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| | Tue Jun 14, 2005
2005 Fieldwork Commences at Thorn Project, BC
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| | Vancouver, BC - June 14, 2005: Cangold Limited and Rimfire Minerals Corporation are pleased to announce that crews have been mobilized to the Thorn property in the Atlin Mining Division of northwest British Columbia and field work has now commenced. The summer exploration, budgeted at $650,000, will consist of a comprehensive and integrated program of geological mapping, prospecting, Induced Polarization (IP) geophysics and diamond drilling focused on the discovery of additional gold-silver-copper mineralization in the Thorn Stock and overlying volcanic rocks.
This region of northwestern British Columbia has seen increased exploration activity since Barrick Gold Corporation, together with Rimfire, acquired 960 sq. km of ground prospective for high sulphidation gold-silver-copper deposits, similar to that hosting Thorn mineralization. Barrick and Rimfire's joint venture, the Kizmet, completely surrounds the Thorn, covering the majority of this newly-recognized high sulphidation belt.
IP geophysical surveying in 2004 proved to be an effective tool for targeting buried sulphide mineralization. The only drill hole to test a 500 metre-long IP anomaly intersected 56.1 metres of 1.27 g/t Au, 16.7 g/t Ag, & 0.19% Cu, including higher grade intercepts such as 4.48 g/t Au, 65.3 g/t Ag, & 0.65% Cu over 3.6 metres (Talisker Zone). Untested portions of a large airborne resistivity low will be covered by IP with the goal of identifying new anomalies that have the same signature as that reflecting Talisker Zone mineralization. In total, approximately 20 line kilometres of IP are planned.
Importantly, age dating of volcanic rocks adjacent to the Thorn Stock has revealed that these rocks may be affected by mineralizing events at the Thorn and are therefore a prospective host for high sulphidation mineralization. Field work will focus on the margins of the Thorn Stock and the volcanic units, which are thought to be the source of a quartz-barite boulder assaying 265 g/t gold and 631 g/t silver, discovered at Amarillo Creek last year. A grab sample at the G Zone, also on the margin of the stock, assayed 57.4g/t Au, 90g/t Ag and 0.29% Cu over 2.0 metres.
Diamond drilling will commence by the first week of July to test targets outlined in the initial geological and geophysical phase of the exploration program. At least one hole is planned to test the continuity of the Talisker Zone, while other holes are planned to test new geological and geophysical targets and potentially, the source of high grade boulders discovered in 2004.
Robert F. Brown, P.Eng., is the Qualified Person for the project, as defined by NI 43-101. Equity Engineering Ltd. provides geological expertise, and Falcon Diamond Drilling Ltd. will provide diamond drilling services. Cangold and Rimfire are 51:49 joint venture partners in the Thorn Property, with Cangold the operator.
On behalf of Rimfire Minerals Corporation
"David Caulfield"
David Caulfield, P.Geo.
President
On behalf CANGOLD LIMITED
"Robert Archer"
Robert A. Archer, P.Geo.
President
For further information contact:
Rimfire Minerals Corporation
David Caulfield and/or Jason Weber, Suite 700 - 700 West Pender St., Vancouver, British Columbia V6C 1G8,
Phone: (604) 669-6660 Fax (604) 669-0898
www.rimfireminerals.com, info@rimfire.bc.ca
CANGOLD LIMITED.
Robert Archer and/or Kaare Foy, Suite 2100, 1177 West Hastings St., Vancouver, British Columbia V6E 2K3
Phone: (604) 608-1766 Fax: (604) 608-1744
www.cangold.ca, info@cangold.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release |
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