RR has a good one to start the new year:
Serengeti Resources Inc (C-SIR) - News Release
Rimfire and Serengeti Tide washes up more high grades
2004-11-29 05:26 ET - News Release
Shares issued 15,890,265
SIR Close 2004-11-29 C$ 0.30
From News Release (C-RFM) Rimfire Minerals Corp
Mr. David Caulfield of Rimfire Minerals reports
RIMFIRE MINERALS CORPORATION AND SERENGETI RESOURCES INC.: 593 G/T GOLD AND 14,708 G/T SILVER ON SURFACE AT RIMFIRE/SERENGETI'S TIDE PROPERTY; NEW DISCOVERY FOLLOWS ANNOUNCEMENT OF POTENTIAL BULK TONNAGE ZONE
Rimfire Minerals Corp. and Serengeti Resources Inc. have released more results from the recently completed drilling and fieldwork program financed by Serengeti at the Tide property. The Tide property is ideally located on the Granduc mine road, 36 kilometres north of the deepwater port facilities at Stewart, B.C.
High-grade gold and silver mineralization was found within the limits of a 600- by 450-metre greater-than-90-part-per-billion gold-in-soil anomaly. This new mineralization, termed the 52 zone, assayed 593 grams per tonne (17 ounces per ton) gold and 14,708 grams per tonne (429 ounces per ton) silver, and 360 grams per tonne (10 ounces per ton) gold and 7,920 grams per tonne (231 ounces per ton) silver from two samples of a 0.50-metre-wide vein, taken two metres apart.
"We have collected rock samples elsewhere on the Tide with high grades, but the 52 zone is significant because of its continuity and locally exceptionally high gold and silver grades. The vein occurs within a structural corridor that we can trace for over 400 metres," explains David Moore, president of Serengeti Resources Inc. "The Tide property has already shown its potential for hosting bulk tonnage gold with the recently announced 36 zone drill discovery. The 52 zone shows the added potential for a high-grade gold-silver deposit."
Prospecting that led to the discovery of the 52 zone was completed in conjunction with a diamond drilling program that resulted in the discovery of a potential bulk tonnage gold mineralized zone at the 36 zone, previously announced in Stockwatch on Nov. 23, 2004. The only hole to test the 36 zone, TIDE04-03, assayed 1.92 grams per tonne gold over 39.6 metres within a 129.4-metre interval averaging 1.00 gram per tonne gold. The 52 zone is approximately two kilometres northeast of the 36 zone discovery drill hole.
Mineralization in the 52 zone is hosted within 0.2- to one-metre-wide, northwest-trending quartz-pyrite-arsenopyrite/sphalerite-galena veins. The structural corridor that hosts the veins is in an area of poor outcrop exposure, consisting of several parallel quartz-sulphide veins. The corridor has been traced for over 400 metres along strike where nine additional grab samples were collected from other veins, returning values ranging from 0.85 gram per tonne to 4.59 grams per tonne gold and 4.4 grams per tonne to 95.0 grams per tonne silver. Potential to expand the extent of this corridor exists in both strike directions.
Rimfire purchased the Tide property outright from Newmont Exploration Canada Limited in 2001, subject to a 1.5-per-cent net smelter royalty (NSR). Serengeti is earning a 51-per-cent interest in the Tide property by spending $1,435,000 in exploration, paying $100,000 cash and issuing 325,000 shares by 2007. Rimfire is acting as project operator.
Analytical results from the current program were completed at ALS Chemex in North Vancouver, B.C. Disclosure of prior results was made in a technical report filed on SEDAR on Feb. 23, 2004, and news issued in Stockwatch on Sept. 21 and Nov. 23, 2004. The technical information in this news has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by the qualified persons, David Caulfield, PGeo, president and chief executive officer Rimfire Minerals Corp., and David Moore, PGeo, president and chief executive officer Serengeti Resources Inc. Equity Engineering Ltd. provided geological and program management expertise. |
