- Rimfire Pacific Mining (RIM) has executed a farm-in and joint venture agreement with Golden Plains Resources over the Avalon Project
- Golden Plains will now spend $1 million on exploration work at the NSW-based project, which is prospective for gold and platinum group elements (PGE)
- It can then spend another $6.5 million to earn a 75 per cent stake in the project and will subsequently lead the field work during the farm-in
- RIM expects the first payment from Golden Plains to occur in July this year, at which point it will begin planning programs at the site
- Rimfire share have closed Friday up 6.67 per cent at 0.8 cents each
Rimfire Pacific Mining (RIM) has executed a farm-in and joint venture (JV) agreement with Golden Plains Resources for the Avalon Project.
Located in NSW’s Lachlan Fold Belt, RIM’s project is considered prospective for gold and platinum group elements (PGE).
As part of the farm-in an JV, Golden Plains will spend $1 million on exploration work at the project.
Golden can then spend another $6.5 million over the next four years to earn a 75 per cent stake in the project.
During this period, RIM will remain in control of designing and executing the field work projects at Avalon.
“The company is very pleased that Golden Plain Resources has chosen to expand their level of commitment and confidence in the ground held by Rimfire to deliver further discoveries,” Managing Director Craig Riley said.
“We look forward to working with GPR and delivering value accretive results for our shareholders.”
All up, RIM has four projects across the Lachlan Fold Belt, with two of them under JV and farm-in agreements.
Rimfire share have closed Friday’s trading session up 6.67 per cent at 0.8 cents each.