Rimfire Pacific Mining's Breakthrough in Cobalt and Copper Exploration at Bald Hill
RIM (RIM) Share Update November 2024 Tuesday 19th
Rimfire Pacific Mining Unveils Promising Cobalt and Copper Results at Bald Hill
Rimfire Pacific Mining Ltd (ASX: RIM) has announced significant high-grade cobalt and copper mineralization at its Bald Hill prospect, highlighting its potential as a key player in the critical minerals market.
Instant Summary:
- High-grade cobalt and copper mineralization confirmed at Bald Hill.
- Drilling results include 63m @ 0.18% Co, 0.08% Cu from 118m.
- Bald Hill prospect's mineralized footprint expanded to over 500m by 200m.
- Potential for significant copper mineralization identified.
- Cobalt prices currently depressed, but future potential recognized.
Exploration Success at Bald Hill
Rimfire Pacific Mining has reported successful exploration results from its Bald Hill prospect, located 30 kilometers west of Broken Hill, NSW. The recent step-out diamond drilling program has confirmed high-grade cobalt and copper mineralization, expanding the known mineralized footprint to over 500 meters by 200 meters.
The drilling results include significant intercepts such as 63 meters at 0.18% cobalt and 0.08% copper from 118 meters in drill hole FI2614. Other notable results include 29 meters at 0.17% cobalt and 0.10% copper from 67 meters in FI2613, and 18 meters at 0.16% cobalt and 0.16% copper from 110 meters in FI2612.
Potential for Copper Mineralization
In addition to the high-grade cobalt findings, the presence of strong copper anomalism suggests the potential for significant copper mineralization at Bald Hill. This is the first time a direct association between copper and cobalt has been observed in drilling at the site, marking a promising development for future exploration.
The geological setting at Bald Hill, characterized by sulphide-bearing quartz-albite psammopelitic composite gneiss, is similar to other significant deposits in the region, such as Havilah Resources' Mutooroo Copper Cobalt Gold Deposit and Cobalt Blue's Broken Hill Cobalt Project.
Strategic Considerations
While the current cobalt prices are depressed, Rimfire recognizes the strategic importance of the Bald Hill prospect. The company plans to leverage the project's significance when commodity prices improve, focusing on other base metal targets within the broader Broken Hill Project area.
Rimfire's primary strategic and commercial priorities remain its Fifield scandium assets, but the promising results at Bald Hill underscore the potential for future growth and development in the cobalt and copper sectors.
The announcement of high-grade cobalt and copper mineralization at Bald Hill is likely to positively impact Rimfire Pacific Mining's stock, as it strengthens the company's position in the critical minerals market. The potential for significant copper mineralization adds further value to the prospect, potentially attracting increased investor interest.
Investor Reaction:
Analysts are likely to view the results as a positive development for Rimfire, given the strategic importance of cobalt and copper in the critical minerals sector. However, the current low cobalt prices may temper immediate investor enthusiasm.
Conclusion:
Investors should monitor Rimfire's ongoing exploration efforts and market conditions for cobalt and copper. The Bald Hill prospect presents a significant opportunity for future growth, contingent on improvements in commodity prices and continued exploration success.