Rimfire Pacific Mining NL (ASX:RIM) has started a new drill program aimed at confirming and extending cobalt and nickel mineralisation at its Fifield project in Central West New South Wales.
Eleven reverse circulation and aircore holes are planned for up to 500 metres at the Avondale prospect and the program is expected to be completed within a week.
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As the drill rig was in the district, CEO John Kaminsky said, “it was very opportune to swing the rig onto Avondale for a rapid follow through on our historic compilation of cobalt and nickel numbers”.
Historical work which included 5 metres at 0.12% cobalt and 0.27% nickel from 12 metres, and 11 metres at 1.46% nickel and 0.03% cobalt from 13 metres.
Rimfire Pacific’s projects are in the Lachlan Transverse Zone.
Kaminsky said: “These results, when combined with the new holes and re-submission of some of the historic pulps for re-assay, could start to see a solid advance in the Avondale prospect for cobalt and nickel.”
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After results are received from the new program, a review of Avondale will be carried out with the intention of more detailed exploration to understand continuity, thickness and grade.
“Positive results will provide a basis to undertake a more comprehensive program of work aimed at determining resource potential,” the CEO said.
As Clean TeQ Holdings Limited (ASX:CLQ) heads towards development of the neighbouring Sunrise cobalt deposit “it certainly gives a potential commercial underpinning to any additional cobalt discoveries in the district, like Avondale”, he said.
“The cobalt and nickel prices have had positive gains in recent times offering continued incentive to accelerate the work on our observations for these metals.”