Rimfire Pacific Mining's June 2024 Quarter Report: Scandium Discoveries and Fundraising
RIM (RIM) Share Update July 2024 Wednesday 24th
Rimfire Pacific Mining Announces Significant Scandium Discoveries and Fundraising Success
Rimfire Pacific Mining Ltd (ASX: RIM) has released its June 2024 Quarter Activities Report, highlighting significant scandium discoveries and a successful $1.15M fundraising effort.
Instant Summary:
- Multiple work programs focused on scandium, cobalt, and copper.
- Thick zones of strong scandium anomalism across the Murga Intrusive Complex.
- Up to 90% scandium recoveries from Melrose leaching tests.
- Estimation of JORC Mineral Resource for Murga North and Melrose Scandium Prospects underway.
- Drilling programs planned for September 2024 Quarter.
- Successful $1.15M placement completed post end of Quarter.
Exploration and Discoveries
During the June 2024 Quarter, Rimfire Pacific Mining focused on advancing its scandium, cobalt, and copper projects in New South Wales. The company drilled 100 aircore holes, totaling 2,664 meters, across the Murga Intrusive Complex, resulting in significant scandium discoveries.
Key findings include:
- 22m @ 273ppm Sc from surface incl 12m @ 353ppm Sc
- 22m @ 172ppm Sc from 2m incl 5m @ 226ppm Sc
- 28m @ 158ppm Sc from 4m incl 6m @ 320ppm Sc
- 25m @ 163ppm Sc from 2m incl 5m @ 242ppm Sc
- 27m @ 162ppm Sc from 3m incl 4m @ 270ppm Sc
Metallurgical Studies
Further leaching tests at Melrose achieved scandium recoveries of up to 90% at atmospheric pressures. These results represent a significant improvement over previous tests, which had a maximum recovery of 40%. The company attributes this success to increased acidity and the addition of reagents.
Resource Estimation and Future Drilling
Rimfire is currently estimating a combined JORC Mineral Resource for the Murga North and Melrose Scandium Prospects. The company plans to announce the results in the coming weeks, pending outstanding drill assays.
Looking ahead, Rimfire has scheduled drilling programs for the September 2024 Quarter to test copper-cobalt targets at Broken Hill and further scandium targets at Fifield.
Fundraising Success
Rimfire successfully raised $1.15M through a share placement, which will be used to accelerate exploration activities and provide general working capital. The placement was supported by both new and existing shareholders.
The significant scandium discoveries and high recovery rates from leaching tests are likely to positively impact Rimfire's stock. The successful fundraising effort demonstrates strong investor confidence, which could further boost the stock price. However, the final resource estimation results will be crucial in determining the long-term impact on the company's valuation.
Investor Reaction:
Investors and analysts have reacted positively to the news, highlighting the potential for Rimfire to become a key player in the scandium market. The successful fundraising effort is seen as a vote of confidence in the company's future prospects.
Conclusion:
Investors should keep an eye on the upcoming resource estimation results and the planned drilling programs in the September 2024 Quarter. Rimfire's strategic focus on critical minerals positions it well for future growth. Stay informed on Rimfire's developments to make well-informed investment decisions.