased in scale during its deployment to extend coverage further south west from the central project area.
READ: Rimfire Pacific and New Gold hunting for multi-million ounce bounty
New Gold is a multi-billion dollar capped company and gold producer, and is familiar with the region as it operates the Peak mine at Cobar, and is now hunting large scale mineralised systems with Rimfire.
Significant increase in the pipeline of prospective areas
John Kaminsky, chief executive officer and managing director, said: “The phase II aircore drilling managed by New Gold Inc. has produced a deeper knowledge base in the underlying geology at Fifield, helping grow the pipeline of prospective areas for potential discovery outcomes.
“It was pleasing to see New Gold Inc. expand the Aircore drilling program, to approximately double its original program design.
“We look forward to the compilation of assay results and interpretations including the use of other important data sets, such as geophysics, to provide the next range of discovery targets to be drilled in 2018.”
Aiming to discover a gold-copper porphyry system
New Gold completed 8,290 metres (343 holes) of combined infill and expanded step-out aircore drilling in the October-November period.
Logging of aircore holes in the Steeton area has identified some altered porphyry within mafic and felsic volcanics in the north-east.
The presence of sericite, epidote and chlorite within this volcanic sequence is also considered important.
Samples have been submitted to the laboratory with results and interpretations expected to be concluded over the next 4 weeks.
Rimfire’s goal at Steeton is to discover a gold-copper porphyry system, similar to the North Parkes style of deposit 70 kilometres to the east.
Drill programs at Tout East and Northern View cobalt prospects
A drill program of circa 33 holes had commenced at the Tout East cobalt prospect within the Fifield project area.
10 holes were completed, with the remaining holes due for deployment in January 2018.
Rimfire also completed 7 holes at the Northern View cobalt prospect in Fifield with the results expected in January/February 2018.