Rimfire Pacific Mining (ASX: RIM, 'Rimfire' or the 'Company') is an ASX-listed Critical Minerals exploration company which is advancing a portfolio of projects within the highly prospective Lachlan Orogen and Broken Hill districts of New South Wales.
During the June 2023 Quarter (the 'Quarter'), Rimfire intersected extensive semi - continuous zones of strongly disseminated, semi-massive, and massive sulphides in three diamond holes drilled at the 100% - owned Bald Hill cobalt prospect (Broken Hill), confirmed the copper prospectivity of the 100% - owned Valley Project, advanced our understanding of the Melrose nickel - cobalt - scandium prospect (Avondale Earn In Project) and intersected strongly anomalous scandium in recently completed aircore drilling at the new Murga prospect (Fifield Earn In Project).
Commenting on the Quarterly Activities report, Rimfire's Managing Director Mr David Hutton said: 'Rimfire continues to explore for and discover the critical minerals that are associated with global decarbonisation technologies.
Work undertaken by our exploration team during the Quarter has unearthed extensive zones of sulphide mineralisation at the Bald Hill cobalt prospect, confirmed the prospectivity of the Valley copper prospect and advanced our understanding of the Melrose nickel cobalt scandium prospect. We are keenly awaiting the Bald Hill assays results and look forward to providing further market updates as new information comes to hand'.
During the Quarter, Rimfire drilled 3 diamond holes (FI2469 to FI2471 - 635.6 metres) to validate and confirm the geological setting of cobalt sulphide mineralisation previously intersected at the Bald Hill prospect, which is is located approximately 30 kilometres west of Broken Hill, NSW. Each of the new holes intersected extensive semi - continuous zones of strongly disseminated semi-massive, and massive sulphides (pyrite and trace chalcopyrite + sphalerite) in proximity to historic drillhole BHR1/1A which intersected 58m @ 0.10% Co from 48 metres including - 7m @ 0.17% Co, 6m @ 0.15% Co, and 6m @ 0.15% Co. FI2469 intersected multiple zones of disseminated sulphide, semi - massive, and brecciated sulphides (pyrite) between 56.90 metres and 108.60 metres within a plagioclase - albite gneiss unit before passing into a barren quartz - potassium feldspar - biotite gneiss (footwall) unit.
Magnetite is also associated with the sulphide mineralisation. FI2470 intersected a semi-continuous zone of strongly disseminated semi - massive, and massive sulphide (pyrite +/- chalcopyrite and sphalerite) between 77.90 metres and 333.70 metres within a mixed sequence of plagioclase - albite gneiss, amphibolite, and psammite units, before passing into a barren quartz - potassium feldspar - biotite gneiss (footwall) unit. FI2471 intersected multiple zones of disseminated sulphide, semi - massive, and brecciated sulphides (pyrite) between 63.2 metres and 88.5 metres within a plagioclase - albite gneiss unit before passing into a barren quartz - potassium feldspar - biotite gneiss (footwall) unit.
Copper drill hits at the Valley copper prospect
Analytical results received during the Quarter from a recent Reverse Circulation (RC) and diamond drilling program at the 100% - owned Valley Project confirmed the presence of copper mineralisation with anomalous values returned from two of the recent diamond drill holes. The Valley Copper Project is located 34 kilometres west of the Northparkes Copper Gold Mine (total Measured and Indicated Resources at 31st December 2019 of 356Mt @ 0.55% copper, 0.20g.t gold - 1.96Mt copper and 2.33Moz gold (refer to Northparkes website). The drill program carried during the March 2023 Quarter, comprising 2 diamond holes (FI2404 and FI2405 -1,128.3 metres) and 2 Reverse Circulation holes (FI2406 and FI2407 - 201 metres), was carried out to test a high-priority copper (+gold) target potentially indicative of a buried porphyry copper gold system. An earlier reconnaissance hole drilled by Rimfire in 2021 (FI2079) at the Valley confirmed the prospectivity of the area by intersecting a sequence of strong propylitic and epidote-chlorite altered volcanoclastic, and polymictic conglomerate rocks interpreted to be Ordovician - age Raggatt Volcanics like the host rocks seen at the Northparkes deposit. Subsequent reprocessing of geophysical data highlighted a cluster of magnetic features (within a broad circular magnetic anomaly that has an approximate area of 3.75km-2) adjacent to FI2079 and FI2081 that were interpreted to be represent bodies of Ordovician - age intrusive rocks (andesites and monzonites) that could be the source of the copper anomalism seen in the drillholes. Of the recent drilling, diamond drill hole FI2404 intersected zones of weakly disseminated sulphide (pyrite) within favourable Ordovician - aged volcanoclastic rocks as well as multiple zones of weak disseminated, veinlet, and shear zone - hosted sulphide (pyrite + coarse grained chalcopyrite) mineralisation within the overlying Devonian rocks, assaying of which returned;
Next Steps for Rimfire's 100% - owned projects
At Bald Hill, sampling and core cutting is continuing, with half core samples (115 samples) from FI2469 submitted to ALS Pty Ltd mid-July for analysis. It is anticipated that the remaining half core samples from FI2470 and 2471 (approximately 447 samples) will be dispatched to the laboratory by the end of July 2023 with first assays expected mid - August 2023. The next stage of exploration at the Valley will be the development of a three dimensional (3D) geological model to assist in planning the next round of drilling.
Melrose emerging as significant nickel cobalt scandium opportunity
Aircore drilling under the Quarter extended the area of nickel cobalt scandium mineralisation and confirmed the geological setting of the Melrose prospect. Separately head assaying of a 260kg composite bulk sample undertaken during metallurgical test work, has confirmed the high-grade nature of the Melrose mineralisation. Melrose lies within the Company's Avondale Project which is located 70 kilometres northwest of Parkes within the highly prospective Lachlan Orogen of central New South Wales. 20 aircore hole (FI2408 to FI2442 - 904 metres) were drilled at Melrose. Vertical holes were drilled along fence lines and access tracks north and south of a prominent magnetic anomaly that lies centrally within the prospect area to determine the extent of nickel cobalt scandium mineralisation at Melrose and confirm the prospect's geological setting. Geologically Melrose is underlain by an east-dipping sequence of ultramafic and mafic intrusive rocks (microdiorite, gabbro, pyroxenite, wehrlite, dunite) that are bounded to the east against a granite and volcaniclastic sediments to the west. The ultramafic rocks are heavily altered with rimfire@rimfire.com.au | www. rimfire.com.au | +61 3 9620 5866 serpentinite and magnetite commonly present throughout. The presence of abundant magnetite explains the Melrose magnetic anomaly. The basement rocks are strongly weathered with an overlying flat - lying manganese and iron rich (laterite) horizon present, assaying of which has shown to be strongly anomalous in nickel - cobalt - scandium (Ni Co Sc) mineralization
Drilling previously undertaken by Rimfire has returned multiple strongly anomalous drill intercepts from the laterite horizon, e.g.; 21m @ 0.11% Ni, 0.07% Co, and 529ppm Sc, from 3 metres in FI2397 including 9m @ 0.17% Ni, 0.15% Co and 688ppm Sc from 14 metres, 2.3m @ 0.15% Ni, 0.08% Co and 461ppm Sc from 3 metres and 5.0m @ 0.68% Ni, 0.07% Co and 302ppm Sc from 16 metres in FI2398, 4.9m @ 0.36% Ni, 0.11% Co and 349ppm Sc from 5 metres, and 4.3m @ 0.42% Ni, 0.09% Co and 296ppm Sc from 10.1 metres in FI2399, and 10.0m @ 0.14% Ni, 0.10% Co and 456ppm Sc from 1 metre in FI2400 including 5m @ 0.17% Ni, 0.17% Co and 568ppm Sc from 5 metres.
From the drilling undertaken to date at Melrose, the following geological observations can be made.
The nickel cobalt scandium mineralised laterite zone trends in a north northeast - south southwest direction over 900 metres strike length with width ranging from a maximum of 400 metres in the core of the magnetic complex to a width of 50 metres in the northeast.
The nickel and cobalt mineralisation remain open to the southwest into areas of no drilling.
The scandium mineralisation remains open to the west.
Mineralisation thickness ranges from 16 metres in the core of the magnetic complex to < 3 metres to the northeast.
The thickest laterite zones and higher-grade nickel cobalt and scandium mineralisation overlies the ultramafic rock types, with the highest scandium grades spatially associated with the pyroxenite. The thinner laterite zones and lower grade mineralisation in the northeast overlies microdiorite rimming the pyroxenite.
Additional to the aircore drilling, Perth specialist metallurgical services group - Independent Metallurgical Operations Pty Ltd (IMO) is currently developing a conceptual processing flowsheet with the aim of optimising recoveries and production of a nickel - cobalt - scandium product from high-grade mineralised material from Melrose. To underpin the studies, a bulk composite sample (260 kg) of high-grade nickel cobalt scandium mineralisation from Melrose (PQ quarter diamond drill core) was previously dispatched to IMO in Perth
A representative sub-sample of the bulk composite sample was pulverised and analysed with the assaying of various size fractions returning grades ranging from 0.218% to 0.437% nickel (head assay grade of 0.33% nickel), 0.08% to 0.15% cobalt (head assay grade of 0.12% cobalt), and 290ppm to 470ppm scandium (head assay grade of 380ppm scandium). These results support previously obtained drill assay intercepts and reinforces Rimfire's belief that Melrose represents a potentially significant high grade nickel cobalt scandium mineral opportunity. At the time of writing, IMO had completed scrubbing tests and atmospheric leaching had commenced
JMEI Credits
During the Quarter, the Company applied for the 2023 / 2024 Financial Year Federal Government's Junior Minerals Exploration Scheme ('JMEI') which amongst other things, encourages investment in minerals exploration companies that carry out greenfields exploration in Australia. After the Quarter, Rimfire was notified that its application had been accepted and that exploration credits of $500,000 had been allocated to the Company for distribution to eligible shareholders during the 2023 / 2024 Financial Year.
Cash, Capital Structure, and Funding
At 30th June 2023, Rimfire had access to $0.4M of funding (plus an additional $17K held in the Fifield and Avondale Earn In Project accounts for exploration activity on those Projects). During the Quarter Rimfire received a $215K Cash Call payment and after the Quarter (in July 2023) Rimfire received an additional $160K Cash Call payment from GPR for exploration programs conducted on the Fifield and Avondale Earn Ins. An additional $250K was also received from GPR for payments under the Fifield Heads of Agreement before it was terminated. Additionally, $90K was received from the NSW Government under a previously awarded drilling grant of $185,675 by the Department of Regional NSW, Mining, Exploration and Geoscience group under the competitive, peer reviewed New Frontiers Cooperative Drilling Grant program. Rimfire has formally requested that the remaining funding to be carried over into the 2023 / 2024 Financial Year to support the second phase of diamond drilling to be conducted at the Valley when the next hole locations are determined. The Company is currently in a Trading Halt conducting a capital raise and will announce the results to the market in due course. Related party transactions of $71K (section 6.1 and 6.2 of the June 2023 Quarter Appendix 5B) are payments for salary (including statutory superannuation) to David Hutton (MD and CEO) and rimfire@rimfire.com.au | www. rimfire.com.au | +61 3 9620 5866 Non-Executive Director fees paid during the June 2023 Quarter. Since June 2023, payment of Director Fees has been suspended whilst the company implemented cost saving measures across its operations.
Contact:
David Hutton Greg Keane
Tel: +61 417 974 843
About Rimfire
Rimfire Pacific Mining (ASX: RIM, 'Rimfire' or the 'Company') is an ASX-listed Critical Minerals exploration company which is advancing a portfolio of projects within the highly prospective Lachlan Orogen and Broken Hill districts of New South Wales.
RIMFIRE PACIFIC MINING LIMITED 
