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Rimfire Pacific Mining NL

Rimfire Pacific Mining identifies high-priority target with potential to host gold mineralisation

The company aims to monetise Sorpresa and the identification of proximal mineralisation will positively impact the project’s economics.

Aerial view of Sorpresa area
Rabbers Lookout is one of six new targets surrounding Sorpresa

Rimfire Pacific Mining NL (ASX:RIM) has identified Rabbers Lookout as a priority target, just 2-kilometres from the Sorpresa discovery within its wider Fifield project in NSW.

Gravity and magnetic data, as well as previous mapping, has highlighted similarities between Rabbers Lookout and the Sorpresa resource area.

Rimfire believes the new target has the potential to add gold resources to any future mining development.

 

Rimfire business development manager Craig Riley said: “This prospect has many similarities with higher grade areas in the Sorpresa resource, such as Trench 31.

“High-grade zones will be the key contributors to a cash-positive mining development and I look forward to seeing the first-pass exploration results from Rabbers Lookout.”

The company completed a review of high-resolution gravity survey and past exploration data as part of the first component of its dual strategy to monetise the Sorpesa discovery.

Monetisation will provide a positive cash contribution and Rimfire plans to evaluate additional Sorpresa basin exploration targets that are within 5-kilometres of the original discovery, including Rabbers Lookout.

Any new discoveries of similar style mineralisation near the existing known mineralisation have the potential to substantially impact the current economic appraisal of Sorpresa.

READ: Rimfire Pacific Mining confirms six priority targets near Sorpresa gold and silver discovery

With drought conditions making more ground surface visible, and dry dams providing a window into subsurface geology, the Rabbers Lookout area was revisited.

Investigation has indicated substantial locally-transported cover, rendering previous surface soil sampling in the area ineffective and the underlying bedrock geology untested.

Outcropping in the hills on the project’s western side and angular fragments of scree excavated from the local dam indicate a similar sequence of rocks to those found at Sorpresa.

READ: Rimfire Pacific Mining raises $1.1 million to advance Sorpresa development and regional exploration

One of the key gravity features of Sorpresa’s mineralisation is a ‘ridge’ of higher density material trending along the resource’s strike line, representing fluid introduction during mineralisation.

To the west of the higher-grade areas are local gravity lows and a similar gravity and magnetic setting is apparent at Rabbers Lookout.

Rimfire’s immediate priority is to generate a set of bedrock data to better understand the local geology undercover and test for geochemical anomalism.

Initial test holes in the area indicate local cover up to 6-metres thick with the auger able to successfully sample bedrock.

Auger drilling will continue with collection of bedrock samples for assaying.

The company aims to complete as much field work as possible prior to Christmas and finish data analysis once data is received in January.

Quick facts: Rimfire Pacific Mining NL

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Market: ASX
Market Cap: $3.28 m
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