Join our daily newsletter At The Bell to receive exclusive market insights
- Rimfire Pacific Mining (RIM) begins drilling to test a high-priority copper target at its Valley project in New South Wales
- Rimfire says the target hosts geological similarities to the nearby 1.96 million tonne copper and 2.33 million ounce gold North Parkes deposit
- The company aims to complete 1000 metres of diamond drilling across three holes within two months
- Rimfire MD David Hutton says the company is in a strong position to advance exploration, following a $1.2 million capital raise
- Shares in RIM are trading at 0.7 cents at 12:19 pm AEDT
Rimfire Pacific Mining (RIM) has kicked off drilling at its Valley project in New South Wales to test a high-priority copper target.
The program includes 1000 metres of diamond drilling across three holes at the project, which is 34 kilometres west of the North Parkes copper-gold mine.
The North Parkes mine is operated by HKEX-listed China Molybdenum and has total measured and indicated resources of 356 million tonnes at 0.55 per cent copper and 0.20 grams per tonne gold.
Rimfire believes its high-priority target holds geological similarities to the 1.96 million tonne copper and 2.33 million ounce gold North Parkes deposit, and may be indicative of a buried porphyry copper gold system.
This round of drilling is anticipated to take two months to complete, and the company’s Managing Director, David Hutton, said Rimfire is in a strong position to advance exploration.
βThe Valley is a high-priority copper target that we have been wanting to drill for some time,” he said.
“Following the success of our recent capital raising, Rimfire is now in the position to accelerate exploration on our 100 per cent-owned projects including the Valley and our exploration team is excited to see what the drilling reveals.”
The company recently raised $1.2 million and was awarded $185,675 by the NSW Government in January 2022, to go towards its mining efforts at the project.
Rimfire shares last traded at 0.7 cents at 12:19 pm AEDT.
