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| | Wed Aug 24, 2005
Cangold, Rimfire Expand Talisker Zone
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Vancouver, BC - August 24, 2005: Cangold Limited and Rimfire Minerals Corporation are pleased to announce the results from fieldwork and drilling at the Thorn Property in the Atlin Mining Division of northwest British Columbia. The 2005 program consisted of reconnaissance scale mapping, rock sampling and prospecting, contour soil and silt sampling, Induced Polarization (IP) geophysical surveys and diamond drilling to test geophysical targets.
Highlights of the program include drilling at the Talisker Zone, which has now been extended over a strike length of at least 200 metres with intercepts in both 2005 step out holes. This includes THN05-37 which cut 4.2 metres of 4.44g/t gold, 407.9g/t silver, and 2.95% copper, 100 metres east-northeast of the 2004 Talisker hole. Drilling at the Cutty Sark anomaly intersected the first occurrences of lithologically controlled alteration on the property.
The 143.5 sq. km Thorn Property is located 130 km south of the town of Atlin, in northwest British Columbia. Cangold and Rimfire were attracted to the property by its large and dynamic mineralizing system and its strength and extent of alteration. To date, mineralization has been identified over an 8 square kilometre area. The Thorn Project is a 51:49 joint venture between Cangold and Rimfire, respectively, with Cangold as the Operator.
Technical Summary
Geological mapping and rock sampling during 2005 focused on the margins of the Thorn Stock and the overlying Windy Table Formation volcanic units as recent age dating of these rocks revealed that they may be affected by mineralizing events at the Thorn. Numerous weakly gossanous and siliceous zones were found within a 2 by 4 kilometre area, and stratigraphically above the high sulphidation vein zones in the Thorn Stock. These zones form resistant "ribs"up to 15m across, consisting of quartz with up to 2% pyrite and minor barite. Geochemical analyses show the "ribs" to be anomalous in gold, silver, arsenic, and antimony.
PIMA analysis of samples from altered and/or mineralized Windy Table Fm. indicated illite, kaolinite and smectite, all lower temperature clay alteration minerals found in the distal portions of epithermal deposits. PIMA analyses from the Balvenie and Talisker Zones, found dickite, natroalunite, pyrophyllite and diaspore, a suite of higher temperature alteration minerals typically associated with precious metal mineralization within a high sulfidation system.
These findings are important in generating targets with the greatest potential for significant mineralization within this extensive area. The potential of this region of northwestern British Columbia to host large high sulphidation gold-silver-copper deposits has prompted increased exploration activity in the area, including the Kizmet Joint Venture (Barrick Gold Corporation and Rimfire Minerals) which comprises approximately 960 sq. km of claim holdings completely surrounding the Thorn Property.
IP Geophysics
IP geophysical surveying proved to be an effective tool for targeting buried sulphide mineralization in 2004 and was continued in 2005. Scott Geophysics completed 17.4 kilometres of IP survey both north of, and parallel to, the 2004 North Grid survey. In particular, the 2005 IP helped to further outline and define the Talisker Zone, and located two new anomalies further north: the Balvenie and Cutty Sark Zones. The Balvenie and Talisker zones are defined as coincident resistivity low-chargeability high features, a signature consistent with the high sulphidation veins discovered to date on the project; whereas, the Cutty Sark is defined as a chargeability high and higher resistivity anomaly. These anomalies extend 350 to 600 metres in strike length.
Diamond Drilling
Diamond drilling, contracted to Driftwood Drilling of Smithers, B.C., comprised 655.8 metres in 5 holes and tested targets outlined in the initial geological and geophysical phase of the 2005 exploration program (see table below). The first two holes (THN05-36 & 37) tested the continuity of the Talisker Zone mineralization, while two holes (THN05-38 & 39) tested the new IP target at the Cutty Sark Zone and one hole (THN05-40) tested the far eastern extent of the Balvenie Zone.
THN05-37 intersected the Talisker Zone 100m along strike to the east-northeast of THN04-29 (56.1 metres of 1.27 g/t Au, 16.7 g/t Ag, & 0.19% Cu, including 4.48 g/t Au, 65.3 g/t Ag, & 0.65% Cu over 3.6 metres). A high grade section assayed 4.44g/t gold, 407.9g/t silver, and 2.95% copper over 4.20 metres, within a larger mineralized zone of 43.93 metres. Mineralization consists of veins and disseminations of pyrite, enargite, sulphosalts, and lesser chalcopyrite within clay, sericite and silica altered Thorn stock. Numerous mineralized zones were intersected throughout the length of the hole and are detailed in the table below.
THN05-36 intersected the Talisker zone 100 metres along strike to the west-southwest of THN04-29. The zone that is interpreted to correlate with the higher grade intersections of THN04-29 and THN05-37 returned 4.49g/t gold, 91.7g/t silver, and 1.29% copper over 0.37 metres A deeper zone assayed 1.25g/t gold, 77.3g/t silver, and 2.90% copper over 0.76 metres, indicating the Talisker may split into two zones to the southwest.
Drill holes THN05-38 and 39 targeted the Cutty Sark Zone. These holes, drilled 200 metres apart, intersected thick sections of highly silicified and brecciated Windy Table Formation tuffs, welded tuffs and sediments, all cut by late stage rhyolite dykes. Both holes bottomed in intense silicification at depths of 124.05 and 97.54 metres, respectively. Sections of the silicification are accompanied by 2% disseminated and vein pyrite, rare enargite and tetrahedrite and are weakly anomalous in gold, silver, copper, lead, and zinc. This represents lithologically controlled alteration within volcanic rocks overlying the Thorn Stock, the first noted on the Thorn property. Previously recognized alteration and mineralization has been interpreted as being structurally controlled, primarily within the Thorn Stock.
THN05-40 is the first drill hole to test the Balvenie Zone, another vein system parallel to the Talisker Zone and veins in the Camp Creek Structural Corridor. The Balvenie Zone outcrops as a set of silicified spires with associated intense alteration and pyrite-tetrahedrite-enargite mineralization, and is detected by the IP survey 500 metres to the WNW where it was tested by hole THN05-40. The hole intersected disseminations and veinlets of pyrite, enargite, tetrahedrite, and minor chalcopyrite and pyrargyrite. The best mineralized section assayed 0.23g/t gold, 170.0g/t silver, and 8.64% copper over 1.0 metre.
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Hole # Target From To Interval Au Ag Cu Au (g/t)
(m) (m) (m) (g/t) (g/t) (%) Eq.**
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THN05-36 Talisker 52.10 52.47 0.37 4.49 91.7 1.29 8.4
110.85 111.61 0.76 1.25 77.3 2.90 8.1
THN05-37 Talisker 3.05* 8.23 5.18 1.53 1.3 <0.01 1.6
44.33 88.26 43.93 0.76 48.9 0.36 2.2
including 47.33 51.53 4.20 4.44 407.9 2.95 16.5
106.96 113.79 6.83 0.48 17.4 0.13 1.0
142.89 148.43 5.54 0.49 19.6 0.15 1.0
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THN05-40 Balvenie 82.40 83.40 1.00 0.23 170.0 8.64 19.8
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Talisker Zone intersections are near to true width, the Balvenie
0.10 metres in true width
* hole collared in mineralization
** gold equivalent calculated using US$420/oz gold, US$6.50/oz silver,
US$1.20/lb copper
All samples were analyzed at ALS Chemex and are subject to a rigorous QA/QC program. Robert F. Brown, P. Eng., is the Qualified Person for the project, as defined by NI 43-101. Equity Engineering Ltd. provides geological expertise.
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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