Rimfire Minerals Corporation and Northgate Minerals Corporation: Diamond Drilling Intersects Eskay-Equivalent Stratigraphy at RDN Property-$1 Million Exploration Budget Approved for 2006.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- (All figures in Canadian dollars except where noted) - Joint Venture partners Rimfire Minerals Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:RFM RFM Recency, Frequency, Monetary RFM Rotorcraft Flight Manual RFM Reform Party RFM Radio Frequency Module RFM Radio Free Monterey RFM Retirement and Financial Management RFM Reply to Flagged Message RFM Radio Frequency Monitor RFM Request for Material ) and Northgate Minerals Corporation (TSX:NGX NGX Natural Gas Exchange Inc. (Canada) NGX Next Generation X )(AMEX AMEX See: American Stock Exchange :NXG NXG Necrobiotic Xanthogranuloma (rare, progressive, histiocytic disease) ) today reported results from the 2005 diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral campaign at the RDN RDN Relative Distinguished Name (TMN) RDN Resource Discovery Network (UK) RDN Regional District of Nanaimo (Nanaimo, BC, Canada) RDN Redirected Number RdN Ragazzi Della Nord Property, located 50 km northwest of the Eskay Creek Mine in northwest British Columbia. Drilling at the Arctic Grid target intersected stratigraphy stratigraphy, branch of geology specifically concerned with the arrangement of layered rocks (see stratification). Stratigraphy is based on the law of superposition, which states that in a normal sequence of rock layers the youngest is on top and the oldest on the equivalent in age and geological setting to that hosting the Eskay Creek deposit. Based on the geological similarities to Eskay observed on surface and in drillholes, Northgate has expressed its intent to continue exploring the property for gold-silver rich massive sulphide deposits in 2006. The 2006 program, budgeted at $1 million, will consist of airborne geophysical surveys, groundwork and diamond drilling at the Arctic Grid. "We are very pleased with Northgate's commitment to the RDN Property," stated David Caulfield, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Rimfire Minerals Corporation. "Our exploration teams work well together, and to capitalize on these synergies we are working towards identifying new exploration opportunities to pursue in conjunction with exploration at the RDN." "We are confident that the Arctic Grid area is prospective for Eskay Creek-style precious metal rich massive sulphide deposits," states Carl Edmunds, Exploration Manager for Northgate Minerals Corporation. "Eskay Creek-style deposits have a small footprint and the 5 kilometer long Arctic Grid area represents a target requiring comprehensive drill testing over its extent." In the 2005 program, six drillholes were completed for a total of 1,470 metres in two target areas: Blind Fault and Arctic Grid. Northgate funded the program under the terms of an option agreement whereby Northgate can earn a 51% interest in the RDN by funding exploration expenditures totalling $5 million by December 31, 2007. An additional 9% can be earned by funding all expenditures up to the completion of a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. . Arctic Grid The Arctic Grid was targeted for drilling due to the presence of Eskay Creek-equivalent stratigraphy exposed on surface. 2005 results have shown that rhyolite rhyolite, fine-grained light-colored acidic volcanic rock. Rhyolite is chemically the equivalent of granite, and is thus composed primarily of quartz and orthoclase feldspar with subordinate amounts of plagioclase feldspar, biotite mica, amphiboles, and pyroxenes. within this stratigraphy is very similar geochemically and in age (as determined by precision age dating) to rhyolites intimately associated with mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. at Eskay Creek. Two stratigraphic stra·tig·ra·phy n. The study of rock strata, especially the distribution, deposition, and age of sedimentary rocks. strat drill holes (RDN05-43, 45) were completed on the Arctic grid, approximately 1.5 kilometres apart. Both holes cored interbedded mafic volcaniclastic fragmentals and mudstones occurring above a thick package of sericite-altered rhyolite flows and black matrix breccia breccia: see conglomerate. breccia Coarse sedimentary rock consisting of angular or nearly angular fragments larger than 0.08 in. (2 mm). Breccia commonly results from processes such as landslides or geologic faulting, in which rocks are fractured. . This is a geologic environment conducive to the formation of massive sulphide deposits. Both drill holes exhibit elevated barium at the rhyolite-sediment contact; elevated silver and zinc in the volcaniclastic-sedimentary assemblage; and discontinuous discontinuous /dis·con·tin·u·ous/ (dis?kon-tin´u-us) 1. interrupted; intermittent; marked by breaks. 2. discrete; separate. 3. lacking logical order or coherence. but elevated arsenic within the rhyolite. The prospective rock assemblage extends for at least 5 km through the Arctic Grid area, where the surface geology is partially hidden by glacial overburden. A third hole (RDN05-44) was drilled approximately 1000 metres east, testing a separate gold target in older rock units and anomalous mercury-arsenic+/-gold geochemistry in soils. This hole sufficiently tested the target, intersecting anomalous mercury-arsenic-gold interpreted to be the source of the anomalous surface geochemistry. Blind Fault Three holes in the Blind Fault area targeted a 300 x 50 metre zone of vein and disseminated silver-lead-zinc mineralization in volcanic and sedimentary rocks where native silver was discovered in 2004. Continuous channel sampling in 2005 returned 24.7 metres averaging 24.9 g/t silver. Hole RDN05-42, one of three holes testing this target intersected three silver-bearing intervals, the best of which assayed 30.7 g/t silver over 21 metres.
Diamond Drilling Survey Data
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Total
East North Depth-
Hole Area (NAD83) (NAD83) Elev Azimuth Dip m
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RDN05-40 Blind 400760 6311793 1672 290 -50 218.54
Fault degrees degrees
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RDN05-41 Blind 400669 6311820 1653 105 -50 190.80
Fault degrees degrees
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RDN05-42 Blind 400809 6311964 1732 290 -50 297.79
Fault degrees degrees
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RDN05-43 Arctic 399505 6326680 518 020 -55 256.03
Grid degrees degrees
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RDN05-44 Arctic 399933 6328454 700 270 -60 79.25
Grid degrees degrees
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RDN05-45 Arctic 398874 6328143 630 050 -65 309.37
Grid degrees degrees
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1351.78
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- does not include approximately 119 metres of drilling in holes
lost in overburden.
The results of the 2005 program have been reviewed, verified and compiled by Rimfire's geological staff (which includes a qualified person, Mark Baknes, P. Geo., VP Exploration, for the purpose of National Instrument 43-101). Rimfire employs a rigorous quality assurance, quality control program described on the Company website at www.rimfireminerals.com. Assays from the current program were completed at ALS Als (äls), Ger. Alsen, island, 121 sq mi (313 sq km), Sønderjylland co., S Denmark, in the Lille Bælt, separated from the mainland by the narrow Alensund. Chemex in North Vancouver. New Acquisition - LL Property Rimfire and Northgate have acquired a 22 square kilometre claim block, named the LL Property, to be included in the existing RDN option agreement. The LL Property is contiguous with the north eastern boundary of RDN Property and covers the northern extent of favourable rhyolite stratigraphy. The property is host to the Grizzly Creek showing which covers an area approximately 300 x 50 metres in size, consisting of chlorite-sericite-carbonate altered andesite andesite Any member of a large family of rocks that occur in most of the world's volcanic areas, mainly as surface deposits and to a lesser extent as dikes and small plugs. flows and tuffs. Mineralization is hosted in andesites adjacent to syenite syenite (sī`ənīt), coarse-grained igneous rock, similar in appearance and composition to granite. Unlike granite, it contains little or no quartz. The chief minerals in syenite are the feldspars, with mica, hornblende, and pyroxene. porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. dykes where 14 trenches have returned an average of 0.55% copper and 0.76 g/t gold over 4.8 metres. The best trench returned 5.4 metres of 1.65% copper, 2.46 g/t gold and 10.2 g/t silver. The terms of purchase are $30,000 cash on signing with a 2% Net Smelter Royalty which can be purchased for $2,000,000. To view the map accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/1215NGX.jpg Rimfire-Northgate Exploration Alliance To capitalize on the strong working relationship between Rimfire and Northgate, the two companies have agreed to pursue exploration opportunities in partnership in 2006. Each company will contribute $150,000 to the joint venture in 2006, including $40,000 to identify and research precious metal exploration targets. Specific project details and the terms of the agreement will be announced once the target selection process has been completed. About Rimfire Minerals Corporation Rimfire Minerals Corporation is an aggressive, well-financed mineral exploration company with a portfolio of highly prospective gold and silver properties in western North America. Rimfire now includes four gold producers as active partners, including the world's three largest. Currently, Rimfire is partnered with AngloGold (USA) Exploration Inc., Barrick Gold Corporation, Newmont Mining Company, Northgate Minerals Corporation, Cangold Limited and Serengeti Resources Inc. About Northgate Minerals Corporation Northgate Minerals Corporation is a gold and copper mining company focused on operations and opportunities in the Americas. The Corporation's principal assets are the 300,000-ounce per year Kemess South mine in north-central British Columbia, the adjacent Kemess North deposit, which contains a Proven and Probable Reserve of 4.1 million ounces of gold and the Young-Davidson property in northern Ontario with a total resource base of 1.5 million ounces of gold. Northgate is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol NGX and on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol NXG. Forward-Looking Statements This news release includes certain "forward-looking statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. These forward-looking statements include estimates, forecasts, and statements as to management's expectations with respect to, among other things, future metal production and production costs, potential mineralization and reserves, exploration results, progress in the development of mineral properties, demand and market outlook for commodities and future plans and objectives of Northgate Minerals Corporation (Northgate). Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", or "continue" or the negative thereof or variations thereon or similar terminology. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management are inherently subject to significant business, economic and competitive uncertainties and contingencies. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Northgate's expectations are disclosed under the heading "Risk and Uncertainties" in Northgate's 2004 Annual Report and under the heading "Risk Factors" in Northgate's 2004 Annual Information Form (AIF AIF Annual Information Form AIF Apoptosis-Inducing Factor AIF Agence Intergouvernementale de la Francophonie (French: Intergovernmental Agency for Francophony) AIF Australian Imperial Force ) both of which are filed with Canadian regulators on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review (www.sedar.com) and with the United States Securities and Exchange Commission (www.sec.gov). Northgate expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this release. Northgate Minerals Corporation (TSX:NGX) (AMEX:NXG) Rimfire Minerals Corporation (TSX VENTURE:RFM) |
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