Rimfire Pacific Mining (ASX:RIM) has entered the current September quarter continuing on its busy exploration schedule at its Fifield project tenement area in central New South Wales.
The Fifield project area covers 669 square kilometres and hosts the Sorpresa gold and silver deposit measuring 6.4 million ounces grading 0.61 g/t gold and 38 g/t silver for circa 250,000 ounces of gold equivalent.
Multiple prospects involving hard rock potential for gold, silver, copper and platinum have been established within a six kilometre radius of the Sorpresa discovery at Fifield.
Multiple drill programs were completed during the June quarter and most recently a follow-up reverse circulation drill program commenced.
Rimfire is partnered with multi-billion dollar Canadian producer New Gold Inc. (TSE:NGD) at Fifield through an earn-in agreement valued at up to $12 million in exploration expenditure.
John Kaminsky, managing director, commented
“This has been an excellent quarter for the company. The historic data review combined with the expanded new geological and geochemistry knowledge gained in the latest work programs, have provided initial five drill target areas across the district for first pass drill testing.
“This is a very exciting time for the Company and shareholders. The deeper drilling programs are underway at Fifield and drilling will continue throughout August.
“We have definitely gained a greater understanding of the promising nature of the Fifield district to yield world class discoveries, through the work programs in the first half of 2017.
“Whilst the fuller context for the regional results is still considered work in progress, we have again achieved solid progress in this quarter.”
June quarter achievements
Field initiatives that have been successfully deployed in the quarter, using the combined efforts of both New Gold and Rimfire include:
- Regional aircore/auger drilling phase one campaign completed;
- Geological understanding of the broader tenement expanded;
- Extensive prospecting, sampling, mapping on multiple areas and is ongoing (areas include Tout East, Fortuna, Eclipse Trend and others);
- First pass reverse circulation and diamond core drilling planned and now under execution; and
- Further progress on the Sorpresa resource with infill drilling results.
Drill program currently underway
Last week, Rimfire commenced reverse circulation drilling at its Fifield project tenement.
The current program will comprise 3,000 metres of reverse circulation drilling and 1,000 metres of diamond drilling focused on five targets.
It follows the first phase of aircore and auger drilling totalling 288 holes over the central third of the Fifield project tenement area.
3,000 metres of reverse circulation drilling will target depths of 60-275 metres at an initial five target areas.
1,000 metres of diamond drilling will target depths of 400-600 metres on three of the initial five target areas.
The initial targets in sequence are:
1. The Golden Chrome target: Potential for a mineralised porphyry system at depth.
2. The Moonrise area: Centres on a zone of anomalous gold in soil and rock chips.
3. The Transit area: Newly defined surface gold anomaly with adjacent base metal signatures.
4. The Carlisle target: Centres on an 800-metre diameter strong magnetic anomaly thought to be prospective for copper and gold.
5. The Gravity Thrust target: Possible repeat of Sorpresa style mineralisation.
Drilling is expected to be ongoing through July and August.