Rimfire Pacific Mining NL (ASX:RIM) has been granted a trading halt by the ASX pending the release of an announcement regarding a capital raising.
The halt will remain in place until the earlier of the start of normal trading on Friday, October 5, or when the announcement is released to the market.
READ: Rimfire Pacific to assess Sorpresa economics, pursue regional exploration potential
Rimfire is carrying out a dual strategy of conducting an economic assessment of its Sorpresa discovery in New South Wales parallel to reviewing the discovery potential in the wider Fifield district.
Sorpresa’s gold and silver resource was discovered in 2011 and Rimfire confirmed in 2014 that it had intersected a new zone of mineralisation at Fifield.
The focus of ongoing work since then – including mapping, drilling and metallurgy – has been to advance the resource definition at Sorpresa.
Potential development of a mining operation
A complete review and integration of all past work at Sorpresa will determine if the identified high-grade zones will provide sufficient mineralisation, at a suitable cut-off grade, to allow development of a mining operation.
This could then give Rimfire a future source of funding to assist with exploration costs.