Rimfire about to hit highly prospective 100%-owned Lachlan Fold Belt projects with drilling

Rimfire Pacific Mining NL (ASX:RIM) is about to begin drilling of two priority targets on 100% controlled exploration licences as the company seeks the next major gold or copper-gold discovery in the prolific Lachlan Fold Belt of central NSW. First cab off the rank will be The Valley target where a proposed drill program starting at the end of this month will test five discrete shallow Induced Polarisation (IP) features that are interpreted to be at less than 150 metres depth. At Greater Cowal target a proposed 6-hole aircore drilling program totalling 600 metres depending on bedrock depths is planned to begin in the first quarter of 2021. Both highly prospective targets are outside the Golden Plains Resources (GPR) Earn-in area, where separate drilling activities are also planned funded by GPR. “Exciting phase of field activity” Rimfire managing director Craig Riley said: “Over the next four months Rimfire will enter an exciting phase of field activity with drilling at The Valley prospect to test a group of geophysical Induced Polarisation features that occur on the flanks of the interpreted western boundary of the caldera that also hosts the Northparkes porphyry copper-gold system. “This program is quite interesting as the only previous drilling by another company did not reach target depth so the area has never been properly tested by shallow or deep drilling. “These holes represent the first step in obtaining a better geological understanding of The Valley.” Well-funded for work Rimfire is well-funded for the work on its 100% controlled licence areas covering more than 800 square kilometres after a recent successful capital raise. The Valley is around 5 kilometres west of the Kincora Copper Ltd (CVE:KCC)/RareX Ltd (ASX:REE) Mordialloc porphyry copper-gold target which has returned strong results. The Valley drilling Rimfire’s drilling will consist of a proposed 5-hole RC/diamond tail drill program to test five discrete shallow zones of anomalous chargeability and resistivity responses in the bedrock substrate, as indicated by IP. The only drilling ever done at this site were three holes by another company that failed to reach target depth due to high water flows. Location plan of The Valley target. This new program, therefore, represents a new opportunity compared to many other projects where drill hole planning can be guided by historical data sets of tens of thousands of metres. It is expected to begin this later month subject to any delays due to harvesting schedules or COVID-19 pandemic restrictions. Greater Cowal program Next quarter Rimfire intends to drill the Greater Cowal target to obtain bedrock samples to assess if there are lithologies, alteration and geochemistry to support a Northparkes-style porphyry copper-gold system or a Cowal-style gold system. A 6-hole aircore drilling program totalling 600 metres is planned, although uncertainty of bedrock depths will cause some variation in hole depths. The process of obtaining landholder clearances and Complying Exploration Activity (CEA) clearances from the NSW Government are in progress. Completion of these clearances and management of COVID-19 restrictions could influence the start of drilling. GPR earn-in area work Meantime, at the GPR earn-in area, initial Q1 and Q2 work program payments by GPR towards their earn-in expenditure commitments will fund drilling programs through to the first quarter of 2021 at the Sorpresa Development Project and other prospects in close proximity. Riley said: “The company will also be undertaking drilling at a number of prospects within the GPR Earn-in Area including Northern Gold, 114 Trend, Transit and Rabbers Lookout that are all in close proximity to the Sorpresa Development Project.” Drilling activities for this development project will focus on obtaining additional information to support design studies for mining and processing: Geotechnical studies to support design parameters for pit wall slopes; Hydrological studies on the possibility of any pit water inflows from aquifers; Metallurgical samples for process plant design and optimisation; and Geological samples to assess potential along strike of additional shallow zones of mineralisation.