Company
ASX:RIM
Rimfire Pacific Mining is an ASX – listed resources company focussed on exploring for critical minerals (including, nickel, cobalt, scandium, copper, gold and PGE's) throughout the world class Lachlan Orogen and Broken Hill districts of New South Wales, Australia.
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The gold and copper explorer hit a promising magnetic target during deep diamond drilling at its 100%-owned Valley Project, with additional drilling planned to follow up on the latest results.
Rimfire has unveiled drilling results from a diamond hole at the Fifield earn-in project with Golden Plains Resources, a promising gold play within the prolific Lachlan Fold Belt in central NSW.
The company has appointed Misha Collins as a non-independent, non-executive director while Stefan Ross will serve as company secretary.
This new earn-in and JV agreement covering the Avondale Project will enhance RIM’s exploration strategy covering highly prospective assets in central NSW.
“We are thankful for the support of GPR in our endeavours to develop the Sorpresa deposit and continuing ongoing exploration within the earn-in area,” says MD.
The company is planning a six-hole RC program at Transit to test mineralisation along strike from the previous RC intersection and this is expected to begin later this quarter.
The company believes ongoing strong results from within the Golden Plains Resources earn-in area support the potential for further mineralisation close to the Sorpresa deposit within the Lachlan Transverse Zone.
Data from the program will assist in developing geotechnical and metallurgical design parameters and will also provide various types of ore and waste samples for geochemical analysis for the Environmental Impact Assessment.
The company is planning to commence a 5-hole diamond drilling program at Sorpresa to obtain geotechnical and metallurgical samples in January 2021 with drilling to then resume at ‘The Valley’ target.
The company is seeking the next major gold or copper-gold discovery in the Lachlan Transverse Zone of the prolific Lachlan Fold Belt of central NSW.
The SPP raised $500,000 and was fully underwritten by Trans Global Capital Ltd, who subscribed for the remaining $337,500.
Results from the initial phase of drilling at Sorpresa Development Project and Northern Gold Prospect will guide the next phase of drilling at the earn-in area that is planned for early 2021.
The company has raised $500,000 in a share purchase plan that follows a recent $2.1 million placement.
The partners plan to start drilling later this month to test bedrock beneath key proposed Sorpresa mine development infrastructure.
The company has obtained approvals from the NSW Government and mobilised a geotechnical team as it plans to start initial drilling at two projects in the Fifield area of Central NSW.
The share purchase plan is fully underwritten by Trans Global Capital Ltd without any fees being charged.
Proceeds “will ensure Rimfire is able to continue execution of our strategy to discover a large-scale copper/gold or gold ore body within our exploration licences located in the exciting and very prospective Lachlan Fold Belt,” says MD.
The company has an earn-in agreement in place with new substantial shareholder Golden Plains Resources aimed at monetising the Sorpresa gold and silver discovery.
The company’s earn-in partner at the Fifield Project in Central West NSW, which includes the Sorpresa discovery, has accumulated a 5.36% interest.
Golden Plain Resources signed subscription, earn-in and joint venture agreements in early May.
Golden Plain Resources has signed subscription, earn-in and joint venture agreements to earn a 50.1% interest in the JV area.
The company is exploring for a major copper/gold or gold mineralised system on its 915 square kilometres of exploration licences in Central West NSW.
Rimfire is exploring for a major copper/gold or gold mineralised system on its 915 square kilometres of exploration licences in NSW.
Rimfire is exploring for a major copper/gold or gold mineralised system on its 915 square kilometres of exploration licences in NSW.
The company is exploring for a major copper-gold or gold mineralised system such as at Northparkes (copper-gold) or Cowal (gold) on 915 square kilometres of exploration licences in central NSW.
Results from the first two phases of aircore drilling will be used to plan the third phase which is expected to begin early in 2020.
All landowner access agreements and NSW Government Environmental Resources Regulatory approvals are complete.
The company is evaluating Sorpresa as both a low tonnage and higher grade gold project.
The placement was well supported by a consortium of professional and sophisticated investors through Fresh Equities.
The Northern and Southern areas drilling will provide significant insights into assessing the potential for large scale gold or copper-gold mineralised systems.
Drilling results from the program could have a significant impact on options for the monetisation of Sorpresa.
Approvals have been secured to commence aircore and slimline RC drilling on the Northern Gold, Northern Area and Southern Area prospects.
The company plans to start drilling this quarter at multiple targets within its Sorpresa Project.
The shortfall takes total funds from the company’s non-renounceable rights issue to $800,000.
To better facilitate monetisation of Sorpresa, the company will complete a JORC 2012 resource report which will allow results of resource modelling to be reported.
The company is negotiating with contractors to complete initial aircore bedrock drilling of 2,500 metres at the Northern and Southern areas targeting large-scale mineralisation.
Reconnaissance mapping of the northern exploration area, which is 30% complete, will be extended to include the ground adjacent to Emmerson Resources tenement that led to the presence of the porphyry copper style mineralisation.
The aim of the RC drilling program is to drill through the fresh bedrock beneath the broad zone of historical gold mining pits and plus 20 to plus 100 ppb anomalous gold results.
Multiple prospects involving hard rock potential for gold, silver, copper and platinum have been established within a 6-kilometre radius of the Sorpresa discovery at Fifield.
Former managing director John Kaminsky has also resigned as a non-executive director.
The results confirm prospectivity and the target area will be progressed as a priority via a program of auger drill sampling.
The company is awaiting assay data which is expected in January 2019.
Chairman Ian McCubbing and director Andrew Greville have boosted their stakes in the gold explorer.
The company aims to monetise Sorpresa and the identification of proximal mineralisation will positively impact the project’s economics.
The company aims to monetise Sorpresa and the identification of proximal mineralisation will positively impact the project’s economics.
The company is advancing exploration at its Sopresa Gold-Silver Project in NSW.
Shortfall shares are to be distributed to sophisticated and ineligible shareholders.
The company is planning to commence initial reconnaissance work over the new area to identify priority areas for drilling.
The new gravity data will be integrated with field maps, surface geochemistry and magnetics.
High grade zones within Sopresa would support project economics.
The rights issue will open next Friday 12 October 2018.
Rimfire’s Sorpresa discovery has a resource of 125,000 ounces of gold and 7.9 million ounces of silver.
The dual strategy will examine if a mining operation can be established as well as supplementing Sorpresa with nearby potential discoveries.
The non-executive director and chartered accountant’s current stake is valued at more than $43,000.
The survey will initially target the emerging Southern Ordovician Volcanics area.
The appointment will add to the company’s exploration, operations and development capabilities.
The company has planned a work program during August and September at the Southern prospect.
S&P expects mined cobalt supply to increase at a CAGR of 12% to 2021.
Expected to engage drilling and geophysical contractors shortly for commencement in July/August.
Drilling has returned strong cobalt, nickel and scandium results while historical samples are being reassessed.
Cobalt is an in-demand mineral and is likely to become even more sought after in future.
The Lake Cowal open-pit gold mine is owned and operated by Evolution Mining.
Features of the drilling program included 10 metres at 332 parts per million cobalt from 14 metres.
The company aims to validate historical work at Avondale prospect that included up to 0.12% cobalt and 1.46% nickel.
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.
Management has previously noted similar trends that host CleanTeq's Sunrise Project.
New Gold Inc, a multi-billion dollar capped company, is earning into Fifield.
James Graham will discuss with investors the next key steps.
New Gold Inc, a multi-billion dollar capped company, is earning into the project.
Full-scale mining is expected to start at Edna Beryl early in 2018.
Rimfire noted the polymetallic potential at Fifield project, particularly given the region has yielded platinum.
Drilling is being conducted by earn-in partner New Gold Inc (TSE:NGD).
Aircore drilling follows up recent drilling success at the Transit Prospect.
Near term focus on gold-silver within large porphyry copper-gold systems.
The current ongoing drilling is only first-pass status and it is likely the best grades are yet to be seen.
News will start to flow through from the drilling program.
The management team has recently been enhanced with the appointments of Melanie Leydin as company secretary and Greg Keane as CFO.
Reverse circulation drilling has commenced on five targets, three of which will have their drill holes extended with diamond tails.
Assay results confirm both shallow epithermal gold and porphyry-style copper at depth.
The area hosts gold, copper, silver, nickel, platinum and cobalt mineralisation.
Drilling is being completed by Canadian earn-in partner, New Gold.
Assays are expected within three weeks and further drilling is being planned.
Laterite has been intersected, an important feature of next door's deposit.
The remaining planned drilling at Sorpresa is now complete.
John Kaminsky, MD & CEO, exclusively joins Proactive Q&A Sessions™.
Rimfire Pacific Mining NL (ASX:RIM) has observed a geological setting conducive to gold mineralisation from drilling at the Fortuna Gold Prospect in Fifield, New South Wales.
