The trading halt will remain in place until the beginning of normal ASX trading on Tuesday, May 5, 2020, or when an announcement is released to the market.
In its application for the halt Rimfire Pacific said: "The trading halt is necessary to assist the company in managing its continuous disclosure obligations."
The company recently received assays for the second phase of a drilling program in the Southern Area of the Sorpresa project at Fifield, New South Wales.
A total of 36 reconnaissance aircore holes comprising 1,423 metres were drilled in the phase one and phase two programs in the Southern Area with the aim of finding similar mineralised systems as nearby Evolution Mining Ltd’s (ASX:EVN) Cowal and CMOC’s (SHA:603993) Northparkes mines.
Managing director Craig Riley said: “The results from the phase one and phase two drilling programs over the Northern and Southern Areas support the Rimfire interpretation that the basement rocks are older Ordovician rocks that also host the nearby significant Northparkes (copper/gold) and Cowal (gold) mines.”
However, testing indicates that it is likely to be from stage II volcanism rather than the stage III and IV volcanism associated with mineralisation at Cowal and Northparkes.
Drilling at the Northern Gold prospect was designed to test the bedrock beneath a 400-metre long by 80-metre wide zone of historical mine pits.
The phase one RC drilling consisted of two holes totalling 165.5 metres and generated anomalous gold (0.15 parts per million), copper (0.17%), lead (120ppm) and zinc (0.13%) although it did not intersect high copper or gold grades.
These results are supportive of the Intrusion Related Gold System (IRGS) model for mineralisation in the area.