Gold & Copper
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Message: Inmet Signs Farm-In Agreement on Rimfire's Barmedman Project, Australia
| January 26, 2009 |
| Inmet Signs Farm-In Agreement on Rimfire's Barmedman Project, Australia |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2009) - (All figures in Australian dollars) Rimfire Minerals Corporation (TSX VENTURE:RFM) is pleased to report that Inmet Mining Corporation has signed a Farm-in agreement on the Barmedman Property, in New South Wales, Australia. Under the terms of the agreement, Inmet can earn a 60% interest by funding at least $5 million in exploration on the property over four years, including $400,000 in the first year. Inmet will make staged cash payments totalling $250,000 over the earn-in period, including $50,000 upon signing of the agreement. The Barmedman deal marks the second option agreement between Rimfire Minerals Corporation and Inmet Mining. The Barmedman Property is located in a corridor within the Lachlan Fold Belt characterized by regionally-extensive alteration and clusters of both copper-gold porphyry and high sulfidation occurrences and deposits. Within this corridor Rimfire has identified a 0.5 km by 2.4 km Induced Polarization (IP) chargeability anomaly coincident with a copper-gold Mobile Metal Ion (MMI) geochemical anomaly. This IP anomaly occurs in an area of no outcrop and deep overburden cover and has not been tested by previous drilling. Rimfire and Inmet are planning to conduct diamond drilling to determine whether the IP chargeability anomaly reflects buried copper-gold mineralization. A preliminary diamond drilling program consisting of 1200 metres of drilling in four holes is planned for March-April of 2009. In addition, further geochemical techniques, such as MMI geochemical surveys are being contemplated to investigate the entire 388 km2 property. The Barmedman Property was one of nine exploration licenses acquired in 2007 based on targets identified in a Neural Network study conducted within a 120,000 km2 area of interest in New South Wales, Australia. Rimfire completed IP geophysical surveys and MMI geochemical surveys over the core of the Barmedman Neural Network target in 2008. Recent drilling adjacent to the Barmedman tenement by Goldminco Corporation has identified numerous porphyry copper-gold prospects. Management believes that these discoveries attest to the mineral endowment of the belt and the potential for similar mineralization on the Barmedman Property held by Rimfire. Walmer Property, Australia Update Rimfire Minerals Corporation has completed its 2008 diamond drill program which tested the Trounce target on the Walmer property located in New South Wales Australia. The Trounce prospect is a small outcropping of silicified sediments with quartz - pyrite veining and stockwork. Two of seven grab samples from the showing returned gold values of 2.4 and 3.6 g/t gold and the remaining five assayed from 0.21 to 0.61 g/t gold. Based on the grab sample results and the ability for a low cost diamond drill program due to accessibility, Rimfire felt it would be practical to drill the prospect in order to determine sub-surface geology and prospect potential. The drilling program consisted of 286.6 metres of drilling which returned no significant results and no future work is planned at Trounce. 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. Rimfire currently has in excess of two years of operating capital, and finances approximately 80% of its exploration through option and joint venture agreements. Current and former partners include AngloGold Ashanti Limited, Barrick Gold Corporation, Newmont Mining Company, Inmet Mining Corporation, Northgate Minerals Corporation, Fronteer Development Group Inc., Rubicon Minerals Corporation, American Creek Resources Ltd., Island Arc Exploration Corporation, Jaguar Minerals Limited and BWG. On behalf of Rimfire Minerals Corporation Jason Weber, P.Geo., President & CEO |
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