Rimfire Pacific adds scandium to battery metals mix at Avondale prospect
Drilling has returned strong cobalt, nickel and scandium results while historical samples are being reassessed.
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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Drilling has returned strong cobalt, nickel and scandium results while historical samples are being reassessed.
Cobalt is an in-demand mineral and is likely to become even more sought after in future.
The Lake Cowal open-pit gold mine is owned and operated by Evolution Mining.
Features of the drilling program included 10 metres at 332 parts per million cobalt from 14 metres.
The company aims to validate historical work at Avondale prospect that included up to 0.12% cobalt and 1.46% nickel.
Avondale is 13km from the company’s Fifield Project in New South Wales and previous exploration work focused on whether the deposit was rich in platinum group metals.
Management has previously noted similar trends that host CleanTeq's Sunrise Project.
New Gold Inc, a multi-billion dollar capped company, is earning into Fifield.
James Graham will discuss with investors the next key steps.
New Gold Inc, a multi-billion dollar capped company, is earning into the project.
Full-scale mining is expected to start at Edna Beryl early in 2018.
Rimfire noted the polymetallic potential at Fifield project, particularly given the region has yielded platinum.
Drilling is being conducted by earn-in partner New Gold Inc (TSE:NGD).
Aircore drilling follows up recent drilling success at the Transit Prospect.
Near term focus on gold-silver within large porphyry copper-gold systems.
The current ongoing drilling is only first-pass status and it is likely the best grades are yet to be seen.
News will start to flow through from the drilling program.
The management team has recently been enhanced with the appointments of Melanie Leydin as company secretary and Greg Keane as CFO.
Reverse circulation drilling has commenced on five targets, three of which will have their drill holes extended with diamond tails.
Assay results confirm both shallow epithermal gold and porphyry-style copper at depth.