Rimfire Pacific Mining's Scandium Exploration Update: Progress at Murga and Malamute
RIM (RIM) Share Update November 2024 Tuesday 12th
Rimfire Pacific Mining Updates on Scandium Exploration Progress
Rimfire Pacific Mining Ltd (ASX: RIM) has announced significant progress in its scandium exploration activities at the Murga and Malamute projects in central New South Wales. The company is advancing its efforts to convert exploration targets into mineral resources.
Instant Summary:
- Completed initial infill air core drilling at Murga with 61 holes over 1,259 meters.
- Identified three new scandium targets at the Malamute Scandium Project.
- Arbitration process underway regarding Fifield Termination Notice.
Murga Exploration Progress
Rimfire Pacific Mining has completed the first phase of infill air core drilling at the Murga Exploration Target. This phase involved drilling 61 holes over a total of 1,259 meters. The drilling intersected various rock types, including scandium-prospective laterite and pyroxenite, in multiple holes. These findings are crucial in advancing the Murga Exploration Target towards a Mineral Resource estimate.
The company has dispatched 582 composite samples to the laboratory for analysis, with results expected in four to six weeks. The next phase will include additional infill air core and diamond drilling, pending necessary approvals.
Malamute Project Developments
At the Malamute Scandium Project, Rimfire has identified three new scandium targets. These targets are based on magnetic anomalies that have not been previously drilled. The company plans to conduct reconnaissance air core drilling at these sites in conjunction with the next phase of Murga drilling.
Rimfire's recent option agreement with Javelin Minerals Limited for the Malamute project could expand its scandium resources significantly, pending the exercise of this option.
Arbitration and Legal Proceedings
Rimfire is currently engaged in arbitration proceedings concerning the termination of the Fifield Earn In Agreement. An arbitrator has been appointed, and both parties are preparing for hearings scheduled for March 2025. The outcome of this arbitration could have implications for Rimfire's future operations and partnerships.
The successful conversion of exploration targets to mineral resources at Murga could significantly enhance Rimfire's asset base, potentially boosting investor confidence and stock value. However, the ongoing arbitration could introduce uncertainty, affecting short-term investor sentiment.
Investor Reaction:
Analysts are likely to view the progress in scandium exploration positively, given the strategic importance of critical minerals. However, the arbitration process may cause some investors to adopt a wait-and-see approach until the legal issues are resolved.
Conclusion:
Investors should watch for the upcoming assay results and the outcome of the arbitration proceedings. These developments will be critical in shaping Rimfire's future prospects and stock performance. Staying informed about these updates will be essential for making strategic investment decisions.