Rimfire Pacific Mining (ASX: RIM, 'Rimfire' or 'the Company') is pleased to advise that a recently completed review has confirmed that the wholly - owned Currajong Prospect represents a new high-grade scandium opportunity for the company and its shareholders.
Currajong is located within
Commenting on the announcement, Rimfire's Managing Director Mr
The Currajong Scandium Prospect
Currajong (also referred to a 'Avondale') has not previously been specifically explored for scandium with historic exploration focussed on nickel, cobalt and platinum and palladium. While Currajong remains prospective for these other commodities, Rimfire is focussed on the prospect's scandium potential given the Company's objective of building a globally significant scandium resource inventory at Fifield. Of the 209 historic wide - spaced air core, RAB and reverse circulation holes previously drilled at Currajong only 40% [85 holes] of them have been assayed for scandium with most of these holes lying in the southern half of the prospect. From the holes that were assayed for scandium, multiple drill intercepts were returned; As shown on Figures 4 and 5, the drill data has defined (using a +100ppm Sc contour) a shallow 1,000 metre x 302 metre zone of scandium that overlies the southern end of a 2.4-kilometre-long north-south trending ultramafic belt [the 'Currajong Ultramafic'] that remains open both laterally and along strike. Magnetic imagery and previous drilling show that the Currajong Ultramafic comprises a steeply - dipping interlayered sequence of ultramafic, mafic and sedimentary rocks. There appears to be two parallel trending ultramafic units that converge at the southern end underneath the scandium zone. While historic drilling [on nominal 50 - 80 metre spacings] has focussed on the southern end of the easternmost ultramafic, several isolated scandium intercepts along strike to the north coupled a relative lack of drilling highlights the excellent potential to extend the scandium mineralisation especially to the north and northwest. An examination of geological data and air core chip trays suggests that the scandium mineralisation at Currajong occurs within and towards the base [lower saprolite] of strongly weathered ultramafic rock types
To evaluate the area north of the southern scandium zone, Rimfire is planning to drill multiple traverses of air core holes over the entire length of the Currajong Ultramafic. An initial 100 vertical (5,000 metres) holes will be drilled every 50 metres along 100 - 200 metre spaced traverses with a further 100 holes (5,000 metres) planned as infill holes if favourable geology and assays warrant it. Traverses will extend beyond the ultramafic units because it is believed that scandium distribution in the weathered rocks can extend laterally past the boundaries of the ultramafic rocks. Rimfire has executed Land Access Agreements with all relevant property owners and subject to receipt of remaining regulatory approvals, the drilling is scheduled to start by the end of
Rimfire also confirms that it is not aware of any new information or data that materially affects the information included in the
Competent Persons Declaration
The information in the report to which this statement is attached that relates to Exploration and Resource Results is based on information reviewed and/or compiled by
Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.
Forward looking statements Disclaimer
This document contains 'forward looking statements' as defined or implied in common law and within the meaning of the Corporations Law. Such forward looking statements may include, without limitation, (1) estimates of future capital expenditure; (2) estimates of future cash costs; (3) statements regarding future exploration results and goals. Where the Company or any of its officers or Directors or representatives expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and the Company or its officers or Directors or representatives, believe to have a reasonable basis for implying such an expectation or belief. However, forward looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward looking statements. Such risks include, but are not limited to, commodity price fluctuation, currency fluctuation, political and operational risks, governmental regulations and judicial outcomes, financial markets, and availability of key personnel. The Company does not undertake any obligation to publicly release revisions to any 'forward looking statement'.
Contact:
Email: rimfire@rimfire.com.au
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