Vancouver — With Newmont Mining (NEM-N) set to launch a 1,200-metre drill program over Rimfire Minerals’ (RFM-V) RDN gold-silver property, the junior has added the Bill property to its promising portfolio of gold projects in northern British Columbia.
Located 290 km north of Smithers, Rimfire can earn 100% of the property by making cash payments of $90,000 and issuing 200,000 shares to the vendors before the end of 2004.
Drilling in the early 1980s returned multiple vein intercepts ranging up to 35 grams gold per tonne over 2 metres. Soil geochemistry outlines an anomalous area measuring 2.8 km by 1.5 km.
In order to fund a mapping and geochemical program over the project, Rimfire has closed a $60,000 financing. The non-brokered flow-through private placement consisted of 150,000 units priced at 40 each. A unit holds one flow-through share and one non-flow-through warrant exercisable at 40 in the first year and 45 in the second.
Meanwhile, some 40 km north of the high-grade Eskay Creek gold-rich massive-sulphide mine, Newmont is refining drill targets on the RDN project. On the company’s radar screen is the 1.1-km-long Wedge zone conductor, where drilling in 1991 cut 101 grams gold over 2 metres.
The 21-km-long property is underlain by early-to-middle Jurassic stratigraphy, which is similar in age, lithology and alteration to that hosting the Eskay Creek deposit.
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