Rimfire Pacific Mining NL (ASX:RIM) has been notified by New Gold Inc. (TSE:NGD) of its intention to not proceed with the next stage of the Fifield earn-in agreement.
New Gold Inc. invested $2 million in the polymetallic Fifield project located in New South Wales during the 12 months to December 31, 2017.
This assisted in alleviating some of the start-up risk for Rimfire, and the company now has the ability to progress the project with 100% ownership and no dilution.
Rimfire to continue drilling
A strong foundation has been established for discovery growth going into 2018, and the company will be targeting copper and gold mineralisation as well as other prospects.
John Kaminsky, chief executive officer, said: “We will continue with the completion of drilling programs in the Tout East and Area 2 locations.
“Recommencement of this work is due to start next week, and a new mapping program should start in March.
“A historic review of cobalt observations continues within the Fifield project area, and we expect system news flow in 2018.”
Fifield benefits from established infrastructure
The Fifield area is well supported with access to infrastructure and skills suitable for any potential mining scenario and this provides additional options in terms of exploration.
Rimfire will continue to develop a process of review, rating and prioritization of its key target domain opportunities to progress and grow the pipeline for new discoveries.
Management has previously noted geological trends that hosts the neighbouring Sunrise nickel, cobalt, scandium, platinum deposit, being developed by CleanTeQ (ASX:CLQ).