Vancouver — Picking up where
RDN is largely underlain by Jurassic stratigraphy similar (in age, lithology, alteration and mineralization) to that hosting Barrick’s Eskay Creek gold-silver mine, 40 km to the northwest.
“We are very pleased that Barrick has chosen to remain active in the Eskay Creek area,” says Mark Baknes, Rimfire’s vice-president of exploration. “Their expertise in the region is second to none.”
The major can earn a 75% interest in the 21-km-long property by making yearly payments of $25,000 and spending $1.5 million on exploration by the end of 2005. It must then spend at least $500,000 annually until a positive production decision is reached.
Earlier this year, disappointing results from a second round of drilling prompted Newmont to drop its option on the property.
The 1,140-metre, 5-hole program focused on the 1.5-km-long Wedge zone conductor, where a previous hole returned up to 1.5 metres grading 3.8 grams gold per tonne and 0.18% zinc from 111 metres down-hole. The highest values came from hole 20, which cut 1 metre grading 3.88 grams gold, 0.14% copper, 1.62% lead and 5.6% zinc at a down-hole depth of 90.3 metres, plus 6.2 metres grading 0.44 gram gold, 0.07% lead and 0.22% zinc at 139.8 metres down-hole.
Newmont was earning a 51% stake in the project by making cash payments of $140,000 and spending $3.5 million by the end of 2003.
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