Rimfire Pacific Mining – (ASX: RIM, Share Price: $0.03, Market Cap: $28m, coverage initiated @ $0.023 in Oct 2016 – current gain of 30%)
Key Catalyst
Progress update on first-pass drilling programs targeting cobalt mineralisation at Fifield project.
RIM has provided an update on the progress of first-pass drilling programs targeting two separate styles of cobalt mineralisation within its Fifield project area – at Tout East and Northern View.
At Tout East, poor weather conditions and restricted property access due to cropping have reduced drilling to just ten holes so far, with the balance of a modified drill program due to be deployed during January 2018. Permitting allows up to 55 air-core holes, but a modified program of 33 holes is planned in the first instance, influenced by access restrictions, comprising both infill and potential extensional targeting of previous cobalt and laterite observations. So far 10 holes for 397m have been completed, with the balance of air-core holes due for deployment in January 2018 and results likely during February 2018.
At Northern View, seven holes for 343m of scout first-pass RC drilling have been completed in two locations, with results expected during January/February 2018.
Technical Significance
A potential lateritic style of nickel and cobalt mineralisation has been identified in the Tout East Extension area, which demonstrates similar geologic attributes to the ultramafic Tout Intrusive trend that hosts the neighbouring Sunrise (Syerston) nickel/cobalt/scandium/platinum deposit, being developed by CleanTeQ (ASX: CLQ).
A second style of cobalt mineralization – sulphide/carbonate-related – occurs at the Northern View area, which is anomalous in cobalt, gold and manganese. This mineralisation is distinctly different to the lateritic style observed at the Tout East area. The first-pass RC drilling at Northern View will help with RIM’s understanding of this rather unique mineralisation style. It sits along strike from the Transit gold-copper prospect in an important mineralised corridor.
More details on these drilling programs will be provided during January 2018.
Summary
RIM lies in close proximity to much larger market capitalisation companies like CleanTeQ (ASX: CLQ) – $875m market cap and Australian Mines (ASX: AUZ) – $244m market cap, which compares with RIM’s market value of just $30m. We look forward to the release of comprehensive drilling results during February 2018.
