VANCOUVER, British Columbia, Oct. 27, 2003 (PRIMEZONE) -- Rimfire Minerals Corporation (TSX Venture Exchange:RFM) and CANGOLD LIMITED (TSX Venture Exchange:CLD) are pleased to announce discovery of a wide silver-gold zone at the Thorn property, northwest British Columbia.
Results from one hole of an eight hole, 874.5 m (2869 feet) program at the Oban Breccia zone have been received. Hole THN03-19 (total depth 79.3 m) collared in mineralization, intersecting 38.6 metres of 1.22 g/t gold and 103.2 g/t silver from 6.1 to 44.7 metres. A higher grade core of mineralization was intersected between 6.1 metres and 20.1 metres, yielding 14.0 metres of 1.97 g/t gold, 190.0 g/t silver, 1.33% lead and 0.77% zinc. This core zone is characterized by 15% semi-massive sulphide minerals in the breccia matrix, consisting of pyrite with lesser sphalerite and boulangerite (lead-antimony sulphosalt).
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From To Width Gold Silver Silver Gold
(m) (m) (m) (g/t) (g/t) Equiv. Equiv.
(g/t)* (g/t)*
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Including 6.1 44.7 38.6m 1.22g/t 103.2g/t 188.0g/t 2.70g/t
6.1 20.1 14.0 1.97 190.0 328.0 4.70
Including 7.6 8.9 1.3 2.81 589.0 785.7 11.2
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* a gold:silver ratio of 70:1 was used in the equivalence calculations
Similar mineralization was intersected as deep as 130 metres down dip in two additional drill holes on section. The character of the mineralized zone and its thickness are consistent with that of hole THN03-19. The results of these two holes and the rest of the holes from the current campaign will be released once all have been received from the laboratory and all necessary QA/QC procedures have been completed. The Company estimates results will be available by mid-November.
The Oban is one of 17 mineralized zones at the Thorn. Rimfire and Cangold made initial discovery of the Oban in 2002 while investigating the source of a very strong multi-element soil geochemical anomaly. The discovery boulder assayed 6148 g/t (179 oz/ton) silver, 3.5 g/t gold, 43% lead, and 3.5 % zinc. The 2003 holes were oriented to test the 100 metre x 300 metre higher-grade core of the soil anomaly as defined by the 95th percentile for silver (greater than 20 ppm), gold (greater than 318 ppb), lead (greater than 1622 ppm), and zinc (greater than487 ppm).
Mr. Robert Archer, P.Geo., President of Cangold Limited states: "We are extremely encouraged by the progress we have made at the Oban. The grades intersected in THN03-19 compare very favourably with, and in many cases are significantly higher than the well-known bulk-tonnage silver-gold deposits around the world. It is also encouraging to see that there is significant potential for a high-grade deposit within the core of the zone."
Mark Baknes, M.Sc., P.Geo., is the Qualified Person for the project, as defined by NI 43-101. All samples are analyzed by ALS/Chemex Labs, of North Vancouver, BC. Equity Engineering Ltd. provided geological expertise, and Falcon Diamond Drilling Ltd. provided diamond drilling services. A cross-section of THN03-19 and a plan map of drill hole locations will available at www.rimfireminerals.com and www.cangold.ca.
Rimfire and Cangold are in the second year of a three-year option agreement whereby Cangold can earn a 51% interest in the Thorn by conducting $1.2 million in exploration over the period and by making staged cash and share payments.
On behalf of Rimfire Minerals Corporation "David Caulfield" David Caulfield, P.Geo. President On behalf CANGOLD LIMITED "Robert Archer" Robert A. Archer, P.Geo. President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy ofthis release.