NEWS - I am still in from 35 c buy which in retrosspect beats the hell out of my SVN $110 buy and my NT buy of $119.85.
Rimfire/Western Keltic starts Alaska drilling
Western Keltic Mines Inc WKM
Shares issued 11,044,858 Jul 26 close $0.12
Thu 26 Jul 2001 News Release
See Rimfire Minerals Corp (RFM) News Release
Mr. David Caulfield reports
Western Keltic Mines and Rimfire Minerals have commenced a drilling program
financed by Barrick Gold Corporation at the Goodpaster gold project in
east-central Alaska. This program will focus on the Boundary zone on the
California-Surf properties where drilling in 2000 intersected numerous
quartz-pyrite-pyrrhotite veinlets containing visible gold intergrown with
bismuthinite and was successful in outlining an extensive area of quartz
stockwork gold mineralization. Gold was encountered in three of four drill
holes in discrete one- to five-centimetre veinlets with grades up to 24.56
grams per tonne. Drilling follows the mapping and auger soil sampling
program and the 830 line-kilometre airborne magnetics and radiometrics
survey previously announced in Stockwatch June 12, 2001. Results of the
airborne survey are being compiled and will be used for followup prior to
completion of the Boundary zone drilling. In addition to the Boundary zone,
the California-Surf properties host at least three additional exploration
targets, defined by previous geological and geochemical surveys.
The California and Surf properties lie on the southeastern extension of the
13-kilometre-long Pogo trend where Teck and Sumitomo have outlined the
5.5-million-ounce Pogo gold deposit. The significance of this trend has
been highlighted by recent work by Teck, whose exploration drilling along
the Pogo trend encountered additional gold mineralization. Donald McInnes,
president of Western Keltic Mines states: "Continuing exploration by Teck
on the Pogo property has shown that gold mineralization is not limited to
the Pogo deposit itself. We feel that there is excellent potential to find
significant gold mineralization on the southeast extension of the Pogo
trend, on the California-Surf properties." David Caulfield, president of
Rimfire, agrees that: "At the Boundary zone we see mineralization,
lithologies and alteration similar to that seen at Pogo. We believe that we
have identified a Pogo-style mineralizing system and that others may be
present in the district."
The exploration program is carried out under the terms of an option
agreement with Barrick Gold Corporation. Barrick Gold has an option to earn
a 51-per-cent interest in the California and Surf properties by expending
$2-million on exploration over three years and by making cash payments of
$200,000 to Western Keltic by Dec. 31, 2001. Western Keltic currently has a
70-per-cent interest in the properties and can earn an additional
10-per-cent interest from Rimfire Minerals, which currently holds a
30-per-cent interest.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
