Rimfire Pacific Mining Initiates Infill Drilling at Murga to Enhance Scandium Resource
RIM (RIM) Share Update October 2024 Wednesday 23rd
Rimfire Pacific Mining Commences Infill Drilling at Murga Exploration Target
Rimfire Pacific Mining Ltd (ASX: RIM) has announced the commencement of an infill drilling program at the Murga Exploration Target, aimed at converting the target into a Mineral Resource. This marks a significant step in their strategy to build a robust scandium resource inventory.
Instant Summary:
- 50-hole, 1,500-meter aircore drilling program initiated at Murga.
- Drilling aims to convert Murga Exploration Target into a Mineral Resource.
- Results expected by late November 2024.
- Murga is part of a larger scandium resource strategy at the Fifield Project.
Drilling Program Details
The infill drilling program at Murga Exploration Target involves 50 aircore holes, covering 1,500 meters. This initiative is designed to refine the understanding of scandium mineralization in the area, which was previously explored with wider spaced drilling.
Rimfire's previous drilling identified strong scandium anomalism, with notable intersections such as 13 meters at 188 ppm scandium from 3 meters depth. The current program aims to provide more detailed data by drilling on 100m x 100m spacings.
Strategic Importance
The Murga Exploration Target is located within the Fifield Project in central New South Wales, approximately 70 km northwest of Parkes. This area is part of a larger ultramafic complex, which is believed to hold significant scandium potential.
Rimfire's Managing Director, David Hutton, emphasized the importance of this drilling program in converting the exploration target into a mineral resource, which is crucial for the company's goal of establishing a globally significant scandium resource inventory.
Expected Outcomes
The results of this infill drilling are anticipated by late November 2024. If successful, these results will be instrumental in updating the Murga Exploration Target to a Mineral Resource estimate, further advancing Rimfire's scandium resource strategy.
The initiation of infill drilling at Murga is a positive step for Rimfire, potentially enhancing the company's scandium resource base. This could increase investor confidence and support stock price stability. However, the actual impact will depend on the drilling results and subsequent resource estimates.
Investor Reaction:
Analysts may view this announcement favorably, as it demonstrates Rimfire's commitment to advancing its resource projects. The market will likely await the drilling results before making significant judgments on the company's valuation.
Conclusion:
Investors should keep an eye on the upcoming results from the Murga drilling program, as they will be crucial for Rimfire's future resource development plans. This initiative underscores the company's strategic focus on scandium, a critical mineral with growing demand.