Rimfire Pacific Mining NL (ASX: RIM) is an exploration company with a significant emphasis at Fifield in Central NSW, located within the Lachlan-Cadia Lineament. The company has established multiple projects involving hard rock gold, platinum and base metals.
The company, today on 4th April 2019, updated on the ongoing exploration at the Fifield Project in New South Wales, which forms part of its key Dual Strategy.
The company disclosed that at the Northern Gold Prospect, there is an extensive area of relatively shallow historic gold workings, coving 350m strike length x 80m width, in what is interpreted as gravel filled poorly formed valley.
An initial auger drilling program was completed to test both the valley fill and underlying in-situ geology. Results indicate the existence of anomalous gold within the weathered bedrock below the gravels. The degree of weathering is high, creating the potential for gold depletion near the surface. A program of RC drilling will test this concept and the bedrock potential. Historical workings across the area are now thought to have been targeting coarse gold accumulations within the highly weathered bedrock at the base of the infilling gravels. A single 36m deep aircore hole was completed, which supports an interpretation of easterly dipping geology. The weathered bedrock samples indicated the host rocks are not black silica lithology as at Sorpresa and more work is required to understand controls of what may be related but different mineralisation setting to the nearby Sorpresa Deposit.
The results from Northern Gold support RC drilling program to drill through the new bedrock under the broad zone of historical gold mining pits and +20 to +100ppb anomalous gold results. There has been no historical RC or diamond drilling of the bedrock in the vicinity of the extensive surface workings, so the upside potential is quite exciting. A small area to the east of Northern Gold was also tested with auger sampling with no significant results.
Overall, a total of 88 auger sample holes for a total of 261m and an aircore hole of 33m depth has been completed at Northern Gold. Craig Riley, Managing Director of Rimfire, reiterated that the recent work at the Northern Gold prospect confirms the prospectivity of more than 350m strike length zone of historical mining pits for coarse gold. He further added that he finds it encouraging to have such quality targets, which haven’t ever had any drill hole to test the zones underneath these surficial workings. He stated that, thinking in a manner that the deposit could be something different to Sorpresa while being in such a close proximity to the existing gold mineralisation at Sorpresa means positive results could substantially change the potential monetisation pathways for Sorpresa.
The December quarter update from RIM could be read here.
On the stock-performance front, the stock has posted the YTD return of -16.67%. The company also posted returns of -54.55% and -16.67% over the past six and three months, respectively. At the time of writing, i.e. on 4th April 2019 AEST 2:44 P.M, the stock of the company traded at a price of A $0.005, with a market capitalisation of ~A$ 5.35 million. It had a 52-week high price of $ 0.020, with an average volume of 725,825 approximately.
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