Rimfire Pacific Mining NL (ASX:RIM) has received strong validation of the golden potential of Sorpresa development project in central NSW with partner Golden Plains Resources (GPR) confirming that it will continue into the second year of an earn-in.
This earn-in covers the Sorpresa project and the immediate surrounding area, together referred to as the Fifield Project.
GPR’s decision follows Rimfire receiving the final quarter exploration cash call of $300,000, bringing exploration cash calls for Year 1 of the earn-in to a total of $1.2 million.
The company has also received the administration fee of $330,000 for Year 2 of the earn-in and this brings total receipts from GPR to $2.1 million, including the initial placement of shares in Rimfire.
“Thankful for support”
RIM managing director Craig Riley said: “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.”
He said this area was starting to generate some exciting results at targets such as Transit that recently returned the following strong result from an RC hole of 55 metres at an average grade of 0.94 g/t gold from 6 metres hole depth with two significant intercepts:
- 14 metres at 1.76 g/t from 6 metres; and
- 1-metre at 9.98 g/t from 60 metres to end of hole at 61 metres).
Encouraged by the potential beyond the end of the hole, a diamond hole has been drilled adjacent to this RC hole to test for mineralisation to a depth of about 150 metres.
Of the RC result and subsequent diamond hole, Riley said: “The recent deep RC hole result at Transit had very promising gold assay results, however, the drilling technique produces small broken rock chips for geological analysis.
“We are enthusiastically awaiting the assay results of the diamond core drill hole that is twinning (drilled adjacent) as this method will provide far better geological information for understanding controls on mineralisation as well as extending knowledge of mineralisation to a significant deeper downhole depth.
“This knowledge will be applied to the design of the six-hole RC program that will test for extensions of mineralisation along strike.”
Next RC program
Rimfire is preparing preliminary designs of the next RC program covering a strike length of 300 metres at 50-metre spacing.
It will be finalised when assay results from the diamond drill hole twin are available and can be incorporated into the geological interpretation of mineralisation controls.
Rimfire’s major focus is at Fifield within the prolific Lachlan Transverse Zone of central NSW.
It is exploring for a major copper/gold or gold mineralised system such as at Northparkes or Cowal on 915 square kilometres of exploration licences 100 kilometres west of Parkes.
This includes multiple prospects with potential for further gold discoveries in the 103 square kilometres within the GPR earn-in area around Sorpresa with all work in this area funded by GPR.
Rimfire retains responsibility for funding exploration programs over the rest of its exploration licences that also includes two licences covering 234 square kilometres about 100 kilometres south of the Fifield Project in a prospective area that is now part of the MinEx Cooperative Research Centre program.