Rimfire Pacific Mining - Priority copper drill target defined at East Cowal Copper Gold Project

Rimfire Pacific Mining (ASX: RIM, 'Rimfire' or the 'Company') is pleased to advise that it is pursuing regulatory approval to drill test a new priority copper drill target ('LFB022') that has been defined on its 100% - owned East Cowal Copper Gold Project which lies immediately 60 kilometres southwest of Parkes within the highly prospective Lachlan Orogen of New South Wales (Figure 1).

Commenting on the announcement, Rimfire's Managing Director Mr David Hutton said: 'With a growing portfolio of 100% - owned copper and cobalt targets, as well as our critical minerals joint ventures within the highly prospective Lachlan Orogen and Broken Hill districts of NSW, Rimfire is uniquely positioned to explore for minerals that are in demand as global decarbonisation trends accelerate. Rimfire is planning to drill the new East Cowal copper target as part of a broader push to accelerate exploration on our 100% - owned projects and looks forward to providing further updates as new information comes to hand.' [e-mail] | www. rimfire.com.au | [phone] East Cowal is one of three 100% - owned projects in NSW on which Rimfire is planning to drill priority targets with the others being historic high-grade cobalt drill intercepts at Broken Hill (Figure 2), and a large copper-gold geochemical/geophysical target at the Valley. Drilling of the priority targets will be funded from the $1.5M Rimfire Corporate Payment which Rimfire is receiving from Golden Plains Resources Pty Ltd - as part of the restructure of the Fifield Earn In Agreement (see Rimfire ASX Announcement dated 4 August 2022).

East Cowal Copper Gold Project Rimfire's 100% - owned East Cowal Copper Gold Project (500km-2) covers the northern end of the 35 km long x 20 km wide Ordovician Currumburra Volcanic Complex which is interpreted to be the eastern margin of a very large stratovolcano centred on Lake Cowal which hosts the Cowal Gold Deposit and adjacent Marsden Copper Gold Deposit. As shown in Figure 3, The Lake Cowal Volcanic complex occurs 7 km to the northwest of the Currumburra volcanics. Both Cowal and Marsden are owned by Evolution Mining (EVN.ASX) and host Total Mineral Resources of 305.3Mt @ 0.98g/t gold (9.6Moz gold), and 123Mt @ 0.27g/t gold, 0.46% copper (1.05Moz gold and 560Kt copper) respectively. (Evolution Mining Resource and Reserve Statement as at December 2021). The Ordovician Currumburra volcanic complex comprises a north south trending zone of andesitic volcanics and associated sediments, intruded by plugs and dykes ranging in composition from diorite to monzonite. The Ordovician volcanics do not outcrop and are locally overlain by the thin flat lying late Ordovician to early Silurian Jingerangle Formation cherty siltstone. While the prospective Ordovician units do not outcrop, they can be readily mapped using magnetic and gravity geophysical data as well as drillhole geological information. A prominent north-south trending gravity ridge within the East Cowal project clearly defines the location of the Currumburra volcanics as well as the northwest trending Marsden Lineament - a key structural control to localising copper gold mineralisation throughout the district (Figures 4 to 6). Historic exploration throughout the project area has typically comprised reconnaissance air core drilling and diamond drilling from which multiple mineral occurrences have been defined along the north south trending gravity ridge. Drilling by Goldminco Corporation in 2004 immediately south of Rimfire's tenure, intersected broad zones of porphyry - style copper and gold mineralisation at the Imola and Silverstone prospects. Diamond drilling returned 96m @ 0.7g/t gold in CBD01 at Imola, and 74m @ 0.15% copper from at Silverstone. Both prospects are reported to be Ordovician in age and are associated with small monzonite plugs and K feldspar alteration. The Silverstone intercept is described as associated specifically with haematite, biotite, magnetite, and K-feldspar altered intrusives and volcanics, chalcopyrite and bornite disseminations and veinlets. (Information sourced from the NSW Government Minview website - Imola mineral occurrence 185390 and Silverstone mineral occurrence 185391).

Immediately north of Rimfire's tenure, drilling by Capital Mining in 2008 intersected 28m @ 0.47 g/t gold from 740 metres at the Porters Mount prospect. Porters Mount is described as a gold bearing diatreme breccia and potential high sulphidation epithermal-style alteration system overlying a deeper porphyry copper-gold deposit. (Information sourced from Capital Mining Limited's Annual Report for the period ending 28 June 2008 on EL6591). Within Rimfire's tenure at the LFB022 target, reconnaissance aircore drilling by Clancy Exploration Limited in late 2008, has defined a 3 x 1.5 km copper in saprolite anomaly (using a +400ppm copper contour) with a maximum individual (2 metre composite) aircore sample value of 0.14% copper in CBAC044. The anomaly overlies the intersection of the north south gravity ridge and the southern boundary of the northwest trending Marsden Lineament. (Information sourced from Clancy Exploration Limited's Annual Report for the period ending 21 May 2009 on EL6784 'Currumburrama'). While historic diamond drilling has failed to find the source of the copper anomaly, a large area to south remains untested due to thin veneer of post Ordovician cover (the early Silurian Jingerangle Formation). Significantly the untested southern area coincides with a magnetic low feature which is interpreted by Rimfire to be an intrusive unit and possible source of the copper in saprolite anomaly (Figures 7 and 8). The magnetic low feature which has not been previously drill tested is a high priority for follow up by Rimfire and the Company has commenced the process of obtaining regulatory approval to drill as soon as possible.

In January 2022, Rimfire was awarded $185,675 by the Department of Regional NSW, Mining, Exploration and Geoscience group under the competitive, peer reviewed New Frontiers Cooperative Drilling Grant program. The funding will be used to offset the cost of drilling the geophysical target at the Valley (see Rimfire ASX Announcements dated 27th July 2021 and 12th January 2022). Rimfire's Broken Hill 'Green View' Cobalt Project adjoins (in part) the Broken Hill Cobalt Project of Cobalt Blue (COB.ASX), approximately 20 kilometres west of Broken Hill. Modern cobalt exploration has been largely restricted to the area of Cobalt Blue's (COB.ASX) Broken Hill Cobalt Project which hosts the Pyrite Hill, Big Hill, and Railway Deposits (with a global Mineral Resource estimate comprising 118 Mt at 859 ppm (0.08%) cobalt equivalent (CoEq) [i.e., 687 ppm (0.07%) cobalt, 7.6% sulphur & 133 ppm nickel] for 81.1Kt contained cobalt using a 275 ppm CoEq cut-off (Cobalt Blue website). Cobalt Blue's deposits are characterised by moderate to steep dipping stratabound zones of disseminated to semi-massive cobalt - bearing pyrite mineralisation. The deposits extend over some 5 km of strike and vary in thickness from 10 to 300m. The cobalt occurs exclusively as a substitute within the pyrite crystal lattice, and consequently, there is a strong correlation between pyrite content and cobalt grade. Cobalt Blue has developed a patented minerals processing technology for treating pyrite feedstocks targeting 85-90% recovery of cobalt from ore to product (as Mixed Hydroxide Precipitate or Cobalt Sulphate). As recently announced, Cobalt Blue has completed trial mining of the Pyrite Hill deposit and is currently processing the ore through their Broken Hill demonstration processing plant (see Cobalt Blue ASX Announcement dated 6 October 2022). Cobalt Blue's development of new processing technology for pyrite - hosted cobalt mineralisation is a significant development for Broken Hill and will potentially enable the development of other cobalt deposits throughout the district that were previously viewed as being non-commercial due to their metallurgy. A review of historic drilling undertaken on Rimfire's tenure has identified three target areas (Bald Hill, Staurolite Ridge and Railway Extension) for follow-up (see Rimfire ASX Announcement dated 3 November 2022). Cobalt mineralisation at Bald Hill occurs within a folded and outcropping gossanous quartz - albite +/- pyrite psammopelitic composite gneiss unit which is equivalent to the host rocks at Cobalt Blue's deposits.

Next Steps for Rimfire's 100% - owned copper and cobalt drill targets At East Cowal, Rimfire is currently pursuing regulatory approval for drill testing of the LFB022 target, with one to two Reverse Circulation (RC) holes (500 metres) planed as an initial test of the demagnetised zone immediately south of the copper in saprolite anomaly. Additionally, a traverse of aircore / RC holes to test the north south trending gravity ridge immediately south of the Porters Mount prospect (owned by Plutonic Limited) is planned to see whether the Porters Mount mineralisation continues onto Rimfire's tenure. At the Valley, up to 5 RC/ diamond drill holes (2,500 metres) are planned as an initial test of the porphyry copper gold target. Importantly funds ($185,675) from the NSW New Frontiers Cooperative Drilling Grant will partially offset the drilling program costs. Drilling at East Cowal and the Valley is planned for the March 2023 Quarter although this is largely dependent on the cessation of the current NSW flooding crisis which has severely impacted local communities and infrastructure throughout Rimfire's project area. At Broken Hill 'Green View', Rimfire is currently negotiating a Land Access agreement to enable ground truthing (geological mapping and geochemical sampling) of the Bald Hill and Staurolite Ridge cobalt targets with follow up drilling potentially to commence during the June 2023 Quarter.

Contact:

David Hutton

Managing Director

Investor Relations

P: [phone]

Greg Keane

CEO CFO

P: [phone]

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 David Hutton who is deemed to be a Competent Person and is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Hutton has over 30 years' experience in the minerals industry and is the Managing Director and CEO of Rimfire Pacific Mining. Mr Hutton has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Hutton consents to the inclusion of the matters based on the information in the form and context in which it appears

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 as the case may be, 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

(C) 2022 Electronic News Publishing, source ENP Newswire