Rimfire Pacific appoints Craig Riley as new managing director
Former managing director John Kaminsky has also resigned as a non-executive director.
Company
ASX:RIM
Rimfire Pacific Mining is an ASX – listed resources company focussed on exploring for critical minerals (including, nickel, cobalt, scandium, copper, gold and PGE's) throughout the world class Lachlan Orogen and Broken Hill districts of New South Wales, Australia.
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Former managing director John Kaminsky has also resigned as a non-executive director.
The results confirm prospectivity and the target area will be progressed as a priority via a program of auger drill sampling.
The company is awaiting assay data which is expected in January 2019.
Chairman Ian McCubbing and director Andrew Greville have boosted their stakes in the gold explorer.
The company aims to monetise Sorpresa and the identification of proximal mineralisation will positively impact the project’s economics.
The company aims to monetise Sorpresa and the identification of proximal mineralisation will positively impact the project’s economics.
The company is advancing exploration at its Sopresa Gold-Silver Project in NSW.
Shortfall shares are to be distributed to sophisticated and ineligible shareholders.
The company is planning to commence initial reconnaissance work over the new area to identify priority areas for drilling.
The new gravity data will be integrated with field maps, surface geochemistry and magnetics.
High grade zones within Sopresa would support project economics.
The rights issue will open next Friday 12 October 2018.
Rimfire’s Sorpresa discovery has a resource of 125,000 ounces of gold and 7.9 million ounces of silver.
The dual strategy will examine if a mining operation can be established as well as supplementing Sorpresa with nearby potential discoveries.
The non-executive director and chartered accountant’s current stake is valued at more than $43,000.
The survey will initially target the emerging Southern Ordovician Volcanics area.
The appointment will add to the company’s exploration, operations and development capabilities.
The company has planned a work program during August and September at the Southern prospect.
S&P expects mined cobalt supply to increase at a CAGR of 12% to 2021.
Expected to engage drilling and geophysical contractors shortly for commencement in July/August.