The company reviewed results of the reverse circulation drilling program undertaken as part of the New Gold Joint Venture, in conjunction with the recent higher resolution gravity survey, and identified a prospective area within the Transit Corridor.
Prospect area and rock chip surface sample locations
The gravity and magnetic data support the potential ‘ring’ feature, which may be reflective of an intrusive centre.
As a first stage investigation, Rimfire undertook ground reconnaissance work, submitting 55 rock float samples for gold assaying.
Highlight results include nine samples in the range of 0.2 to 3.5 g/t gold in intensely silicified, gossanous, and brecciated rock.
Gold assays on mineralisation style surface mapping
The surface rock float is limited to the southeast quadrant of the interpreted ‘ring’.
Visual inspection of the collected sample indicates the area has been subject to brecciation and several silica events, with signs of disseminated, veinlet, and blebby sulphides.
Several ‘prospector’ pits appear to have been excavated in areas of sulphide bearing quartz veining.
These recent results confirm prospectivity and this target area will be progressed as a priority via a program of auger drill sampling to obtain bedrock samples in an area with a shallow cover with aim of improving the understanding of local bedrock lithologies and geochemistry.
Rimfire chief executive officer Craig Riley said: “The 2017 RC drilling program at Transit generated the company’s thickest gold intersection to date.
“The opportunity to test a large coincident magnetic and gravity 1km scale feature to the south represents a solid opportunity to identify a larger system of mineralisation.
“These positive gold results provide confidence to follow up with low-cost, efficient and rapid auger drilling to obtain a better understanding of the bedrock geology and geochemistry”.