Rimfire Pacific Mining NL (ASX:RIM) is in a trading halt ahead of an update to the company's earn-in and joint venture agreements with Golden Plains Resources Pty Ltd.
The trading halt has been granted by the ASX and will be in place until Thursday, June 18, or when an announcement is released to the market, whichever occurs earliest.
GPR earn-in and JV
On May 5 Rimfire signed a subscription, earn-in and JV agreement with Golden Plain Resources Pty Ltd (GPR) in regard to the Fifield Project in Central West New South Wales.
The area comprises 103 square kilometres of highly prospective ground that includes the Sorpresa gold discovery, which to date has a resource of 74,300 ounces of gold and 3.4 million ounces of silver at 1.0 g/t and 85 g/t cut-offs respectively.
GPR committed to an immediate $240,000 equity investment in Rimfire shares at 0.32 cents per share and said it would invest $1.5 million annually for three years to earn a 50.1% interest in the JV area.
Rimfire managing director Craig Riley said at the time: “The company at the end of 2018 announced a dual strategy comprising monetisation of Sorpresa and discovery of a significant economic zone of mineralisation."