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Rimfire Pacific Mining NL drills signs of nearby deposit

Laterite has been intersected, an important feature of next door's deposit.

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John Kaminsky, CEO, Rimfire Pacific Mining NL

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.

Quick facts: Rimfire Pacific Mining NL

Price: 0.003 AUD

ASX:RIM
Market: ASX
Market Cap: $4.53 m
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Rimfire Pacific Mining outlines new focus and exploration potential for Sorpresa

Rimfire Pacific Mining (ASX:RIM) managing director and chief executive officer Craig Riley, and consulting geologist Michael Love update Proactive Investors, on a new focus and exploration potential in the South and North prospect areas of the Sorpresa project at Fifield, central NSW. The...

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