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Rimfire Pacific halted with news pending of a capital raising and farm-in transaction

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 Pacific Mining NL - Rimfire Pacific Mining in trading halt ahead of capital raising and farm-in transaction
Rimfire is working to obtain NSW Government drilling approvals and local land holder access agreements for phase three drilling

Rimfire Pacific Mining NL (ASX:RIM) has been granted a trading halt by the ASX with an announcement pending in regard to a capital raising and farm-in transaction.

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."

Drilling results

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.

Northern Gold

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.

Quick facts: Rimfire Pacific Mining NL

Price: 0.013 AUD

ASX:RIM
Market: ASX
Market Cap: $20.6 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...

on 11/7/19

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