Proactiveinvestors Australia Rimfire Pacific Mining NL https://www.proactiveinvestors.com.au Proactiveinvestors Australia Rimfire Pacific Mining NL RSS feed en Sat, 23 Mar 2019 21:45:31 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Rimfire Pacific Mining forging ahead with dual strategy and active field programs ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12245/rimfire-pacific-mining-forging-ahead-with-dual-strategy-and-active-field-programs-12245.html Fri, 15 Feb 2019 16:48:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12245/rimfire-pacific-mining-forging-ahead-with-dual-strategy-and-active-field-programs-12245.html <![CDATA[News - Rimfire Pacific Mining’s rock chip assays confirm gold at Transit Corridor ]]> https://www.proactiveinvestors.com.au/companies/news/214315/rimfire-pacific-minings-rock-chip-assays-confirm-gold-at-transit-corridor-214315.html Rimfire Pacific Mining NL (ASX:RIM) has received encouraging gold results from rock chip sampling at Transit Corridor within the Fifield project in New South Wales.

Background

The company reviewed results of the reverse circulation drilling program undertaken as part of the New Gold Joint Venture, in conjunction with the recent higher resolution gravity survey, and identified a prospective area within the Transit Corridor.

Prospect area and rock chip surface sample locations

The gravity and magnetic data support the potential ‘ring’ feature, which may be reflective of an intrusive centre.

As a first stage investigation, Rimfire undertook ground reconnaissance work, submitting 55 rock float samples for gold assaying.

Highlight results include nine samples in the range of 0.2 to 3.5 g/t gold in intensely silicified, gossanous, and brecciated rock.

Gold assays on mineralisation style surface mapping

The surface rock float is limited to the southeast quadrant of the interpreted ‘ring’.

Visual inspection of the collected sample indicates the area has been subject to brecciation and several silica events, with signs of disseminated, veinlet, and blebby sulphides.

Several ‘prospector’ pits appear to have been excavated in areas of sulphide bearing quartz veining.

READ: Rimfire Pacific Mining to assess Sorpresa discoveries this quarter

These recent results confirm prospectivity and this target area will be progressed as a priority via a program of auger drill sampling to obtain bedrock samples in an area with a shallow cover with aim of improving the understanding of local bedrock lithologies and geochemistry.

Rimfire chief executive officer Craig Riley said: “The 2017 RC drilling program at Transit generated the company’s thickest gold intersection to date.

“The opportunity to test a large coincident magnetic and gravity 1km scale feature to the south represents a solid opportunity to identify a larger system of mineralisation.

“These positive gold results provide confidence to follow up with low-cost, efficient and rapid auger drilling to obtain a better understanding of the bedrock geology and geochemistry”.

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Mon, 11 Feb 2019 12:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214315/rimfire-pacific-minings-rock-chip-assays-confirm-gold-at-transit-corridor-214315.html
<![CDATA[News - Rimfire Pacific Mining managing director John Kaminsky to retire, Craig Riley appointed CEO ]]> https://www.proactiveinvestors.com.au/companies/news/213206/rimfire-pacific-mining-managing-director-john-kaminsky-to-retire-craig-riley-appointed-ceo-213206.html Rimfire Pacific Mining NL (ASX:RIM) managing director John Kaminsky is to retire from his position at the end of January after 13 years with the company

He will stay on as a non-executive director until March 31, 2019, and will continue to contribute his knowledge and skills as a consultant for the next 12 months.

From February 1, the company will appoint current business development manager Craig Riley to the chief executive officer position to advance the monetisation of Rimfire’s Sorpresa deposit.

Non-executive director Ramona Enconniere will also retire from the board on January 31.

READ: Rimfire Pacific Mining to assess Sorpresa discoveries this quarter

Rimfire chairman Ian McCubbing said “The board is very appreciative of the tremendous contribution John has made as Rimfire’s managing director over the years.

“We look forward to John continuing to contribute to the success of the company over the next 12 months.

“The board also express their gratitude for the contribution Ramona has made to the company over many years.

“The company is well-positioned to move forward seamlessly as it implements the succession plan put in place by the board and managing director.”

 

Rimfire’s dual development strategy includes making new regional discoveries and appraising its Sorpresa gold and silver asset in the central west of New South Wales.

A technical and economic assessment for Sorpresa is a priority for Rimfire which raised $1.1 million last November to advance development.

The company’s board participated in the rights issue with McCubbing, Kaminsky, Enconniere and non-executive director Andrew Greville all buying shares.

READ: Rimfire Pacific Mining identifies high-priority target with potential to host gold mineralisation

Rimfire’s wholly-owned Fifield project is located along the Lachlan transverse zone, where Rimfire has 915 square kilometres of tenement land.

Five mines and a copper-gold processing plant are positioned about 200 kilometres northwest of Rimfire’s tenure, along the zone.

Sorpresa’s resource consists of 125,000 ounces of gold and 7.9 million ounces of silver.

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Wed, 23 Jan 2019 20:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213206/rimfire-pacific-mining-managing-director-john-kaminsky-to-retire-craig-riley-appointed-ceo-213206.html
<![CDATA[News - Rimfire Pacific Mining to assess Sorpresa discoveries this quarter ]]> https://www.proactiveinvestors.com.au/companies/news/212364/rimfire-pacific-mining-to-assess-sorpresa-discoveries-this-quarter-212364.html Rimfire Pacific Mining NL (ASX:RIM) is pursuing a dual strategy to develop its company — appraise its Sorpresa gold and silver asset in the central west of New South Wales and make new regional discoveries.

The technical and economic assessment of the Sorpresa greenfields discovery made in 2011-12 at the Fifield project is a priority for the company, as outlined in a corporate strategy shared with the market in September 2018.

READ: Rimfire Pacific Mining confirms six priority targets near Sorpresa gold and silver discovery

The company went on to raise $1.1 million to advance the discovery’s development in November 2018.

Company directors, chairman Ian McCubbing, managing director and CEO John Kaminsky, non-executive director Ramona Enconniere participated in the rights issue, with non-executive director Andrew Greville also boosting his stake after the capital raising.

READ: Rimfire Pacific Mining directors up their stake in the company

Rimfire’s wholly-owned Fifield project is located along the Lachlan transverse zone, where Rimfire has 669 square kilometres of tenement land.

The district’s gold and copper signature is established along the Lachlan corridor.

Rimfire CEO Kaminsky spoke to Proactive Investors’ Stocktube video channel about the company’s Fifield ground in September 2018, saying it had “diverse geology in terms of metals.”

“Our focus is … the Fifield district in central New South Wales, where we have a greenfields gold-silver discovery as kernel to gold projects in a gold-copper district.”

Fifield project, home of the Sorpresa discovery, is surrounded by prospective ground

Five mines and a copper-gold processing plant are positioned about 200 kilometres northwest of Rimfire’s tenure, along the zone.

This includes the mid-sized gold and copper underground mining operation Peak Gold Mines Pty Ltd which started production in 1992, supplying gold to the Western Australian Government’s state-owned Gold Corporation which operates Perth Mint.

New Gold Inc (TSX:NGD) (NYSE American:NGD) agreed to sell Peak Mines in Cobar to Aurelia Metals Ltd (ASX:AMI) (FRA:YTR) in November 2017 for cash consideration of C$58 million.

The subsequent sale helped contribute to Aurelia’s production increases in 2018.

READ: Rimfire Pacific Mining confirms six priority targets near Sorpresa gold and silver discovery

In late November 2018, Rimfire Pacific outlined a number of priority targets near Sorpresa, including the high-priority target Rabbers Lookout.

Rimfire business development manager Craig Riley said at the time: “This prospect has many similarities with higher grade areas in the Sorpresa resource, such as Trench 31.

“High-grade zones will be the key contributors to a cash-positive mining development and I look forward to seeing the first-pass exploration results from Rabbers Lookout.”

Rabbers Lookout is 2-kilometres from the Sorpresa discovery and is also part of Fifield project.

Rimfire has reported gravity and magnetic data and previous mapping highlighted similarities between Rabbers Lookout and the Sorpresa resource area.

Sopresa’s resource consists of 125,000 ounces of gold and 7.9 million ounces of silver.

Rimfire believes the target has the potential to add gold resources to a future mining development.

READ: Rimfire Pacific Mining identifies high-priority target with potential to host gold mineralisation

The other five targets are Casuarina Valley, Wiggies, Fortuna, Northern Gold and Transit Corridor.

These were also identified during the company’s dual strategy review in the December 2018 half, as it integrated high-resolution gravity survey results with past exploration data from its Sorpresa discovery.

Rimfire's Fifield ground in central west New South Wales, near Peak Mines

Riley spoke on the planned drilling of the six priority targets, saying: “This work plan will provide additional momentum to component I of the dual strategy for the appraisal of the known Sorpresa gold and silver resource.

“(It will) quickly and efficiently assess the immediate surrounds of Sorpresa mineralisation for discovery extensions.”

The targets are suited to surface and bedrock sampling via auger and aircore drilling.

Rimfire was to start its first work phase, auger drilling, in the fortnight following its November 20-22 reports.

The company has timetabled a completion to its data analysis after it receives assay data from the auger drilling, with last assays expected in January 2019.

Capital structure

Rimfire had more than 2,000 shareholders according to figures released on November 15, 2018.

Its top 20 shareholders held 35% of the company, while management held less than 5%.

The company’s top institutional shareholder was New Gold, which held a 2.5% stake.

People power

Rimfire’s team includes geologists with experience working on a variety of projects, including those at greenfields discovery stage through to development.

Kaminsky told Proactive, “We have some very old-school geologists on our team and, to be frank, we’ve had some pretty big companies come to our site to review the quality of their work, their working methods and they rate them as world-class.”

The geologists on the company’s team include business development manager Craig Riley who joined the company in September 2018.

Riley has more than 25 years experience in mining and exploration and a track record in project appraisal and development.

He has experience along the Lachlan belt, at Northparkes Mine, and has previously worked with BHP Group PLC (ASX:BHP) (LON:BHP) (NYSE:BHP) and Rio Tinto Limited (ASX:RIO) (LON:RIO) (NYSE:RIO) (OTCMKTS:RTNTF) and junior companies such as Nautilus Minerals Inc (TSE:NUS), being chief operating officer of a number of junior companies.

Also on the team is consulting project manager and competent person Todd Axford, a geologist of more than 23 years who founded Geko-Co Pty Ltd geological services in 2010.

Consulting senior exploration geologist Colin Plumridge has been with Rimfire since 2004.

Plumridge’s fellow consulting senior exploration geologist Michael Love is a geologist and geoscientist of more than 46 years who explored the Northparkes porphyry copper project mined by China Molybdenum Luoyang Co Ltd (HKG:3993) (SHA:603993) (FRA:D7N) (OTCMKTS: CMCLF).

Board faces

Rimfire chief executive Kaminsky was previously country president for Elders Resources in South Korea and originally joined the Rimfire board in 2014, holding the chairman role for 11 years before becoming MD and CEO.

Chartered accountant and Rimfire chairman McCubbing joined the board in 2016 and also holds posts as a non-executive director of Avenira Ltd (ASX:AEV) (FRA:WTP) (OTCMKTS:MMMKF), Swick Mining Services Ltd and Kasbah Resources Ltd.

Non-executive director Enconniere joined the board in 2005 and draws on her corporate banking, mergers and acquisitions, and project financing experience with organisations such as Citibank, Bank of America Corp (NYSE:BAC), Overseas-Chinese Banking Corp. Limited (SGX:O39) (FRA:OCBA) (OTCMKTS:OVCHY) and National Australia Bank Ltd (ASX:NAB) (FRA:NAL) (OTCMKTS:NABZY) (OTCMKTS:NAUBF).

Non-executive director Greville took a seat at the boardroom table in 2017 after founding West End Mining & Consulting in 2015.

Greville was previously executive general manager of business development and strategy for Xstrata Copper.

— with Danielle Doporto

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Thu, 10 Jan 2019 20:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212364/rimfire-pacific-mining-to-assess-sorpresa-discoveries-this-quarter-212364.html
<![CDATA[News - Rimfire Pacific Mining directors participate in rights issue shortfall ]]> https://www.proactiveinvestors.com.au/companies/news/209792/rimfire-pacific-mining-directors-participate-in-rights-issue-shortfall-209792.html Rimfire Pacific Mining (ASX:RIM) directors have continued to show their confidence in the company by participating in a non-renounceable 1:4 rights issue shortfall.

The shortfall issue follows the company’s non-renounceable rights issue earlier this month which raised $1.1 million.

Non-executive chairman Ian McCubbing and non-executive director Andrew Greville both participated in the shortfall, as approved by shareholders at the company’s annual general meeting on November 15, 2018.

READ: Rimfire Pacific Mining identifies high-priority target with potential to host gold mineralisation

McCubbing acquired 4.338 million shares valued at more than $39,000 and now holds more than 8.857 million shares in two indirect interests.

Greville purchased 1 million shares valued at $9,000 and now holds 2.25 million shares in an indirect interest.

Both also received the same amount of free-attaching options which are exercisable at 2.2 cents per option with expiry on May 1, 2020.

READ: Rimfire Pacific Mining board of directors subscribe to more than 3.1 million shares in rights issue

The board of directors also participated in the earlier rights issue with McCubbing subscribing to 903,877 shares worth more than $8,000 and Greville to 250,000 shares.

Managing director and CEO John Kaminsky subscribed to 222,222 shares, bringing his total holding to more than 33.6 million shares.

Non-executive director Ramona Enconniere subscribed to more than 1.742 million shares valued at more than $15,600, bringing her total holding to more than 10.81 million.

READ: Rimfire Pacific Mining confirms six priority targets near Sorpresa gold and silver discovery

Funds raised from the rights issue and shortfall will be used to implement Rimfire’s dual strategy of assessing the Sorpresa Gold-Silver Project in NSW and regional discovery exploration at the wider Fifield project.

The company recently confirmed six priority targets near Sorpresa through the integration of high-resolution gravity survey results with past exploration data.

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Fri, 23 Nov 2018 09:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209792/rimfire-pacific-mining-directors-participate-in-rights-issue-shortfall-209792.html
<![CDATA[News - Rimfire Pacific Mining identifies high-priority target with potential to host gold mineralisation ]]> https://www.proactiveinvestors.com.au/companies/news/209723/rimfire-pacific-mining-identifies-high-priority-target-with-potential-to-host-gold-mineralisation-209723.html Rimfire Pacific Mining NL (ASX:RIM) has identified Rabbers Lookout as a priority target, just 2-kilometres from the Sorpresa discovery within its wider Fifield project in NSW.

Gravity and magnetic data, as well as previous mapping, has highlighted similarities between Rabbers Lookout and the Sorpresa resource area.

Rimfire believes the new target has the potential to add gold resources to any future mining development.

 

Rimfire business development manager Craig Riley said: “This prospect has many similarities with higher grade areas in the Sorpresa resource, such as Trench 31.

“High-grade zones will be the key contributors to a cash-positive mining development and I look forward to seeing the first-pass exploration results from Rabbers Lookout.”

The company completed a review of high-resolution gravity survey and past exploration data as part of the first component of its dual strategy to monetise the Sorpesa discovery.

Monetisation will provide a positive cash contribution and Rimfire plans to evaluate additional Sorpresa basin exploration targets that are within 5-kilometres of the original discovery, including Rabbers Lookout.

Any new discoveries of similar style mineralisation near the existing known mineralisation have the potential to substantially impact the current economic appraisal of Sorpresa.

READ: Rimfire Pacific Mining confirms six priority targets near Sorpresa gold and silver discovery

With drought conditions making more ground surface visible, and dry dams providing a window into subsurface geology, the Rabbers Lookout area was revisited.

Investigation has indicated substantial locally-transported cover, rendering previous surface soil sampling in the area ineffective and the underlying bedrock geology untested.

Outcropping in the hills on the project’s western side and angular fragments of scree excavated from the local dam indicate a similar sequence of rocks to those found at Sorpresa.

READ: Rimfire Pacific Mining raises $1.1 million to advance Sorpresa development and regional exploration

One of the key gravity features of Sorpresa’s mineralisation is a ‘ridge’ of higher density material trending along the resource’s strike line, representing fluid introduction during mineralisation.

To the west of the higher-grade areas are local gravity lows and a similar gravity and magnetic setting is apparent at Rabbers Lookout.

Rimfire’s immediate priority is to generate a set of bedrock data to better understand the local geology undercover and test for geochemical anomalism.

Initial test holes in the area indicate local cover up to 6-metres thick with the auger able to successfully sample bedrock.

Auger drilling will continue with collection of bedrock samples for assaying.

The company aims to complete as much field work as possible prior to Christmas and finish data analysis once data is received in January.

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Wed, 21 Nov 2018 22:39:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209723/rimfire-pacific-mining-identifies-high-priority-target-with-potential-to-host-gold-mineralisation-209723.html
<![CDATA[News - Rimfire Pacific Mining confirms six priority targets near Sorpresa gold and silver discovery ]]> https://www.proactiveinvestors.com.au/companies/news/209516/rimfire-pacific-mining-confirms-six-priority-targets-near-sorpresa-gold-and-silver-discovery-209516.html Rimfire Pacific Mining NL (ASX:RIM) has confirmed six priority targets through the integration of high-resolution gravity survey results with past exploration data at its Sorpresa discovery in NSW.

The company completed a review of the data as part of the first component of its dual strategy to monetise the Sorpesa discovery, which is in Rimfire’s wider Fifield Project.

Monetisation will provide a positive cash contribution and Rimfire plans to evaluate additional Sorprosa basin exploration targets that are within 5 kilometres of the original discovery.

Any new discoveries of similar style mineralisation near the existing known mineralisation have the potential to substantially impact the current economic appraisal of Sorpresa.

READ: Rimfire Pacific Mining raises $1.1 million to advance Sorpresa development and regional exploration

Rimfire business development manager Craig Riley said: “This work plan will provide additional momentum to component I of the dual strategy for the appraisal of the known Sorpresa gold and silver resource.

“[It is also] quickly and efficiently assessing the immediate surrounds of Sorpresa mineralisation for discovery extensions.”

READ: Rimfire Pacific Mining adds new tenements with potential to host Ordovician age rocks

The new targets are suited to a combination of surface and bedrock sampling via auger and aircore drilling.

As the depth to bedrock can be quite variable the first phase of work will be the auger program.

Auger drilling is a low-impact, low-cost method of drilling that can gather reliable data quickly.

The analysis of this data may allow direct targeting for follow-up reverse circulation drill holes.

Rimfire will has begun detailed work planning on individual prospects and auger drilling will start this week or next, subject to weather.

The company aims to complete as much field work as possible prior to Christmas and finish data analysis once assay data is received in January.

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Mon, 19 Nov 2018 21:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209516/rimfire-pacific-mining-confirms-six-priority-targets-near-sorpresa-gold-and-silver-discovery-209516.html
<![CDATA[News - Rimfire Pacific Mining board of directors subscribe to more than 3.1 million shares in rights issue ]]> https://www.proactiveinvestors.com.au/companies/news/208976/rimfire-pacific-mining-board-of-directors-subscribe-to-more-than-31-million-shares-in-rights-issue-208976.html Rimfire Pacific Mining NL’s (ASX:RIM) board of directors has participated in the explorer’s non-renounceable rights issue, committing to over 3.1 million shares worth about $28,000.

Funds from the $1.1-million capital raising, which will issue a total of more than 125.3 million shares, will be used to implement Rimfire’s dual strategy of assessing the Sopresa Gold-Silver Project in NSW and regional discovery exploration.

READ: Rimfire Pacific Mining raises $1.1 million to advance Sopresa development and regional exploration

Rimfire managing director & CEO John Kaminsky subscribed to a total of 222,222 shares worth $2,000, bringing his total holding to 33,630,391 shares amounting to more than $300,000.

Non-executive chairman Ian McCubbing subscribed to 903,877 shares worth $8,134.90 through two registered holders, increasing his shareholding to more than 4.5 million shares.

Non-executive directors Ramona Enconniere and Andrew Greville also participated in the raising, subscribing to 1,742,464 and 250,000 shares, respectively.

Enconniere’s participation amounted to $15,682 and brings her total holding to 10,812,324 shares while Greville’s 250,000 new shares has brought his total holding to 1.25 million shares.

Each board member received the same amount of free-attaching options as shares in the rights issue.

READ: Rimfire Pacific Mining adds new tenements with potential to host Ordovician age rocks

The 2014 Sorpresa JORC estimate stands at 6.4 million tonnes grading 0.61 g/t gold and 38 g/t silver for 125,000 ounces of gold and 7.9 million ounces of silver.

Work is now in progress to identify potential higher-grade zones.

Preliminary data from a detailed gravity survey conducted at Fifield in September indicated substantially improved resolution and the presence of subtle detail that will allow more efficient and effective assessment and testing of targets.

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Mon, 12 Nov 2018 00:43:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208976/rimfire-pacific-mining-board-of-directors-subscribe-to-more-than-31-million-shares-in-rights-issue-208976.html
<![CDATA[News - Rimfire Pacific Mining raises $1.1 million to advance Sorpresa development and regional exploration ]]> https://www.proactiveinvestors.com.au/companies/news/208455/rimfire-pacific-mining-raises-11-million-to-advance-sorpresa-development-and-regional-exploration-208455.html Rimfire Pacific Mining NL (ASX:RIM) has raised $1,127,765 before costs in a non-renounceable rights issue of more than 125.3 million shares.

The raising comprised one new share for every four held at an application price of 0.9 cents a share, with one free attached option for every new share and commitments over the shortfall to new and ineligible shareholders.

 

Funds will be used to implement Rimfire’s dual strategy of assessing the Sorpresa Gold-Silver Project in NSW and regional discovery exploration.

This will include building on important milestones already established at Sorpresa and advancing the region’s emerging gold and copper signature.

Rimfire chief executive officer John Kaminsky said: “The company has received applications for over $1.1 million before costs in this process.”

He noted that the capital raising had been very successful in the context of difficult global market conditions and thanked shareholders and participants for their ongoing support.

READ: Rimfire Pacific Mining adds new tenements with potential to host Ordovician age rocks

The raising includes about $50,000 over-subscription from Rimfire’s chairman Ian McCubbing and non-executive director Andrew Greville, as well as pre-subscriptions for the shortfall from sophisticated and ineligible shareholders.

More than 55 million shortfall shares have been applied for out of the total 235.8 million offered, leaving 110.5 million shortfall shares available to be placed.

Kaminsky said Rimfire was continuing to work with CPS Capital to place shortfall shares through the Perth-based broker’s various networks.

Nearly 70 million shares, including oversubscriptions, were applied for during the placement.

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Sun, 04 Nov 2018 19:43:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208455/rimfire-pacific-mining-raises-11-million-to-advance-sorpresa-development-and-regional-exploration-208455.html
<![CDATA[News - Rimfire Pacific Mining adds new tenements with potential to host Ordovician age rocks ]]> https://www.proactiveinvestors.com.au/companies/news/207989/rimfire-pacific-mining-adds-new-tenements-with-potential-to-host-ordovician-age-rocks-207989.html Rimfire Pacific Mining NL (ASX:RIM) has received the offer of grant for two new exploration authorities (tenements) in New South Wales in an area where rocks have been reinterpreted by Rimfire geoscientists as Ordovician age.

If the reinterpretation is correct, the area could potentially host significant copper-gold mineral systems similar to Cowal and Northparkes mines.

Inclusive of the new 234 square kilometre area, Rimfire now has 915 square kilometres of ground in central New South Wales, considered highly prospective for significant discoveries.

New exploration authorities (ELA 5708 and ELA 5709)

Rimfire CEO John Kaminsky said: “The company is delighted to secure these new highly prospective authorities that is thought to hold additional Ordovician age volcanics and leverage our local area knowledge with our proven technical expertise.”

“The company continues to benefit from Mick Love’s experience and advice in identifying potential areas of Cowal and Northparkes style mineralisation.”

READ: Rimfire Pacific outlines $2.1 million rights issue to fund dual strategy

Kaminsky added: “The company intends to commence initial reconnaissance work over the new EL’s in the upcoming months to identify priority areas for drilling.

“This is an exciting time for the company as it combines its well applied technical rigor with new concepts to support the extension of mineralisation models that have led to discovery success such as the Sorpresa gold and silver resource (Fifield) Project.”

READ: Rimfire Pacific Mining to assess potential high grade zones at Sorpresa ]]>
Mon, 29 Oct 2018 17:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207989/rimfire-pacific-mining-adds-new-tenements-with-potential-to-host-ordovician-age-rocks-207989.html
<![CDATA[News - Rimfire Pacific Mining completes gravity survey at Fifield ]]> https://www.proactiveinvestors.com.au/companies/news/207712/rimfire-pacific-mining-completes-gravity-survey-at-fifield-207712.html Rimfire Pacific Mining NL (ASX:RIM) continues to increase its understanding of the Fifield Project in New South Wales after completing a detailed gravity survey.

The survey covered 200 square kilometres and the final data compilation is expected by early November.

Notably, preliminary data indicates significantly improved resolution and the presence of subtle detail that will allow more efficient and effective assessment and testing of targets.

READ: Rimfire Pacific Mining to assess potential high grade zones at Sorpresa

Rimfire’s CEO John Kaminsky said: “This gravity survey should enhance our other recent work completed in mapping, sampling and magnetic geophysics reviews in the Southern and Central areas reported (ASX 3rd July 2018: Fieldwork in the Southern Project Area Highlights Gold Potential).

“The additional selected areas surveyed around Sorpresa, including the Fortuna gold anomaly to the north, and areas to the south-west, should both benefit from the gravity survey.

“This looks interesting, particularly as we know that the historic gravity has a good correlation with the Sorpresa mineralisation.

Preliminary survey data looks encouraging

“The preliminary survey data definitely looks encouraging and is providing greater insights than the publicly available low-resolution regional gravity data.

“Finalising the data compilation, integration and interpretation will be important in prioritising the next steps in these exciting surveyed areas and should further advance the implementation of the company’s strategic pursuits of new discoveries within the Fifield Project.”

Rimfire's major focus is its Fifield Project where it discovered the Sorpresa gold-silver deposit, revealing a maiden resource in 2014.

Since then, multiple prospects involving hard rock potential for gold, silver, copper and platinum have been established within a 6-kilometre radius from Sorpresa.

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Wed, 24 Oct 2018 12:32:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207712/rimfire-pacific-mining-completes-gravity-survey-at-fifield-207712.html
<![CDATA[News - Rimfire Pacific Mining to assess potential high grade zones at Sorpresa ]]> https://www.proactiveinvestors.com.au/companies/news/207033/rimfire-pacific-mining-to-assess-potential-high-grade-zones-at-sorpresa-207033.html Rimfire Pacific Mining NL (ASX:RIM)  believes the identification of high-grade zones within the Sorpresa gold-silver deposit in New South Wales can unlock significant value.

By integrating the original drilling used in the 2014 resource estimate with more recent data, the company believes it could achieve a greater understanding of any potential value upside.

The successful identification of higher grade mineralisation zones would reframe the approach to further assessment of the Sorpresa deposit.

READ: Rimfire Pacific outlines $2.1 million rights issue to fund dual strategy

Rimfire’s CEO John Kaminsky said: “The company is moving forward with the dual strategy of pursuing the known Sorpresa gold and silver resource appraisal, including the immediate surrounds of Sorpresa for discovery extension, and the potential for discovery of large-scale gold and copper mineralisation in the region.

“Craig has added strong impetus and capability to both of these strategic objectives, and we are delighted with the progress and planning he has been able to bring to the project area so quickly.

“The additional funding sought in the recently announced rights issue (ASX 4 October 2018) will be well deployed pursuing these goals, and we look forward to providing further updates to shareholders.”

Work underway to assess Sorpresa, gravity results pending

The 2014 Sorpresa JORC estimate stands at 6.4 million tonnes grading 0.61 g/t gold and 38 g/t silver for 125,000 ounces of gold and 7.9 million ounces of silver.

Work is now in progress to identify potential higher grade zones.

Furthermore, a the detailed gravity survey at Fifield outlined in September has been complete and the data is being analysed so results can be released.

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Mon, 15 Oct 2018 14:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207033/rimfire-pacific-mining-to-assess-potential-high-grade-zones-at-sorpresa-207033.html
<![CDATA[News - Rimfire Pacific outlines $2.1 million rights issue to fund dual strategy ]]> https://www.proactiveinvestors.com.au/companies/news/206346/rimfire-pacific-outlines-21-million-rights-issue-to-fund-dual-strategy-206346.html Rimfire Pacific Mining NL (ASX:RIM) is set to open a 1:4 non-renounceable rights issue priced at 0.9 cents to raise up to $2.1 million.

For every new share, participants will receive one free attaching option exercisable at 2.2 cents expiring 1 May 2020.

Funds will be used to implement the dual strategy of assessing the Sorpresa Gold Silver Project and regional discovery exploration.

READ: Rimfire Pacific Mining enters trading halt ahead of capital raising

Funding will enable Rimfire to continue with its work programs at the Fifield Project area in New South Wales.

This includes building upon the important milestones already established at Sorpresa and further advancing the regional discovery of an emerging gold and copper signature.

Rimfire’s CEO John Kaminsky said: “The company looks forward to unlocking a potential pathway for economic success at Sorpresa with the objective of generating some cash for future extensional and regional discovery programs, which remain highly prospective.

New Gold partnership has proved successful

“The New Gold Inc. partnership recognised the potential of the Fifield Project area to yield large discoveries, and this foundation of work in 2017/18 has underpinned parts of our regional opportunities going forward.

Notably, the company continues to seek potential commercial partners for its project areas.

Kaminsky added: “The company has now significantly transformed the Fifield district with a clear gold and copper association.

“Rimfire’s Fifield Project occurs in one of the most important gold-copper corridors in the world, the LTZ (Lachlan Transverse Zone), and we are now well placed to pursue “company making discoveries” that have a capacity to transform the company.”

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Thu, 04 Oct 2018 13:42:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206346/rimfire-pacific-outlines-21-million-rights-issue-to-fund-dual-strategy-206346.html
<![CDATA[News - Rimfire Pacific Mining enters trading halt ahead of capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/206246/rimfire-pacific-mining-enters-trading-halt-ahead-of-capital-raising-206246.html Rimfire Pacific Mining NL (ASX:RIM) has been granted a trading halt by the ASX pending the release of an announcement regarding a capital raising.

The halt will remain in place until the earlier of the start of normal trading on Friday, October 5, or when the announcement is released to the market.

READ: Rimfire Pacific to assess Sorpresa economics, pursue regional exploration potential

Rimfire is carrying out a dual strategy of conducting an economic assessment of its Sorpresa discovery in New South Wales parallel to reviewing the discovery potential in the wider Fifield district.

Sorpresa’s gold and silver resource was discovered in 2011 and Rimfire confirmed in 2014 that it had intersected a new zone of mineralisation at Fifield.

The focus of ongoing work since then – including mapping, drilling and metallurgy – has been to advance the resource definition at Sorpresa.

Potential development of a mining operation

A complete review and integration of all past work at Sorpresa will determine if the identified high-grade zones will provide sufficient mineralisation, at a suitable cut-off grade, to allow development of a mining operation.

This could then give Rimfire a future source of funding to assist with exploration costs.

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Wed, 03 Oct 2018 12:41:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206246/rimfire-pacific-mining-enters-trading-halt-ahead-of-capital-raising-206246.html
<![CDATA[News - Rimfire Pacific to assess Sorpresa economics, pursue regional exploration potential ]]> https://www.proactiveinvestors.com.au/companies/news/205600/rimfire-pacific-to-assess-sorpresa-economics-pursue-regional-exploration-potential-205600.html Rimfire Pacific Mining NL (ASX:RIM) is to begin a dual strategy of conducting an economic assessment of its Sorpresa discovery in New South Wales parallel to reviewing the discovery potential in the wider Fifield district.

The company has appointed business development manager Craig Riley to oversee both the potential monetisation of Sorpresa and regional discovery growth through the technical field team.

A complete review and integration of all past work at Sorpresa will determine if the identified high-grade zones will provide sufficient mineralisation, at a suitable cut-off grade, to allow development of a mining operation.

This could then give Rimfire a future source of funding to assist with exploration costs.

 

Rimfire chief executive officer John Kaminsky said Craig Riley had the experience and technical skills to lead a full economic assessment of the Sorpresa existing resource.

Kaminsky said: “[Riley has] the knowledge to seek mineralisation extensions at Sorpresa and to discover further mineralisation in the Fifield project areas.

“The company looks forward to unlocking a potential pathway for economic success at Sorpresa with the objective of generating some cash for future extensional and regional discovery programs, which remain highly prospective.

“The gravity survey, currently underway, is the next step in this regional work.”

READ: Rimfire Pacific Mining chairman adds to stake

Sorpresa’s gold and silver resource was discovered in 2011 and Rimfire confirmed in 2014 that it had intersected a new zone of mineralisation at Fifield.

The focus of ongoing work since then – including mapping, drilling and metallurgy – has been to advance the resource definition at Sorpresa.

This would provide a better understanding of the structural and geological controls on the gold and silver mineralisation as well as the processability of the discovery.

READ: Rimfire Pacific Mining prepares for large-scale gravity survey at Fifield

The broader Fifield area remains prospective for further discoveries, including large-scale porphyry-style gold or copper-gold systems in the Ordovician volcanic geology.

This age of geology is host to the nearby Cowal and Northparkes mines, owned by Evolution Mining (ASX:EVN) and China Molybdenum, respectively.

There has been limited historical exploration work focusing on porphyry-style mineralisation in this area of Fifield as the rocks were misinterpreted as the wrong age.

The reassessment by Rimfire geologists and interpretation of the area as an Ordovician volcanic package has fundamentally changed the prospectivity of the area.

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Tue, 25 Sep 2018 01:27:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205600/rimfire-pacific-to-assess-sorpresa-economics-pursue-regional-exploration-potential-205600.html
<![CDATA[Media files - Rimfire commences assessment of options to monetise the Sorpresa gold project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10389/rimfire-commences-assessment-of-options-to-monetise-the-sorpresa-gold-project-10389.html Thu, 06 Sep 2018 23:03:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10389/rimfire-commences-assessment-of-options-to-monetise-the-sorpresa-gold-project-10389.html <![CDATA[News - Rimfire Pacific Mining chairman adds to stake ]]> https://www.proactiveinvestors.com.au/companies/news/204332/rimfire-pacific-mining-chairman-adds-to-stake-204332.html Rimfire Pacific Mining NL (ASX:RIM) non-executive chairman Ian McCubbing has upped his stake in the company by more than 1 million shares in an on-market acquisition valued at $11,450.34.

The chartered accountant holds his interest in the company through two different legal structures, his superannuation fund BIMH Pty Ltd, the Union Street Super Fund A/C, and the company Anderby QLD Pty Ltd.

READ: Rimfire Pacific Mining prepares for large-scale gravity survey at Fifield

McCubbing picked up 1,041,221 shares on September 3, putting the approximate value at 1.1 cents each.

McCubbing is also a non-executive director at three other Australian Securities Exchange-listed resources related companies — Avenira Ltd (ASX:AEV) (FRA: WTP), Swick Mining Services Ltd (ASX:SWK) and Kasbah Resources Ltd (ASX:KAS).

He now holds 2,555,506 Fully paid ordinary shares through Anderby and 1,060,000 Fully paid ordinary shares though BIMH, putting the value of his stake at $43,387.47 using today’s 1.2-cent closing price.

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Thu, 06 Sep 2018 05:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204332/rimfire-pacific-mining-chairman-adds-to-stake-204332.html
<![CDATA[News - Rimfire Pacific Mining prepares for large-scale gravity survey at Fifield ]]> https://www.proactiveinvestors.com.au/companies/news/204188/rimfire-pacific-mining-prepares-for-large-scale-gravity-survey-at-fifield-204188.html Rimfire Pacific Mining NL (ASX:RIM) has secured a contractor to complete a detailed gravity survey over 240 square kilometres of its Fifield Project in New South Wales.

The survey is targeting areas that have been identified as the most prospective for Northparkes and Cowal style gold-copper deposits.

The immediate focus is the Southern Ordovician area complements recently completed mapping and sampling programs.

The survey is expected to commence the second week of September with results available early October.

READ: Rimfire Pacific strengthens team with appointment of business development manager

Rimfire’s CEO John Kaminsky said: “This gravity survey is a logical next step to further leverage the invaluable mapping and sampling work to date in this highly prospective and emerging Southern Ordovician Volcanics area, which was previously unrecognised.

“The gravity survey will provide an important extra layer of data to help guide our subsequent drilling in the gravity surveyed areas.

“Close space gravity previously used by the company provided an excellent correlation to the spatial position of the Sorpresa gold and silver discovery.

"On a larger district scale, anomalous gravity lows coincident with magnetic highs have been representative geophysical signatures of deposits at Cowal and Northparkes.

“Variations on these deposit themes are possible at Fifield, given the geological and geochemistry setting, with gravity providing further insights.”

READ: Rimfire Pacific Mining reveals potential for large-scale gold mineralisation at Fifield

Fieldwork results from July 2018 in the Southern area of its Fifield Project has highlighted the potential for large-scale gold mineralisation.

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Wed, 05 Sep 2018 12:01:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204188/rimfire-pacific-mining-prepares-for-large-scale-gravity-survey-at-fifield-204188.html
<![CDATA[News - Rimfire Pacific strengthens team with appointment of business development manager ]]> https://www.proactiveinvestors.com.au/companies/news/202924/rimfire-pacific-strengthens-team-with-appointment-of-business-development-manager-202924.html Rimfire Pacific Mining NL (ASX:RIM) has strengthened its resource industry experience and skills base by appointing Craig Riley as business development manager.

The appointment takes effect on September 17 and comes as Rimfire pursues exploration at its suite of prospects in the Fifield area of central NSW and development of the Sorpresa gold and silver discovery.

The new role will focus on unlocking the potential of the Fifield project area.

READ: Rimfire Pacific Mining will further examine gold potential of Fifield project

Rimfire’s CEO John Kaminsky said: “On behalf of the directors and management, I would like to welcome Craig to the company.

“His appointment continues to strengthen the exploration, operations and development capability now assembled by the company.

“A short-term priority for Craig will be to advance the development of the Sorpresa gold and silver resource whilst continuing the implementation of the district-wide discovery programs.”

Senior exploration geologist Colin Plumridge and Craig Riley at Sorpresa.

READ: Rimfire Pacific adds scandium to battery metals mix at Avondale prospect

Riley, a qualified geologist, brings more than 25 years of exploration and mining industry experience in appraisal and development of exploration projects across a range of commodities.

He has held positions of chief operating officer or similar roles for a variety of junior companies with responsibility for exploration, mining geology, concept to feasibility studies and project execution.

“Significant experience”

Kaminsky said: “Craig has significant experience with major mining companies such as BHPB and Rio Tinto at Northparkes operations as well as junior companies including Nautilus Minerals.

“His broad technical knowledge with commercial relevance and his understanding of the resource industry value chain will be of great benefit as we seek to go to the next level as a company.

“Previously Craig has worked in the East Lachlan Fold Belt where the Fifield project is located and has more recently visited and reviewed the company’s project area.

“We anticipate his perspective will enable him to quickly contribute to the operational and strategic needs of the company.

“In addition, Craig will assist the company in its continued investigations of new partnership opportunities to help accelerate the overall development potential and the substantial pipeline of discovery prospects now established in the Fifield project.”

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Wed, 15 Aug 2018 16:15:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202924/rimfire-pacific-strengthens-team-with-appointment-of-business-development-manager-202924.html
<![CDATA[News - Rimfire Pacific Mining will further examine gold potential of Fifield project ]]> https://www.proactiveinvestors.com.au/companies/news/201881/rimfire-pacific-mining-will-further-examine-gold-potential-of-fifield-project-201881.html Rimfire Pacific Mining NL (ASX:RIM) will carry out further exploration in the next two months aimed at advancing the gold potential of the Southern area of its Fifield project in Central West NSW.

The work program includes ongoing geological fieldwork, sampling and mapping along with a major gravity geophysical survey aimed at improving the resolution on regional data.

Also planned are auger and aircore drilling programs of around 2,000 metres to refine understanding of the geology, geochemistry and depth of cover.

READ: Rimfire Pacific Mining reveals potential for large-scale gold mineralisation at Fifield

CEO John Kaminsky said: “The well-executed work programs continue to provide encouraging results and further reinforces the diverse mineralisation the company has within its Fifield project.

“Mick Love’s fieldwork in the Southern area has been very encouraging and enabled the

integration of this area with the detailed knowledge gained elsewhere at Fifield.

“Mick’s district experience with the Cowal and Northparkes discoveries is very relevant in this Southern area, where the company sees additional potential for gold mineralisation.”

Southern area focus

The discovery work programs in the Southern area will provide further context to the geology and mineralisation observations.

This information will be integrated with the other known prospects already identified by the company, in the Central and Eastern Ordovician areas, including Transit and Steeton prospects.

READ: Rimfire Pacific adds scandium to battery metals mix at Avondale prospect

During the June quarter, Rimfire undertook a range of drilling and sampling programs.

In addition, large-scale geologic mapping occurred, particularly focused on the Southern tenement areas to target potential gold prospects.

The company also spent considerable time applying re-interpretations to the large data sets associated with the various prospect areas.

This resulted in a ranking review, which is leading the planning process into new field programs of various types.

READ: Rimfire Pacific Mining NL’s drilling confirms cobalt-nickel potential at Tout East

At Tout East prospect, Rimfire demonstrated diverse mineralisation, including cobalt.

Drilling also intersected nickel, scandium, copper and gold.

At Avondale drilling also confirmed the presence of nickel, cobalt and scandium.

Kaminsky said: “The company continues to investigate additional major corporate partnership opportunities to assist the acceleration of the discovery potential for large-scale mineralisation at Fifield.

“A new partnership is worthy of consideration, given the previous track record of the company and quality of the project.”

Seeking additional tenements

Rimfire has recently applied for additional tenements in the Central NSW area.

Desktop reviews show that these have the potential for additional discovery targets similar to those found in the Southern area of the Fifield project

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Tue, 31 Jul 2018 15:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201881/rimfire-pacific-mining-will-further-examine-gold-potential-of-fifield-project-201881.html
<![CDATA[News - Rimfire Pacific Mining reveals potential for large-scale gold mineralisation at Fifield ]]> https://www.proactiveinvestors.com.au/companies/news/199996/rimfire-pacific-mining-reveals-potential-for-large-scale-gold-mineralisation-at-fifield-199996.html Rimfire Pacific Mining NL’s (ASX:RIM) fieldwork in the Southern area of its Fifield project has highlighted the potential for large scale gold mineralisation.

The updated interpretation of bedrock geology has identified key district geology with known association to economic gold (and copper) mineralisation seen elsewhere in the district.

Rimfire is now planning new discovery work programs to advance the potential of the Southern area.

These programs will provide further context to the mineralisation for integrating with other known prospects already identified by Rimfire in the Central and Eastern Ordovician areas.

READ: Rimfire Pacific Mining receives encouraging early stage drill results from Fifield project

Rimfire chief executive officer John Kaminsky said: “The field investigations in the Southern area were undertaken by senior geologist, Mike Love, whose district knowledge and experience historically include extensive exploration and discovery work on the Cowal and Northparkes deposits.

“Mike has provided an invaluable contribution to the Southern areas of the Fifield Project, which are now more integrated with the discovery concepts in the northern areas of the project.

“The technical team assembled by the company for the next stage of discovery outcomes has now completed detailed ranking of the prospects, and work plan priorities, with an exciting few months ahead.”

Strong pipeline of discovery opportunities

Kaminsky added: “We would expect to be engaging drilling and geophysical contractors shortly, for commencement July/August.

“The company is simultaneously investigating additional partnership opportunities to assist the acceleration of the strong pipeline of discovery opportunities now established in the Fifield Project.

“The diverse geology and complex structural setting, combined with the variety of metals, including gold, silver, copper, platinum and cobalt in the project area is unusual.

“This continues to indicate a very desirable project setting for major ore deposit discoveries in the company’s view.”

READ: Rimfire Pacific adds scandium to battery metals mix at Avondale prospect ]]>
Tue, 03 Jul 2018 14:42:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199996/rimfire-pacific-mining-reveals-potential-for-large-scale-gold-mineralisation-at-fifield-199996.html
<![CDATA[News - Rimfire Pacific adds scandium to battery metals mix at Avondale prospect ]]> https://www.proactiveinvestors.com.au/companies/news/196303/rimfire-pacific-adds-scandium-to-battery-metals-mix-at-avondale-prospect-196303.html Rimfire Pacific Mining NL (ASX:RIM) has confirmed cobalt and nickel mineralisation in drilling at the Avondale prospect of its Fifield project with scandium added to the mix.

Assay results from a recent 11-hole drilling program at Avondale returned a best cobalt intersection of 20 metres from 10 metres at 0.10% cobalt and 0.18% nickel, including 8 metres from 12 metres at 0.14% cobalt and 0.22% nickel.

Within this was an interval of 2 metres from 14 metres which assayed 0.18% cobalt and 0.23% nickel.

READ: Rimfire Pacific shares surge 24% after historic data points to the nickel and cobalt potential of platinum prospect

CEO John Kaminsky said: “The review of cobalt observations continues at a number of levels at Fifield with the Avondale prospect now providing strong encouragement with these latest results.”

The best nickel intersection was 10 metres at 0.52% nickel and 0.05% cobalt from 18 metres with the best interval being 2 metres at 0.83% nickel and 0.06% cobalt from 20 metres.

Scandium identified

Drilling has also identified scandium with the best intersection being 24 metres at 310 ppm scandium, 0.05% cobalt and 0.18% nickel from 20 metres.

Kaminsky said: “The assay results confirm some very significant intercepts for nickel and cobalt.

“With the intersection of scandium, we now have the full metal suite of elements at Avondale that are seen at the adjacent Tout Complex of CleanTeq Holdings Limited (ASX:CLQ).”

Pulp samples resubmitted

Rimfire has also resubmitted to ALS Laboratories historical pulp samples for multi-element analysis.

The resubmitted pulps are expected to increase the density of cobalt, nickel and scandium data and this will help the understanding of the broader potential at Avondale.

“We are still dealing with information gaps in the historical data,” Kaminsky said, “so making appropriate re-submissions of some of the historic pulps for re-assay for cobalt and nickel is a logical next step.

“We will then be in a position to determine the subsequent drilling plans at Avondale.”

Historically targeted for platinum

He said it should also be remembered that the Avondale area was historically targeted for its platinum potential, yielding historic platinum results of the order 0.5 to 1 g/t.

“Whilst we have not assayed this latest drilling for platinum, it is our intention to do this at a later date.”

The prospective geological units are thought to extend for 2.5 kilometres.

The next stages of drilling should provide a further understanding of continuity, thickness and grade of cobalt already identified.

This is seen to exist between limited sample points across a current 1.3-kilometre extent.

READ: Rimfire Pacific Mining NL’s drilling confirms cobalt-nickel potential at Tout East

The CEO said: “The results at Tout East and Avondale demonstrate the capacity for the company to advance the potential for cobalt-nickel-scandium mineralisation at Fifield.

“In parallel, the company continues the strong focus already established for additional gold-copper discoveries in the district.”

Rimfire’s Fifield project is in the same geological setting as Clean Teq’s Sunrise deposit and the Flemington deposit of Australian Mines Limited (ASX:AUZ), both of which are nearby.

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Thu, 03 May 2018 14:31:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196303/rimfire-pacific-adds-scandium-to-battery-metals-mix-at-avondale-prospect-196303.html
<![CDATA[News - Rimfire Pacific Mining NL’s drilling confirms cobalt-nickel potential at Tout East ]]> https://www.proactiveinvestors.com.au/companies/news/196206/rimfire-pacific-mining-nls-drilling-confirms-cobalt-nickel-potential-at-tout-east-196206.html Rimfire Pacific Mining NL (ASX:RIM) has confirmed encouraging cobalt-nickel-scandium results from drilling at the Tout East prospect within its Fifield project in New South Wales.

The thickest intersection was 29 metres at 0.06% cobalt, 0.16% nickel and 182 ppm scandium from 15 metres, which includes 6 metres at 0.18% cobalt, 0.17% nickel and 0.044% scandium.

READ: Rimfire Pacific Mining receives encouraging early stage drill results from Fifield project

Gold and base metal anomalism is also present in parts of Tout East with the best intersection of 3 metres at 0.08% copper and 0.137 g/t gold from 18 metres.

Large gold-copper footprint established in the district

The mineralisation sits within an intrusive complex which is the setting of CleanTeq’s (ASX:CLQ) Sunrise deposit and Australian Mines’ (ASX:AUZ) Flemington deposit, each of which are located close to Fifield.

Rimfire chief executive officer John Kaminsky said: “Aircore drilling results received for the Tout East program demonstrate both lateritic cobalt-nickel-scandium potential and gold-base metals potential across parts of the broad area tested by recent drilling.

“The elevation in copper and gold anomalism was somewhat unexpected, and is considered encouraging for the Tout East area, given the interplay of the geological setting, and the noted large gold-copper footprint now established by the company in the district (which includes Fortuna, Transit and Steeton prospect areas).”

Next steps

The mixed nature of the results indicates the current drill hole spacing (250 metres x 250 metres in the northwest and locally focused in the southeast) is inadequate to define coherent mineralisation.

Rimfire will now incorporate the new drilling results with the previous drilling results from programs implemented through 2017 (under New Gold Inc.).

The objective is to improve the understanding of the geology and mineralisation distribution across the area.

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Wed, 02 May 2018 13:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196206/rimfire-pacific-mining-nls-drilling-confirms-cobalt-nickel-potential-at-tout-east-196206.html
<![CDATA[News - Rimfire Pacific Mining looking for Lake Cowal style gold potential ]]> https://www.proactiveinvestors.com.au/companies/news/193510/rimfire-pacific-mining-looking-for-lake-cowal-style-gold-potential-193510.html Rimfire Pacific Mining NL (ASX:RIM) will complete field investigations for Lake Cowal style gold mineralisation over the southern portion of its Fifield Project in New South Wales.

Geological mapping with sampling has commenced and will cover an area of 140 square kilometres.

It is expected to be complete by April.

READ: Rimfire Pacific Mining receives encouraging early stage drill results from Fifield project

Rimfire’s CEO John Kaminsky said: “This is an opportunity to look for the applicability of gold mineralizing concepts in our district, that apply to the south of us, at Lake Cowal, owned by Evolution Mining (ASX:EVN).

“It has certainly been our view that the north-south orientation of geological structures through this part of NSW has a likely bearing on the gold mineralizing positions occurring at Fifield also.”

Consulting geologist with experience in the area being used

Rimfire has engaged consulting geologist Mike Love who has significant experience working in the Lake Cowal area which is located 100 kilometres to the south of Fifield.

Kaminsky added: “It’s great having Mike on board with his extensive experience at Lake Cowal, heading this program.

“Rimfire’s detailed magnetic survey indicates a north-south structure orientation over our tenements at the southern end, so it will be interesting to see how we are able to build on this with Mike’s concepts through the planned field work.

Program also to reveal information about cobalt prospect

“The new work in this area also takes in the Avondale cobalt prospect, so more light is likely to be shed generally on the context for the broader mineralising potential here.”

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Wed, 21 Mar 2018 13:54:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193510/rimfire-pacific-mining-looking-for-lake-cowal-style-gold-potential-193510.html
<![CDATA[News - Rimfire Pacific Mining receives encouraging early stage drill results from Fifield project ]]> https://www.proactiveinvestors.com.au/companies/news/193348/rimfire-pacific-mining-receives-encouraging-early-stage-drill-results-from-fifield-project-193348.html Rimfire Pacific Mining NL (ASX:RIM) has provided an update on results and progress of first pass drilling programs on the Northern View and Tout East prospects within its Fifield Project.

The project is in New South Wales, relatively close to proven cobalt deposits.

John Kaminsky, chief executive officer, said: “It was pleasing to confirm the presence of cobalt and gold on the first pass drilling at Northern View, as the larger 1.5-kilometre diameter area remains prospective.”

Presence of gold consistent with nearby deposits

Features of this early stage drilling program included 10 metres at 332 parts per million (ppm) cobalt from 14 metres.

Anomalous gold was also encountered, consistent with deposits such as Sorpressa which lies only a few kilometres to the west.

In fact there are many proven deposits in close proximity to Fifield, and more specifically its Avondale platinum deposit.

READ: Rimfire Pacific shares surge 24% after historical data points to the nickel and cobalt potential of platinum prospect Confirmation of cobalt and gold is encouraging

Samples have been submitted to the laboratory for testing, but management is buoyed by what it has seen to date.

Kaminsky said: “Results are expected within the next 4 to 6 weeks, and should these be positive, they may provide the basis to undertake an additional set of work programs on each of these areas according to the relative potential for cobalt mineralisation.”

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Mon, 19 Mar 2018 13:46:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193348/rimfire-pacific-mining-receives-encouraging-early-stage-drill-results-from-fifield-project-193348.html
<![CDATA[News - Rimfire Pacific Mining gets drill bit spinning to confirm cobalt and nickel potential at Fifield ]]> https://www.proactiveinvestors.com.au/companies/news/192890/rimfire-pacific-mining-gets-drill-bit-spinning-to-confirm-cobalt-and-nickel-potential-at-fifield-192890.html Rimfire Pacific Mining NL (ASX:RIM) has started a new drill program aimed at confirming and extending cobalt and nickel mineralisation at its Fifield project in Central West New South Wales.

Eleven reverse circulation and aircore holes are planned for up to 500 metres at the Avondale prospect and the program is expected to be completed within a week.

READ: Rimfire Pacific shares surge 24% after historic data points to the nickel and cobalt potential of platinum prospect

As the drill rig was in the district, CEO John Kaminsky said, “it was very opportune to swing the rig onto Avondale for a rapid follow through on our historic compilation of cobalt and nickel numbers”.

Historical work which included 5 metres at 0.12% cobalt and 0.27% nickel from 12 metres, and 11 metres at 1.46% nickel and 0.03% cobalt from 13 metres.

Rimfire Pacific’s projects are in the Lachlan Transverse Zone.

Kaminsky said: “These results, when combined with the new holes and re-submission of some of the historic pulps for re-assay, could start to see a solid advance in the Avondale prospect for cobalt and nickel.”

READ: Rimfire Pacific Mining NL assumes 100% ownership of Fifield copper-gold project

After results are received from the new program, a review of Avondale will be carried out with the intention of more detailed exploration to understand continuity, thickness and grade.

“Positive results will provide a basis to undertake a more comprehensive program of work aimed at determining resource potential,” the CEO said.

As Clean TeQ Holdings Limited (ASX:CLQ) heads towards development of the neighbouring Sunrise cobalt deposit “it certainly gives a potential commercial underpinning to any additional cobalt discoveries in the district, like Avondale”, he said.

“The cobalt and nickel prices have had positive gains in recent times offering continued incentive to accelerate the work on our observations for these metals.”

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Fri, 09 Mar 2018 10:54:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192890/rimfire-pacific-mining-gets-drill-bit-spinning-to-confirm-cobalt-and-nickel-potential-at-fifield-192890.html
<![CDATA[News - Rimfire Pacific shares surge 24% after historic data points to the nickel and cobalt potential of platinum prospect ]]> https://www.proactiveinvestors.com.au/companies/news/192564/rimfire-pacific-shares-surge-24-after-historic-data-points-to-the-nickel-and-cobalt-potential-of-platinum-prospect-192564.html Shares in Rimfire Pacific Mining NL (ASX:RIM) rose 24% after it said historic assay results for the Avondale platinum deposit suggest the area could be prospective for nickel and cobalt.

Drill work, which gets underway later this month or in April, will help build a picture of the area.

Avondale is 13km from the company’s Fifield Project in New South Wales and previous exploration work focused on whether the deposit was rich in platinum group metals.

Re-assaying done in 2004 of drill programs conducted during 2002 and 2003 confirmed the presence of cobalt with nickel. Separate multi-element assays delivered “significant” nickel results.

The best cobalt intersection was 5 metres at 0.12% of the metal, which is used in batteries, along with 0.27% nickel.  The best nickel intersection was 11 metres at a grade of 1.46% with traces of cobalt. READ: Rimfire expands gold and copper signature

With the nickel price now in the vicinity of $18,000 per tonne, “the nickel potential will form a part of our investigations as we move this prospect forward”, said Rimfire chief executive John Kaminsky.

“We were able to examine unpublished cobalt assays, attribute these results to the exact holes and spatial locations successfully,” he added, walking investors through the process of screening the information. 

“We were fortunate enough to also locate some of the original archived drill cuttings and laboratory pulps. 

“These drill cuttings have been examined, and we have satisfied ourselves that the geology looks promising and capable to host cobalt mineralisation."

Drilling planned

CEO Kaminsky conceded the Rimfire team is dealing with “information gaps” in the data.

So, the plan is to validate the historic work with some newly-planned drill holes. There will also be “appropriate re-submissions of some of the historic pulps for re-assay for cobalt and nickel”. This should occur later this month or in April.

The shares rose $0.026 to $0.005, valuing the business at just shy of $23 million.

World-class mining zone

As mentioned above, Rimfire’s focus is on the Fifield district, in central NSW, which is within the Lachlan Transverse Zone (LTZ), one of the most important copper-gold corridors globally.

Foreign investors in the LTZ include China Molybdenum and Sumitomo, Glencore, Yunnan Tin and, most recently, New Gold (TSE:NGD).

Fifield itself is the only substantial area in Australia where platinum was mined.

However, gold and silver have been the focus for Rimfire as it has developed the Sorpresa discovery, which has a JORC resource of 125,000 ounces of the yellow metal along with 7.9 million ounces of silver. 

Five advanced prospects

Within its property, it has five advanced regional prospects within a 6km radius of Sorpresa that are undergoing drilling and assessment and there are around 30 prospects in all.

CLICK HERE: For the latest investor presentation

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Tue, 06 Mar 2018 08:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192564/rimfire-pacific-shares-surge-24-after-historic-data-points-to-the-nickel-and-cobalt-potential-of-platinum-prospect-192564.html
<![CDATA[News - Rimfire Pacific Mining NL assumes 100% ownership of Fifield copper-gold project ]]> https://www.proactiveinvestors.com.au/companies/news/192139/rimfire-pacific-mining-nl-assumes-100-ownership-of-fifield-copper-gold-project-192139.html Rimfire Pacific Mining NL (ASX:RIM) has been notified by New Gold Inc. (TSE:NGD) of its intention to not proceed with the next stage of the Fifield earn-in agreement.

New Gold Inc. invested $2 million in the polymetallic Fifield project located in New South Wales during the 12 months to December 31, 2017.

This assisted in alleviating some of the start-up risk for Rimfire, and the company now has the ability to progress the project with 100% ownership and no dilution.

Rimfire to continue drilling

A strong foundation has been established for discovery growth going into 2018, and the company will be targeting copper and gold mineralisation as well as other prospects.

John Kaminsky, chief executive officer, said: “We will continue with the completion of drilling programs in the Tout East and Area 2 locations.

“Recommencement of this work is due to start next week, and a new mapping program should start in March.

“A historic review of cobalt observations continues within the Fifield project area, and we expect system news flow in 2018.”

Fifield benefits from established infrastructure

The Fifield area is well supported with access to infrastructure and skills suitable for any potential mining scenario and this provides additional options in terms of exploration.

Rimfire will continue to develop a process of review, rating and prioritization of its key target domain opportunities to progress and grow the pipeline for new discoveries.

Management has previously noted geological trends that hosts the neighbouring Sunrise nickel, cobalt, scandium, platinum deposit, being developed by CleanTeQ (ASX:CLQ).

READ: Rimfire looking to emulate CleanTeq’s success ]]>
Mon, 26 Feb 2018 08:46:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192139/rimfire-pacific-mining-nl-assumes-100-ownership-of-fifield-copper-gold-project-192139.html
<![CDATA[News - Rimfire Pacific Mining expands gold and copper signature at Fifield project ]]> https://www.proactiveinvestors.com.au/companies/news/191679/rimfire-pacific-mining-expands-gold-and-copper-signature-at-fifield-project-191679.html Rimfire Pacific Mining NL’s (ASX:RIM) earn-in partner, Canadian producer New Gold Inc (TSE:NGD), has extended gold and copper prospectivity at the Fifield project in central New South Wales.

A phase II aircore drilling program managed by New Gold has confirmed robust gold prospects at Steeton and extending to the new Pluto area.

Results support an anomalous gold zone extending for circa 3 kilometres beyond the Transit prospect while a gold anomaly at the Fortuna-Quartzite Hill prospect was also confirmed.

READ: Rimfire Pacific Mining awaits golds, copper assays from scaled up drilling at Fifield

John Kaminsky, chief executive officer, said: “The broad-scale systematic geochemical sampling programs have produced some very encouraging results.

“These provide further confirmation of the highly prospective nature of the Fifield project area to yield new gold discoveries.

“The Steeton area gold prospectivity has been greatly extended to the northeast to the newly added Pluto prospect, and now provides additional targeting opportunities.

“It was very pleasing to see this coincident gold and copper anomaly in close association with favourable geology and anomalous multi-element geochemistry emerge on such a large scale.

“The Transit trend continues to provide positive results for additional discovery outcomes.”

Program substantially increased

There were 343 holes of aircore reconnaissance drilling completed in phase II for 8,290 metres.

This program was substantially increased in scale and intensity during its deployment, to more than double the original design size using two rigs.

The Fifield project is within the prolific Lachlan Transverse Zone.

Combined phase I and phase II aircore programs have covered a circa 150 square kilometre area at nominal 250 x 250 metre hole spacing.

The primary objective was to better define mineralisation potential and improve geological understanding in selected areas of the Fifield project area.

Large gold and copper anomaly identified

At Steeton, a promising northeast trending zone of anomalous gold and copper circa 4 kilometres by 1 kilometre in size has been identified.

Geologic logging has identified an associated altered porphyry.

Rimfire’s goal at Steeton-Pluto is to discover a gold-copper porphyry system, similar to the North Parkes style of deposit 70 kilometres to the east, also hosted in Ordovician age geology.

Planning next stage of work

Kaminsky added: “The aircore work builds on the important gold and copper intersections of the reverse circulation drilling in September 2017.

“We look forward to planning the next stage of follow-up work on these significant gold anomalies in the Fifield project area, which continues to strengthen in its overall credentials.”

It is anticipated that the aircore drilling, combined with supplemental field reconnaissance work, will generate significant insights for new target positions at Fifield, particularly east and north of the Sorpresa gold and silver resource.

This will include the use of other important data sets, such as geophysics, to provide the next range of discovery targets to be drilled in 2018.

Examining cobalt potential

Rimfire is also examining cobalt potential within its tenements.

New Gold is a multi-billion dollar capped company and gold producer, which is familiar with the region as it operates the Peak mine at Cobar.

The Canadian company has committed to spending $2 million during the first 12-month earn-in period to 21 March 2018.

It may choose to spend up to $12 million within five years to earn up to a 70% interest.

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Thu, 15 Feb 2018 12:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191679/rimfire-pacific-mining-expands-gold-and-copper-signature-at-fifield-project-191679.html
<![CDATA[News - Rimfire Pacific Mining awaits golds, copper assays from scaled up drilling at Fifield ]]> https://www.proactiveinvestors.com.au/companies/news/189131/rimfire-pacific-mining-awaits-gold-copper-assays-from-scaled-up-drilling-at-fifield-189131.html Rimfire Pacific Mining NL’s (ASX:RIM) earn-in partner New Gold Inc (TSE:NGD) has completed phase II drilling at the Fifield Project in New South Wales, with assays awaited.

It is worth noting that the drill program was substantially increased in scale during its deployment to extend coverage further south west from the central project area.

READ: Rimfire Pacific and New Gold hunting for multi-million ounce bounty

New Gold is a multi-billion dollar capped company and gold producer, and is familiar with the region as it operates the Peak mine at Cobar, and is now hunting large scale mineralised systems with Rimfire.

Significant increase in the pipeline of prospective areas

John Kaminsky, chief executive officer and managing director, said: “The phase II aircore drilling managed by New Gold Inc. has produced a deeper knowledge base in the underlying geology at Fifield, helping grow the pipeline of prospective areas for potential discovery outcomes.

“It was pleasing to see New Gold Inc. expand the Aircore drilling program, to approximately double its original program design.

“We look forward to the compilation of assay results and interpretations including the use of other important data sets, such as geophysics, to provide the next range of discovery targets to be drilled in 2018.”

Aiming to discover a gold-copper porphyry system

New Gold completed 8,290 metres (343 holes) of combined infill and expanded step-out aircore drilling in the October-November period.

Logging of aircore holes in the Steeton area has identified some altered porphyry within mafic and felsic volcanics in the north-east.

The presence of sericite, epidote and chlorite within this volcanic sequence is also considered important.

Samples have been submitted to the laboratory with results and interpretations expected to be concluded over the next 4 weeks.

Rimfire’s goal at Steeton is to discover a gold-copper porphyry system, similar to the North Parkes style of deposit 70 kilometres to the east.

Drill programs at Tout East and Northern View cobalt prospects

A drill program of circa 33 holes had commenced at the Tout East cobalt prospect within the Fifield project area.

10 holes were completed, with the remaining holes due for deployment in January 2018.

Rimfire also completed 7 holes at the Northern View cobalt prospect in Fifield with the results expected in January/February 2018.

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Thu, 21 Dec 2017 13:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189131/rimfire-pacific-mining-awaits-gold-copper-assays-from-scaled-up-drilling-at-fifield-189131.html
<![CDATA[News - Rimfire looking to emulate CleanTeq's success ]]> https://www.proactiveinvestors.com.au/companies/news/187669/rimfire-looking-to-emulate-cleanteq-s-success-187669.html Rimfire Pacific Mining NL (ASX:RIM) is committing resources to further explore the known cobalt occurrences and potential within its tenements at Fifield, New South Wales.

The company has identified a potential lateritic style of nickel and cobalt mineralisation.

Management indicated that this demonstrates similar geologic attributes to the ultramafic Tout Intrusive trend that hosts the neighbouring Sunrise nickel, cobalt, scandium, platinum deposit, being developed by CleanTeQ (ASX:CLQ).

It is worth noting that CleanTeQ’s share price has surged 50% in the last two months following an updated mineral resource and confirmation that it had secured an offtake agreement.

Aircore drilling program planned

An aircore program of up to 3,000 metres has been designed for the Tout East area, and is subject to permitting, access and contractor availability, for likely deployment in December or January.

A second style of cobalt mineralisation, sulphide related, occurs at the Northern View area, and is anomalous in cobalt, gold and manganese.

Management explained that this mineralisation was distinctly different to the lateritic style observed at the Tout East area.

It is anticipated that the current aircore drill program will be completed within late November, allowing Rimfire to conduct first-pass reverse circulation drilling which should start in early December.

Region prospective for both polymetallic metals and cobalt

Commenting on these developments, John Kaminsky, Rimfire’s chief executive underlined the polymetallic potential of the region.

He said: “Fifield is an extraordinary location for its polymetallic diversity which includes a platinum history, and whilst our primary focus through the New Gold Inc. earn-in structure has been gold, silver and copper, the occurrences of other key metals within our tenement area, cannot be ignored."

Kaminsky said he would be prioritising an early stage cobalt exploration program.

On this note he highlighted the potential for extensions to recently identified mineralisation.

In discussing this prospect, Kaminsky said: “At Tout East, the earlier aircore drilling in the first half of 2017, whilst sufficient to identify cobalt and nickel anomalism in a laterite profile, requires more detailed follow up to fully assess the area’s mineralisation potential."

He believes the additional 55 aircore holes will give greater coverage to this large area, and improve the company’s understanding of the potential for additional cobalt resources at Fifield, as well as identifying the potential for other metals.

Recent news has buoyed investor confidence in Rimfire with the company’s shares increasing 65% in November.

READ: Rimfire expands aircore drill program

"

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Thu, 23 Nov 2017 08:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187669/rimfire-looking-to-emulate-cleanteq-s-success-187669.html
<![CDATA[News - Rimfire Pacific Mining expands aircore drill program ]]> https://www.proactiveinvestors.com.au/companies/news/187060/rimfire-pacific-mining-expands-aircore-drill-program-187060.html Rimfire Pacific Mining (ASX:RIM) has increased its Phase 2 aircore drill program to 6,000 metres at the Fifield Project in New South Wales.

Two drill rigs are currently operating with the aim of creating more discovery targeting opportunities and have completed 74 holes for 1,637 metres to date.

The 325-hole program will test bedrock geochemistry with combined infill and expanded step-out drilling.

Phase 2 target areas include the Greater Transit gold prospect area, the Fortuna Gold area, the Northern View gold cobalt manganese area and Steeton.

It is anticipated that reverse circulation (RC) drilling will also be conducted on selected targets progressively over time, based on interpretations in current programs.

John Kaminsky, managing director, commented

“We have a growing number of prospective well qualified areas that will benefit from the additional Phase 2 aircore drilling being conducted by New Gold Inc.

“It is particularly pleasing to see the increased work rate and expansion of the drilling program to include coverage on some very interesting areas, such as Northern View and Steeton, building on Rimfire’s recent work in these areas.

“Within this year the Northern View prospect with its cobalt, manganese and gold signature, will likely have a few RC holes placed across the observed surface mineralisation by Rimfire also, once we add the aircore Phase 2 information.”

Target details

The target areas included in the aircore Phase 2 programs are:

- Greater Transit: gold prospect area, this area includes recent gold and copper RC intersections;
- Fortuna Gold: defined by reconnaissance surface mapping and sampling;
- Northern View: gold, cobalt, manganese area defined recently by mapping historical samples; and
- Steeton: epithermal/porphyry gold and copper area.

Additional areas are being considered for inclusion in the Phase 2 aircore program such as Tout Extension area.

READ NOW: Rimfire Pacific Mining commences Phase 2 drilling ]]>
Fri, 10 Nov 2017 16:13:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187060/rimfire-pacific-mining-expands-aircore-drill-program-187060.html
<![CDATA[News - Rimfire Pacific Mining commences Phase 2 drilling ]]> https://www.proactiveinvestors.com.au/companies/news/186318/rimfire-pacific-mining-commences-phase-2-drilling-186318.html Rimfire Pacific Mining (ASX:RIM) has commenced its Phase 2 aircore infill drilling program at the Fifield Project in New South Wales.

Aircore drilling will target the greater Transit prospect area and the Fortuna Gold anomaly area.

This follows the recently completed first-pass reverse circulation and diamond drilling which targeted five areas which included the Transit prospect.

Results from Transit indicate shear hosted gold mineralisation at shallow depths and also suggest a larger possible deeper buried porphyry system.

John Kaminsky, CEO, commented

“The Transit results were clearly the standout in the recently completed drill program, both in terms of the gold intersections and the broader mineral potential of the Fifield Project area, where the possibility of a larger porphyry related mineralising system operating at depth remains part of the bigger discovery picture.

“The positive drilling results at Transit are considered important for several reasons.

“To date only limited drilling has occurred over an expanse of a 500-metre strike, so this was an excellent hit rate.”

Highlights from recent drilling

A total of 15 holes for 3,061 metres were recently completed in five target locations, the majority were drilled at the Transit prospect.

Highlights from Transit include:

- 44 metres at 0.63 g/t gold from 36 metres 20 metres at 1.11 g/t gold;
- 36 metres at 0.64 g/t gold from 0 metres 4 metres at 2.32 g/t gold;
- 30 metres at 0.61 g/t gold from 22 metres 6 metres at 1.65 g/t gold; and
- 8 metres at 0.13% copper and 65 ppm molybdenum including 2 metres at 0.47% copper and 131 ppm molybdenum.

Evidence suggests there could be multiple shear zones operating at Transit.

Results also suggest a possible deeper buried porphyry system as the source of both the shear hosted gold and potentially the more centrally located copper-molybdenum results.

Transit’s potential

Transit sits at the intersection of a set of structural corridors, and could be part of larger mineralised trends

It is located 4 kilometres east of the Sorpresa gold and silver discovery, which demonstrates the Fifield area has the ability to host additional discoveries.

The Transit geology has some similarities with the Sorpresa system, with its carbonaceous characteristics.

The 44-metre intersection from first-pass drilling is the thickest gold intersection encountered anywhere at Fifield, surpassing Sorpresa.

Finally, there appears to be potential for a mineralised porphyry-epithermal system to operate in the broader project area.

Exploration data continues to build

Combining the first-pass drill results with the recent surface mapping activities and the previously completed aircore drilling geochemistry is providing strong support for favourable structural locations, including the greater Transit prospect area.

This is generating significant insights for new gold target positions at Fifield, particularly to the East and North of the Sorpresa discovery.

READ NOW: Rimfire Pacific Mining drills out thickest gold intersection yet ]]>
Fri, 27 Oct 2017 16:34:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186318/rimfire-pacific-mining-commences-phase-2-drilling-186318.html
<![CDATA[News - Rimfire Pacific Mining drills out thickest gold intersection yet ]]> https://www.proactiveinvestors.com.au/companies/news/184264/rimfire-pacific-mining-drills-out-thickest-gold-intersection-yet-184264.html Rimfire Pacific Mining (ASX:RIM) has received assay results from first-pass drilling at the Transit gold and copper prospect located within the Fifield Project in New South Wales.

Drilling at Transit has intersected the thickest gold intersection Rimfire has encountered anywhere at Fifield to date measuring 44 metres at 0.63 g/t gold.

At the Transit prospect, a total of 8 holes for 830 metres were completed in two locations, with depth ranges of 40 metres to 220 metres.

Results indicate drilling has intercepted shear hosted gold mineralisation.

Furthermore, results suggest a possible porphyry system as the source of both the peripheral shear hosted gold and potentially more centrally located copper-molybdenum results at deeper levels.

John Kaminsky, CEO, commented

“This is a very exciting development at Transit. We are extremely delighted to note the gold intersections of this width in first pass drilling from so few holes.

“Similarly, a context of other important metal signatures including copper and molybdenum with an alteration overprint is a great addition to the story, and this is also very pleasing to see.

“The big picture here, is a possible larger porphyry mineralised system operating at depth. There is a way to go, but this is an impressive start.”

Drill result details

Results from the Transit prospect are part of a first pass reverse circulation and diamond drilling program over five targets at Fifield.

Best assay results for gold from Transit included:

- 44 metres at 0.63 g/t gold from 36 metres including 20 metres at 1.11 g/t gold;
- 36 metres at 0.64 g/t gold from 0 metres including 4 metres at 2.32 g/t gold; and
- 30 metres at 0.61 g/t gold from 22 metres including 6 metres at 1.65 g/t gold.

What the results mean

Results to date suggest two key indications, firstly that shear-hosted gold mineralisation exists at Transit and secondly that a larger potential porphyry system is the source of this mineralisation.

Regarding the shear-hosted gold mineralisation, the evidence is also suggestive of multiple shear zones operating at Transit.

This is based on gold in auger drilling at surface, gold in soils at surface and extensive geological mapping.

These multiple shears, which are yet to be tested, provide significant upside to the current intersections, which remain open in all directions.

The potential for a porphyry system at depth

The results suggest a larger porphyry system as the source of both the peripheral shear hosted gold and potentially more centrally located copper-molybdenum results at deeper levels.

Surrounding reverse circulation drilling which intercepted 8 metres of copper and molybdenum and a 10-metre zone featuring lead and zinc also supports a potential porphyry relationship at depth.

Drilling continues

The Moonrise prospect has completed its diamond drilling to 602 metres, with diamond drilling now underway at the Golden Chrome prospect.

This will then be followed by diamond drilling at the Carlisle prospect.

Results expand the potential for a gold discovery

The Transit prospect is located 4 kilometres east of the Sorpresa gold and silver discovery, which demonstrates the Fifield area has the ability to host additional discoveries.

Furthermore, it is likely the best gold is located on intersecting structures, and the best grades are yet to be seen.

The results now flowing from the Transit prospect emphasise the importance of all the earlier surface work programs that have been conducted in the last 12 months.

The combination of a systematic exploration approach and nimble prospecting being applied at Fifield is feeding valuable information into the discovery process.

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Wed, 20 Sep 2017 14:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184264/rimfire-pacific-mining-drills-out-thickest-gold-intersection-yet-184264.html
<![CDATA[News - Rimfire Pacific and New Gold hunting for multi-million ounce bounty ]]> https://www.proactiveinvestors.com.au/companies/news/182959/rimfire-pacific-and-new-gold-hunting-for-multi-million-ounce-bounty-182959.html Rimfire Pacific Mining NL (ASX:RIM) and earn-in joint venture partner and New Gold Inc. (NYSEMKT:NGD, TSE:NGD) are jointly undertaking first pass drilling on five targets at Fifield in New South Wales.

Fifield is located within the East Lachlan Fold Belt area which is host to many major gold and copper mines, including the world class porphyry system within the Cadia Valley operations owned by Newcrest.

New Gold is a multi-billion dollar capped company and gold producer, and is familiar with the region as it operates The Peak mine at Cobar, and is now hunting large scale mineralised systems with Rimfire.

The joint ventures aspiration targets an aggregate 4 million plus ounce gold equivalent discovery in the Fifield district, in the medium term.

The objective is for a resource of this size to have a capability of supporting a minimum mine life in excess of 10 years, and within the lower third of industry costs of production.

Discovery methodology

The New Gold Inc. discovery methodology will provide an increased geological understanding of the district as a base used to identify the best prospects for drill testing.

Already major regional geochemistry programs and airborne geophysics surveys have been deployed, enhancing the discovery potential of the area.

In parallel, Rimfire is continuing to apply its highly recognised prospecting skills to the discovery process, complementing the New Gold approach to the Fifield area.

The two companies are working in very close collaboration, both as active partners.

Rimfire and New Gold are now undertaking first pass drilling on five targets, using a combination of reverse circulation and/or diamond drilling, as appropriate to each target.

The potential porphyry target areas at Moonrise and Golden Chrome prospects will each be drilled to depths of more than 500 metres. 

Drilling to date

The joint venture is set to increase exploration news flow across three prospects.

1. At the Moonrise gold-copper prospect, diamond drilling has commenced, with reverse circulation pre-collars having been completed on two holes.

Historically (2015) Rimfire intersected 4 metre at 6.5% copper to the west of the current drilling, so increasing the geological context for that result is being sought as part of the outcomes with the current drill program.

A diamond tail finish will take one of the holes to a total depth of 500 metres to 600 metres.

2. Over at the Golden Chrome gold-copper prospect the reverse circulation phase has already been completed, and is now ready for diamond drilling.

A diamond tail finish will take one hole to a total depth of about 500 metres.

3. Finally at the Transit gold prospect reverse circulation drilling has commenced using a second drill rig, with the plan for seven holes covering 800 metres.

The Transit and Moonrise prospects are located along the Eclipse gold and copper trend, and are situated around 4 kilometres east of Rimfire's Sorpresa project.

Recent results from Sorpresa include: 16 metres at 1.92g/t gold and 251g/t silver from 58 metres. Within this intersection was: 1 metre at 2240g/t silver.

Another highlight was: 26 metres at 1.89g/t gold from 6 metres, including 1 metre at 24.9g/t gold. Historically, Sorpresa has yielded some spectacular results, including: 14 metres at 24.4g/t gold and 26 metres at 155g/t silver, in the same drill hole.

Sorpresa currently hosts a resource of 7.9 million silver ounces and 125,000 gold ounces and is considered part of a much bigger mineralising system operating at Fifield

Why the interest in Fifield

New Gold's interest in the Fifield area is drawn through the geological similarities to their producing New Afton gold-copper-silver mine in Canada, which in turn has strong similarities to the Cadia and North Parkes copper-gold provinces.

The company's consideration costs to form the joint venture included a $500,000 investment directly into Rimfire, and it must spend $2 million within the first 12 months, with no withdrawal rights.

To earn a 51% interest, New Gold must have spent a total of $7 million within the first 3 years, or withdraw with no interest.

New Gold is providing 15% of the earn-in funding directly to Rimfire to use at its total discretion, recognising the valuable contribution Rimfire can make with its field expertise and discovery approach.

New Gold can extend their interest in the Fifield projects, with additional expenditure of $5 million giving a stake of 70%.

Adding interest for Rimfire, should the Sorpresa gold-silver resource be part of a mining operation an additional payment of $5 million would flow to the company.

Rimfire also has the option to spend an additional $3 million on its own account as a credit to the project area.

This overall package of funding means the incentive is for both partners to advance the project area.

This also includes the flexibility for completion of some Sorpresa scoping work, if appropriate.

Rimfire therefore is well positioned over the medium term from a partner that has a proven history of completing development and production projects.

Rimfire appointment enhances board

The company has made a series of industry experienced appointments to its board and management team in the last 12 months.

Andrew Greville recently joined the Rimfire board as a non-executive director, and brings significant experience from most recently working for Xstrata Copper.

Ian McCubbing, chairman, commented on the appointment: "Andrew’s experience includes a highly distinguished career with Xstrata.

"In recent years he has built a successful resource consultancy practice, which includes representing a range of operating mines.

"His deep understanding of the resource industry value chain and regular interface with the resource financial community will be of great benefit as we seek to go to the next level as a company."

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Fri, 25 Aug 2017 10:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182959/rimfire-pacific-and-new-gold-hunting-for-multi-million-ounce-bounty-182959.html
<![CDATA[News - Rimfire Pacific Mining drills its way into the new quarter ]]> https://www.proactiveinvestors.com.au/companies/news/181879/rimfire-pacific-mining-drills-its-way-into-the-new-quarter-181879.html Rimfire Pacific Mining (ASX:RIM) has entered the current September quarter continuing on its busy exploration schedule at its Fifield project tenement area in central New South Wales.

The Fifield project area covers 669 square kilometres and hosts the Sorpresa gold and silver deposit measuring 6.4 million ounces grading 0.61 g/t gold and 38 g/t silver for circa 250,000 ounces of gold equivalent.

Multiple prospects involving hard rock potential for gold, silver, copper and platinum have been established within a six kilometre radius of the Sorpresa discovery at Fifield.

Multiple drill programs were completed during the June quarter and most recently a follow-up reverse circulation drill program commenced.

Rimfire is partnered with multi-billion dollar Canadian producer New Gold Inc. (TSE:NGD) at Fifield through an earn-in agreement valued at up to $12 million in exploration expenditure.

John Kaminsky, managing director, commented

“This has been an excellent quarter for the company. The historic data review combined with the expanded new geological and geochemistry knowledge gained in the latest work programs, have provided initial five drill target areas across the district for first pass drill testing.

“This is a very exciting time for the Company and shareholders. The deeper drilling programs are underway at Fifield and drilling will continue throughout August.

“We have definitely gained a greater understanding of the promising nature of the Fifield district to yield world class discoveries, through the work programs in the first half of 2017.

“Whilst the fuller context for the regional results is still considered work in progress, we have again achieved solid progress in this quarter.”

June quarter achievements

Field initiatives that have been successfully deployed in the quarter, using the combined efforts of both New Gold and Rimfire include:

- Regional aircore/auger drilling phase one campaign completed;
- Geological understanding of the broader tenement expanded;
- Extensive prospecting, sampling, mapping on multiple areas and is ongoing (areas include Tout East, Fortuna, Eclipse Trend and others);
- First pass reverse circulation and diamond core drilling planned and now under execution; and
- Further progress on the Sorpresa resource with infill drilling results.

Drill program currently underway

Last week, Rimfire commenced reverse circulation drilling at its Fifield project tenement.

The current program will comprise 3,000 metres of reverse circulation drilling and 1,000 metres of diamond drilling focused on five targets.

It follows the first phase of aircore and auger drilling totalling 288 holes over the central third of the Fifield project tenement area.

3,000 metres of reverse circulation drilling will target depths of 60-275 metres at an initial five target areas.

1,000 metres of diamond drilling will target depths of 400-600 metres on three of the initial five target areas.

The initial targets in sequence are:

1. The Golden Chrome target: Potential for a mineralised porphyry system at depth.
2. The Moonrise area: Centres on a zone of anomalous gold in soil and rock chips.
3. The Transit area: Newly defined surface gold anomaly with adjacent base metal signatures.
4. The Carlisle target: Centres on an 800-metre diameter strong magnetic anomaly thought to be prospective for copper and gold.
5. The Gravity Thrust target: Possible repeat of Sorpresa style mineralisation.

Drilling is expected to be ongoing through July and August.

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Thu, 03 Aug 2017 09:21:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181879/rimfire-pacific-mining-drills-its-way-into-the-new-quarter-181879.html
<![CDATA[News - Rimfire Pacific Mining commences drilling at Fifield ]]> https://www.proactiveinvestors.com.au/companies/news/181444/rimfire-pacific-mining-commences-drilling-at-fifield-181444.html Rimfire Pacific Mining (ASX:RIM) has commenced reverse circulation drilling at its Fifield project tenement area in New South Wales.

The current program will comprise 3,000 metres of reverse circulation drilling and 1,000 metres of diamond drilling focused on five targets.

It follows the first phase of aircore and auger drilling totalling 288 holes over the central third of the Fifield project tenement area.

Drilling is part of an earn-in agreement with New Gold (TSE:NGD) who committed to spend A$2 million during 2017 subject to conditions and may choose to spend up to $12 million within 5 years to earn up to a 70% interest in Rimfire’s Fifield tenements.

The first drill target is Golden Chrome, an 800-metre diameter alteration and geophysical target with potential for a porphyry system at depth.

John Kaminsky, managing director, commented

“This is a very exciting time for the company with first pass drill testing starting at Fifield on five targets which have now received permits for both reverse circulation and diamond core drilling.

“The first drill holes will be on Golden Chrome prospect in the target sequence.

“Two targets (Golden Chrome and Gravity Thrust) are located along the north-south trending Sorpresa Corridor (currently defined as 7x2 kilometre area) which hosts a gold and silver resource discovered by Rimfire in 2011.

“In addition, we have another two targets, the Transit and Moonrise prospects, which are located along the Eclipse gold and copper trend, located a few kilometres east of Sorpresa.

“The final target area is at the Carlisle gold and copper prospect which is situated seven kilometres southwest of Sorpresa.

“We intend to remain relatively flexible within these five drilling target areas, in terms of the number of holes and depths of each hole, staying adaptive to the new drilling information as it becomes available during the overall program.”

Background

Rimfire is focused on its 669 square kilometres of tenements located within the Lachlan Transverse Zone (LTZ) near the town of Fifield in central New South Wales.

The company discovered the Sorpresa gold and silver deposit and in 2014 delivered a JORC resource of 6.4 million ounces grading 0.61 g/t gold and 38 g/t silver for circa 250,000 ounces of gold equivalent.

Importantly, subsequent exploration has provided evidence that the “Wider Sorpresa Area” is now considered a significant gold mineralised system of some potential.

Multi-billion dollar Canadian producer New Gold Inc. (TSE:NGD) signed an earn-in agreement with Rimfire over its Fifield tenements.

Drill target summary

3,000 metres of reverse circulation drilling will target depths of 60-275 metres at an initial five target areas.

1,000 metres of diamond drilling will target depths of 400-600 metres on three of the initial five target areas.

The initial targets in sequence are:

1. The Golden Chrome target: Potential for a mineralised porphyry system at depth.

2. The Moonrise area: Centres on a zone of anomalous gold in soil and rock chips.

3. The Transit area: Newly defined surface gold anomaly with adjacent base metal signatures.

4. The Carlisle target: Centres on an 800-metre diameter strong magnetic anomaly thought to be prospective for copper and gold.

5. The Gravity Thrust target: Possible repeat of Sorpresa style mineralisation.

Drilling is expected to be ongoing through July and August.

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Wed, 26 Jul 2017 12:26:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181444/rimfire-pacific-mining-commences-drilling-at-fifield-181444.html
<![CDATA[News - Rimfire Pacific Mining NL eyes six drill targets ]]> https://www.proactiveinvestors.com.au/companies/news/180349/rimfire-pacific-mining-nl-eyes-six-drill-targets-180349.html Rimfire Pacific Mining NL (ASX:RIM) is preparing for first pass reverse circulation and diamond drilling to start this month at the Fifield project tenement area in New South Wales.

3,000 metres of reverse circulation drilling will target depths of 60-275 metres at an initial six target areas.

1,000 metres of diamond drilling will target depths of 400-600 metres on three of the initial six target areas.

A further 3,000 metres of aircore drilling over the greater project area will also be undertaken as part of an expansion of the successful aircore program completed in Q1.

Drilling is part of an earn-in agreement with New Gold (TSE:NGD) who committed to spend A$2 million during 2017 subject to conditions and may choose to spend up to $12 million within 5 years to earn up to a 70% interest in Rimfire’s Fifield tenements.


The six target areas

The six drill target areas are:

- The Sorpresa South West area: where interpreted structure based on available magnetics and locally anomalous geochemistry data suggests potential repetition of the geology that hosts Sorpresa style mineralisation;
- The Gravity Thrust target: based on Rimfire’s interpretation of gravity and magnetic contrast which suggests a possible repeat of Sorpresa style mineralisation along a 2-kilometre subparallel feature to the south of the Trench31 area;
-The Golden Chrome target: lies within a zone of strong phyllic alteration that was mapped over an area 700 metres in diameter, potentially representing the near surface expression of a mineralised intrusive system at depth;
- The Carlisle target: centres on an 800 metres diameter strong magnetic anomaly partially tested with a series of shallow reverse circulation holes drilled by Rimfire in 2015. Previous reconnaissance sampling in the area identified favourable silica alteration and anomalous copper and gold, including up to 23.0 g/t gold in rock chips;
-The Moonrise area: located along the Eclipse trend, centres on a zone of anomalous gold in soil and rock chips near the projected trace of an interpreted thrust fault in close proximity to a dioritic intrusive; and
- The Transit area: a newly defined surface gold anomaly, with adjacent base metal signatures and nearby epithermal boiling textures in rock float.

 

John Kaminsky, managing director, commented

“Six targets have been proposed for first pass drill testing using reverse circulation and diamond drilling.

“The approach being adopted is to learn more about these target areas, and adjust testing strategies as the new drilling information becomes available.

“Permitting for three of these target areas is in place, with permit approvals for the balance of target areas anticipated shortly.

“Bid requests from drilling contractors have been circulated and are expected to be finalised soon.”

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Wed, 05 Jul 2017 15:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180349/rimfire-pacific-mining-nl-eyes-six-drill-targets-180349.html
<![CDATA[News - Rimfire Pacific Mining NL drills first stage at Fifield ]]> https://www.proactiveinvestors.com.au/companies/news/180187/rimfire-pacific-mining-nl-drills-first-stage-at-fifield-180187.html Rimfire Pacific Mining NL (ASX:RIM) has completed the first phase of aircore and auger drilling totalling 288 holes over the central third of the Fifield project tenement area in New South Wales.

Drilling is part of an earn-in agreement with New Gold (TSE:NGD) who committed to spend A$2 million during 2017 subject to conditions and may choose to spend up to $12 million within 5 years to earn up to a 70% interest in Rimfire’s Fifield tenements.

News regarding plans for the next drill campaigns at the project area are expected later this week.

All gold assays have now been received with final multi-element data expected at a later stage.

The top 12.5% of assays ranged from 7 to 80 ppb gold, with highest values occurring along contacts of newly identified intrusives and interpreted structural trends.


John Kaminsky, managing director, commented

“While interpretation incorporating the latest information remains a work in progress, the new data generated by New Gold’s aircore and auger drilling program has significantly advanced our understanding of the bedrock geology and related mineral potential north and east of the Sorpresa Corridor.

“An area west of Sorpresa, running from south of Golden Green through to the south side of Fortuna is being tested with auger drilling, with additional holes being planned for aircore drilling.

“This greatly extends the first program 7 kilometres south also filling gaps from the initial drilling towards the eastern project boundary.

“It is also anticipated that bedrock chips from the new aircore and auger drilling programs will enable an expansion of the initial spectral mapping coverage as well.”


Background

Rimfire is focused on its 669 square kilometres of tenements located within the Lachlan Transverse Zone (LTZ) near the town of Fifield in central New South Wales.

The company discovered the Sorpresa gold and silver deposit and in 2014 delivered a JORC resource of 6.4 million ounces grading 0.61 g/t gold and 38 g/t silver for circa 250,000 ounces of gold equivalent.

Importantly, subsequent exploration has provided evidence that the “Wider Sorpresa Area” is now considered a significant gold mineralised system of some potential.

Multi-billion dollar Canadian producer New Gold Inc. (TSE:NGD) signed an earn-in agreement with Rimfire over its Fifield tenements.

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Mon, 03 Jul 2017 14:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180187/rimfire-pacific-mining-nl-drills-first-stage-at-fifield-180187.html
<![CDATA[News - Rimfire Pacific Mining NL drills signs of nearby deposit ]]> https://www.proactiveinvestors.com.au/companies/news/176891/rimfire-pacific-mining-nl-drills-signs-of-nearby-deposit-176891.html Rimfire Pacific Mining NL (ASX:RIM) has commenced its 253 hole aircore and augur geochemistry program at its tenure near the town of Fifield in central New South Wales.

To date, preliminary results from the field show five of eight aircore holes drilled have encountered laterite up to 40 metres thick with assays pending.

The drilling is an important step in confirming prospective geology that may have an association with the adjacent Tout Intrusive, which hosts cobalt, nickel, scandium and platinum in laterite.

John Kaminsky, CEO, commented: “The implementation of the first phase of a broad scale reconnaissance geochemistry program designed by New Gold is underway.

“This work coupled with the completion of the recent high resolution geophysics means the broader geological assembly is taking shape. This will lead to target prioritisation for anticipated reverse circulation drill testing in the near future.”


Background

Rimfire is focused on its 669 square kilometres of tenements located within the Lachlan Transverse Zone (LTZ) near the town of Fifield in central New South Wales.

The company discovered the Sorpresa gold and silver deposit and in 2014 delivered a JORC resource of 6.4 million ounces grading 0.61 g/t gold and 38 g/t silver for circa 250,000 ounces of gold equivalent.

Importantly, subsequent exploration has provided evidence that the “Wider Sorpresa Area” is now considered a significant gold mineralised system of some potential.

More recently, multi-billion dollar Canadian producer New Gold Inc. (TSE:NGD) signed an earn-in agreement with Rimfire over its Fifield tenements.

New Gold has committed to spend A$2 million during 2017 subject to conditions and may choose to spend up to $12 million within 5 years to earn up to a 70% interest in Rimfire’s Fifield tenements.


Exploration update

The focus of exploration results to date come from the area located 5 kilometres north-northeast of the Sorpresa gold and silver deposit.

This area is significant as it on the boundary of Clean TeQ Holdings’ (ASX:CLQ) Syerston Project, which hosts significant nickel, cobalt and scandium mineralisation hosted by the Tout Intrusive.

The 253 hole geochemistry program is aimed at providing 144 square kilometres of coverage, providing geological data over this previously unknown area.

Rimfire’s field mapping and interpretation of the geophysics indicates that aspects of the geology from the Clean TeQ’s Tout Intrusive may continue into the Rimfire tenement holding.

The laterite profile intersected in the current aircore drilling is further evidence that a possible extension to this host geology exists, which Rimfire is naming Tout East.


Analysis

The intersection of laterite is significant as Rimfire has not previously encountered laterite in prior exploration at the Fifield tenements.

Laterite is a prominent feature in the neighbouring Tout Intrusive which hosts Clean TeQ’s nickel, cobalt and scandium deposit.

Given laterites ability to host the targeted mineralisation as shown in the neighbouring deposit, the potential for Rimfire to drill out additional mineralisation is growing.

Furthermore, the Tout East area seems more structurally complex than Tout itself, which could favour the introduction of gold into the metal mix at Tout East.

Rimfire remains leveraged to exploration news flow over the short term as drilling with New Gold continues.

Rimfire shares are up 50% over the past 12 months, currently trading at $0.027.

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Wed, 26 Apr 2017 13:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176891/rimfire-pacific-mining-nl-drills-signs-of-nearby-deposit-176891.html
<![CDATA[News - Rimfire Pacific Mining NL drills out gold and silver at Sorpresa ]]> https://www.proactiveinvestors.com.au/companies/news/176551/rimfire-pacific-mining-nl-drills-out-gold-and-silver-at-sorpresa-176551.html Rimfire Pacific Mining NL (ASX:RIM) recently received high grade assay results from drilling at its Sorpresa Gold and Silver Project located in central New South Wales.

The 1,812 metres of reverse circulation drilling occurred at the Roadside and Boundary Gate areas and intersected up to 21.6 g/t gold and 2,240 g/t silver.

Intersections included 16 metres at 1.92 g/t gold and 251 g/t silver from 58 metres depth.

John Kaminsky, managing director, commented: “Rimfire has now completed the remaining planned reverse circulation drilling within the known Sorpresa gold and silver system, achieving some more very pleasing results.

“The next stages of work will concentrate on the discovery potential in the larger 7x2 kilometre Sorpresa Corridor, where a range of targets exist and await drill scheduling.”


Drill result details

1,422 metres of drilling has occurred at Roadside and 396 metres at Boundary Gate.

The drilling depth range was 0 to 90 metres in the known high grade lenses at these locations.
Best intersections include:

- 16 metres at 1.92 g/t gold and 251 g/t silver from 58 metres including 1 metre at 0.92 g/t gold and 2240 g/t silver;
- 17 metres at 1.24 g/t gold and 172 g/t silver from 62 metres including 1 metre at 0.9 g/t gold and 723 g/t silver;
- 12 metres at 2.39 g/t gold and 129 g/t silver from 58 metres;
- 26 metres at 1.89 g/t gold from 6 metres including 1 metre at 24.9 g/t gold; and
- 13 metres at 2.34 g/t gold and 93 g/t silver from 47metres.

Much of the high grade gold and silver mineralisation at Roadside is in the accessible oxide zone at depth between surface and 60 metres.

The drilling information will add to the resource modelling understanding for shape and orientation.


Background

Rimfire is focused on its 669 square kilometres of tenements located within the Lachlan Transverse Zone (LTZ) near the town of Fifield in central New South Wales.

The company discovered the Sorpresa gold and silver deposit and in 2014 delivered a JORC resource of 6.4 million ounces grading 0.61 g/t gold and 38 g/t silver for circa 250,000 ounces of gold equivalent.

Importantly, subsequent exploration has provided evidence that the “Wider Sorpresa Area” is now considered a significant gold mineralised system of some potential.

More recently, multi-billion dollar Canadian producer New Gold Inc. (TSE:NGD) signed an earn-in agreement with Rimfire over its Fifield tenements.

New Gold has committed to spend A$2 million during 2017 subject to conditions and may choose to spend up to $12 million within 5 years to earn up to a 70% interest in Rimfire’s Fifield tenements.


Analysis

Drill results continue to confirm the potential that the Sorpresa gold and silver deposit has to grow and be part of a larger future mining operation.

The current main Sorpresa strike line containing gold and silver mineralisation is 1.5 kilometres in length and drill results continues to support the notion that discovery upside exists within the larger 7x2 kilometre Sorpresa Corridor.

Sorpresa represents proof-of-concept that greenfields high grade gold-silver deposits can be found at Fifield, previously undetected, and at surface.

The project’s potential has been supported by the recent farm-in by Canadian gold producer, New Gold, who is already familiar with the wider area as it operates “The Peak” mine at Cobar.

The interest in the Fifield area is drawn through the geological similarities to New Gold’s New Afton gold-copper-silver mine in Canada.

This confirms Rimfire’s view that Fifield is within the LTZ, and is the right location for world class discoveries.

Rimfire remains leveraged to exploration news flow over the short term as it is expecting to report progress on pre-drilling exploration plans with New Gold in the near future.

Rimfire shares are up 90% over the past 12 months, currently trading at $0.025.

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Wed, 19 Apr 2017 09:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176551/rimfire-pacific-mining-nl-drills-out-gold-and-silver-at-sorpresa-176551.html
<![CDATA[News - Rimfire Pacific Mining NL talks billion dollar partner in Proactive Q&A Sessions™ ]]> https://www.proactiveinvestors.com.au/companies/news/169728/rimfire-pacific-mining-nl-talks-billion-dollar-partner-in-proactive-qa-sessions-169728.html Rimfire Pacific Mining NL (ASX:RIM) holds a strategic tenement footprint in the world class copper-gold corridor of the Lachlan Transverse Zone (LTZ) in New South Wales (NSW).

The company also recently entered an agreement with gold producer New Gold Inc. (TSX:NGD) (NYSE MKT:NGD).

John Kaminsky, managing director & CEO, exclusively joins Proactive Q&A Sessions™.


PROACTIVE INVESTORS: Welcome John.


First of all, how what attracted New Gold to farm-in to Rimfire’s Fifield tenements?

John Kaminsky: New Gold is a gold-producer and developer with a market cap. of CAD$2.7 billion, and it likes what it sees at Fifield.

New Gold is already familiar with NSW as it operates “The Peak” mine at Cobar.

The interest in the Fifield area is drawn through the geological similarities to their producing “New Afton” gold-copper-silver mine in Canada, which in turn has strong similarities to the Cadia and North Parkes copper-gold provinces, also in the LTZ, within NSW.

Mark Petersen, New Gold’s Vice President, Exploration, is on the public record stating:

“We are excited to work with the Rimfire team as the Fifield Project demonstrates large-scale, world-class discovery potential in a geologic setting very familiar to us.”

Rimfire believes that the presence of high grades of gold and silver (best intersection: 14 metres at 24.4g/t gold with 26 metres at 155g/t silver at the Sorpresa resource; and 4 metres at 6.5% copper at the Eclipse trend area) demonstrates the capacity of the Fifield area to yield impressive outcomes. 

This has certainly been noticed by New Gold and others.


Can you outline New Gold’s deal and spending requirements, including the time frame, and do they have an option for additional investment?

John Kaminsky: During numerous detailed visits to Fifield we have established a very strong respect for the New Gold technical team and their ability to add value to our foundation at Fifield.

We look forward to working with them over the coming years. 

The deal has some exceptional terms, not seen in other farm-in arrangements noted in the market, and affords Rimfire great flexibility.

Firstly, an investment of A$0.5 million was made directly into Rimfire.

Additionally, New Gold must spend A$2 million within the first 12 months, with no withdrawal rights.

It must then have spent a total of A$7 million within the first 3 years to earn a 51% interest, or withdraw with no interest.

During this period of 3 years, New Gold will provide 15% of expenditures directly to Rimfire, to spend at Rimfire’s total discretion.

This is a huge compliment and in recognition of Rimfire’s world class work to date.

This gives a capacity to prospect new mineralisation discoveries at Fifield, in parallel with New Gold’s work in the project area, during the partnership.

New Gold can extend their interest in the Fifield projects, with additional expenditure of A$5 million giving an interest of 70% (for an aggregate spend of A$12 million).

Should the Sorpresa gold-silver resource be part of a mining operation an additional payment of A$5 million would flow to Rimfire.

Rimfire also has the option to spend an additional $3 million on its own account as a credit to the project area, this enables flexibility for completion of some Sorpresa scoping work, if appropriate.

The emphasis of the deal is to get dollars spent into the project, and maximise the potential for multi-million ounce gold equivalent discovery outcomes that can go into development.


Moving to the company's Sorpresa gold silver discovery, what are the next exploration steps and ultimately what is Rimfire's strategy at the project?

John Kaminsky: Sorpresa represents “proof of concept” that greenfields high grade gold-silver deposits can be found at Fifield, previously undetected, and at surface.

We have drill tested less than 10% of the known available Sorpresa style geology.

We believe that considerable discovery growth opportunity exists in the “7 kilometre x 2 kilometre Sorpresa Corridor”, and this will be pursued in the New Gold partnership.

Our vision is to see Sorpresa included in a larger resource inventory, through additional discovery, and for this to be brought into a mining operation in due course.

We will also look closely at the existing Sorpresa resource, and assess its economic merit.


What is Rimfire’s funding position and where will this be allocated in the near-term?

John Kaminsky: Rimfire retains a very healthy financial position by comparison, in the junior resource sector.

With A$3 million in cash, plus a substantial funding stream available through the New Gold partnership, it enables the focus to be on the project outcomes, rather than attracting capital.

Expenditure priorities will be determined with New Gold, aiming to complete geology and area interpretations, through an initial review.

This is well advanced and overlays a solid foundation already in place.

District wide surface sampling will be ongoing, whilst conducting more geophysics, including detailed Magnetics/Radiometrics, possibly EM/IP, and gravity.

We have a known association to mineralisation at Fifield with some of these techniques already. 

This process will generate the priority targets for testing with revers circulation and diamond drilling.

We already have some targets drill ready with permits issued. 

The areas of focus are likely to be the 7 kilometre x 2 kilometre Sorpresa Corridor including Fortuna Area, and the Copper Corridor at Eclipse-Yoes Trends to Ben Hur area.

The objective is to deliver a major opportunity for Copper-Gold discovery.


Finally, why should an investor consider adding Rimfire to their portfolio?

John Kaminsky: Fifield is within the LTZ, and is the right location for world class discoveries.

This is Rimfire’s and New Gold’s view.

It should also be noted that our immediate district will attract significant investor interest in the coming years, with possible development to the north of Rimfire, including nickel, cobalt and scandium plays, through CleanTEQ.

Rimfire has an established discovery track record with Sorpresa Gold and Silver Resource providing important validation for proof of concept for high grades in greenfield discoveries at Fifield.

There is a solid leveraged upside position to the discovery potential.

Rimfire has a strong funding and financial position, through its partnership with New Gold, a well-credentialed mid-tier gold-copper explorer, developer and producer.

New Gold provides a great due diligence proxy on the large potential we both see at Fifield.

New Gold’s obligation for a A$7 million required spend to earn any interest in the project, sets the commitment bar very high at Fifield.

The partnership agreement structure offers no downside for Rimfire shareholders and de-risks the way forward for investors.

The regular anticipated newsflow, and Fifield’s history of producing noteworthy results should provide the catalysts for stimulated interest in Rimfire’s progress for a number of years.


PROACTIVE INVESTORS: Thank-you John.

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Thu, 01 Dec 2016 09:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/169728/rimfire-pacific-mining-nl-talks-billion-dollar-partner-in-proactive-qa-sessions-169728.html
<![CDATA[News - Rimfire Pacific Mining reveals gold potential at Fifield ]]> https://www.proactiveinvestors.com.au/companies/news/167471/rimfire-pacific-mining-reveals-gold-potential-at-fifield-167471.html The company’s shares were last trading at $0.022, up 16% intraday.

The Fortuna Gold Prospect is part of Rimfire’s tenements in the larger Fifield district, centred on its primary project area – the Sorpresa gold and silver deposit.

Currently, the Sorpresa resource is 7.9 million ounces of silver and 125,000 ounces of gold (at 0.5 g/t gold and 25 g/t silver cutoff) as an inferred and indicated mineral resource.

The latest stratigraphic drilling undertaken at the Fortuna Gold Prospect has helped establish the structure and geology in a prospective gold anomalous area which has not been drilled before.

Once the interpretation is completed, Rimfire will plan the next stages of exploration.

Simultaneously, a mapping and sampling program was conducted at the Ben Hur Copper-Gold Prospect, located 10 kilometres northeast of Sorpresa.

Initial assay results have highlighted significant copper values of up to 14.35% copper, as well as the presence of gold mineralisation (up to 3.63 g/t gold).

The next stage of exploration will focus on identifying the extent of the mineralised veins using a combination of detailed ground magnetics and soil sampling.

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Mon, 17 Oct 2016 15:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167471/rimfire-pacific-mining-reveals-gold-potential-at-fifield-167471.html