Rimfire Minerals Corporation

Rimfire Minerals Corporation

March 19, 2008 12:31 ET

Rimfire Minerals Corporation: Jake Project Drilling Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2008) - Jason Weber, President and CEO of Rimfire Minerals Corporation (TSX VENTURE:RFM) reports final results from drilling conducted at the Jake Property, 13 km west of Clearwater, British Columbia. The 2007 program successfully tested the Jake Showing at depth, including an intersection of 11.34 g/t gold over a true width of 1.25 metres. The winter 2007 drilling program confirms continuity of vein structures beyond the original Jake showing and beneath the extensive glacial till blanket. It also confirms that Induced Polarization (IP) geophysical techniques are effective in targeting these buried structures.

A total of 1083 metres of drilling was completed in seven holes. An eighth hole was lost in overburden. Island Arc Exploration Corp. (Island Arc) funded the program under the terms of an option agreement signed in May of 2007, allowing Island Arc to earn a 51% interest in the project by funding $1.75 million in exploration over three years. A plan map with drill hole locations can be found at http://www.rimfire.bc.ca/s/Jake.asp.

The drilling program tested three targets identified by a geophysical survey and mechanized trenching in 2007. An IP survey conducted in June revealed three chargeability high anomalies in the immediate vicinity of the Jake Showing. The first area is coincident with the Jake discovery outcrop, reflecting mineralization sampled in trenches in 2006 and again in 2007. Results of 2007 trenching included 7.70 g/t gold over 2.80 metres from a channel sample across a series of quartz-pyrrhotite-pyrite-chalcopyrite-bismuthinite veins, including 19.3 g/t gold over 0.60 metres. Three drill holes targeted the Jake Showing, intersecting the Jake host structure at approximate depths of 15, 25 and 75 metres below surface. The highest gold values were observed where quartz veining is associated with net-textured to massive pyrrhotite-pyrite-chalcopyrite-bismuthinite. Hole J-DDH07-04 intersected a 0.50 metre section of net-textured sulphides in quartz veins averaging 27.80 g/t gold and strongly anomalous in bismuth and copper. This intersection averaged 11.34 g/t gold over the entire 1.25 metre true width of the structure.

Drilling at a second target, the Jake Offset, located 300 metres to the north, intersected a 0.5 metre zone of strong shearing and chlorite alteration averaging 4.64 g/t gold, including a 20 centimetre sample of net-textured sulphides and quartz vein fragments assaying 8.85 g/t gold. Gold mineralization was encountered in the northern-most of three holes (over 190 metres of trend) drilled to test a 300 metre-long chargeability anomaly that remains open to the northwest.

Christopher J. Wild, P.Eng, Vice-President, Exploration for Island Arc commented, "Island Arc views these results as very positive. The intersection of gold mineralization in drilling at the Jake Showing and 300 metres north at the Jake Offset indicates that gold mineralization occurs in multiple structures. Once the field season begins, we plan to use IP geophysics as our primary tool to delineate extensions to these structures and identify new targets."

Jake Project - 2007 Diamond Drilling Results

Drill Hole Zone From (m) To (m) Interval (m) Gold (g/t)
J-DDH07-01 Jake Offset Hole lost in overburden
J-DDH07-02 Jake Offset No significant results
J-DDH07-03 Jake Offset No significant results
J-DDH07-04 Jake Showing 22.0 23.5 1.50 (tw 1.25) 11.34
including 22.3 22.9 0.60 (tw 0.50) 27.80
J-DDH07-05 Jake Showing 31.0 31.4 0.40 1.52
J-DDH07-06 Jake Showing 105.6 105.7 0.10 7.37
J-DDH07-07 Jake Offset 43.5 44.0 0.50 4.64
including 43.8 44.0 0.20 8.85
J-DDH07-08 Southeast IP No significant results
Note: tw equals true width

This news release has been reviewed by Mark Baknes, M.Sc., P.Geo., a Qualified Person for the purpose of National Instrument 43-101. Assays were completed by ALS Chemex Labs of North Vancouver, BC.

About Rimfire

Rimfire Minerals Corporation is an aggressive, well-financed mineral exploration company with a portfolio of highly prospective gold and copper properties in western North America and Australia. Current and former partners include AngloGold Ashanti Limited, Barrick Gold Corporation, Newmont Mining Company, Inmet Mining Corporation, Northgate Minerals Corporation, Fronteer Development Group, Rubicon Minerals Corporation, Cangold Limited, American Creek Resources Ltd., Island Arc Exploration Corporation and BWG.

On behalf of Rimfire Minerals Corporation

Jason Weber, P.Geo., President & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Rimfire Minerals Corporation
    Jason Weber, P.Geo.
    President & CEO
    Rimfire Minerals Corporation
    David Caulfield
    (604)669-0898 (FAX)
    Email: info@rimfire.bc.ca
    Website: www.rimfireminerals.com