The 1,812 metres of reverse circulation drilling occurred at the Roadside and Boundary Gate areas and intersected up to 21.6 g/t gold and 2,240 g/t silver.
Intersections included 16 metres at 1.92 g/t gold and 251 g/t silver from 58 metres depth.
John Kaminsky, managing director, commented: “Rimfire has now completed the remaining planned reverse circulation drilling within the known Sorpresa gold and silver system, achieving some more very pleasing results.
“The next stages of work will concentrate on the discovery potential in the larger 7x2 kilometre Sorpresa Corridor, where a range of targets exist and await drill scheduling.”
Drill result details
1,422 metres of drilling has occurred at Roadside and 396 metres at Boundary Gate.
The drilling depth range was 0 to 90 metres in the known high grade lenses at these locations.
Best intersections include:
- 16 metres at 1.92 g/t gold and 251 g/t silver from 58 metres including 1 metre at 0.92 g/t gold and 2240 g/t silver;
- 17 metres at 1.24 g/t gold and 172 g/t silver from 62 metres including 1 metre at 0.9 g/t gold and 723 g/t silver;
- 12 metres at 2.39 g/t gold and 129 g/t silver from 58 metres;
- 26 metres at 1.89 g/t gold from 6 metres including 1 metre at 24.9 g/t gold; and
- 13 metres at 2.34 g/t gold and 93 g/t silver from 47metres.
Much of the high grade gold and silver mineralisation at Roadside is in the accessible oxide zone at depth between surface and 60 metres.
The drilling information will add to the resource modelling understanding for shape and orientation.
Rimfire is focused on its 669 square kilometres of tenements located within the Lachlan Transverse Zone (LTZ) near the town of Fifield in central New South Wales.
The company discovered the Sorpresa gold and silver deposit and in 2014 delivered a JORC resource of 6.4 million ounces grading 0.61 g/t gold and 38 g/t silver for circa 250,000 ounces of gold equivalent.
Importantly, subsequent exploration has provided evidence that the “Wider Sorpresa Area” is now considered a significant gold mineralised system of some potential.
New Gold has committed to spend A$2 million during 2017 subject to conditions and may choose to spend up to $12 million within 5 years to earn up to a 70% interest in Rimfire’s Fifield tenements.
Drill results continue to confirm the potential that the Sorpresa gold and silver deposit has to grow and be part of a larger future mining operation.
The current main Sorpresa strike line containing gold and silver mineralisation is 1.5 kilometres in length and drill results continues to support the notion that discovery upside exists within the larger 7x2 kilometre Sorpresa Corridor.
Sorpresa represents proof-of-concept that greenfields high grade gold-silver deposits can be found at Fifield, previously undetected, and at surface.
The project’s potential has been supported by the recent farm-in by Canadian gold producer, New Gold, who is already familiar with the wider area as it operates “The Peak” mine at Cobar.
The interest in the Fifield area is drawn through the geological similarities to New Gold’s New Afton gold-copper-silver mine in Canada.
This confirms Rimfire’s view that Fifield is within the LTZ, and is the right location for world class discoveries.
Rimfire remains leveraged to exploration news flow over the short term as it is expecting to report progress on pre-drilling exploration plans with New Gold in the near future.
Rimfire shares are up 90% over the past 12 months, currently trading at $0.025.