This is the Lobato Gorge section of the Rio Chama. There is very little beta about it to be found, but this is a stunning, boulder-choked creek in a remote setting. To the west is the publically owned and operated Edward Sargeant Wildlife Management Area, allowing access to the creek via a long and poorly-defined hike, making this a really good packrafting run.
Flows can vary, I attempted to packraft it at around 50CFS on the Rio Chama town gage and I had to bail out after the gorge because I was just walking in the creek with frozen feet. I recommend at least 70 if you plan to float it.
Logistics: There is parking available (possibly permitted during hunting season) near the entrance to the Edward Sargeant Wildlife Area. From there just hike up north and east until you start to get close to Parallel from Wolf Creek. When I did it I just hiked down and into a random drainage. There was some bushwhacking required, but I followed an animal trail down to the river.
To take out, either float all the way into town or get out and walk back to your car.
For information, see New Mexico Whitewater, by NM State Parks & Rivers of SW, by Class: IV-VI