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Rimfire Pacific Mining Limited (ASX: RIM) – Reinstatement to Quotation
Description
The suspension of trading in the securities of Rimfire Pacific Mining Limited (‘RIM’) will be lifted immediately following the release by RIM of an announcement regarding the termination of Fifield Project Earn-in Agreement with Golden Plains Resources Pty Ltd.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Completion of Penny South Gold Project Acquisition
Strata Minerals Limited (ASX: SMX or “the Company”) is pleased to advise that it has completed the 100%acquisition of the Penny South Gold Project (E57/1045).
- Strata Minerals Ltd (previously NickelX Ltd) has completed the 100% acquisition of the Penny South Gold Project (E57/1045) which significantly bolsters West Australian Gold exploration portfolio
- The Penny South Gold Project (“Penny South Project”) located in a world class gold district and ~550m south of one of Australia’s highest grade producing gold mines1 (“Penny”), owned and operated by Ramelius Resources Limited (ASX:RMS) (“Ramelius”):
- Penny Mine Project (Penny West/Penny North) is estimated to contain 440,000t of ore at a grade of 22g/t Au (320,000oz Au)2
- The Penny West mine produced 154,000t at 18g/t Au (89,000 Au) in the early 1990’s3
- The Penny North deposit of 569,000t at 16.8g/t (306,000oz) was discovered by Spectrum Metals Limited and subsequently subject to takeover by Ramelius for >$200M during 20204 , with the deposit now being mined and extended
- The Penny West Shear continues south into the Penny South Project with ~2.5km of strike contained within the Project
- Average historical drill hole depth across the Penny South Project is ~42m, with only 18 holes deeper than 100m and 7 holes deeper than 200m56 , with no diamond drilling
- Historic drilling within Penny South Project has encountered various significantly anomalous intersections of gold mineralisation
- Review of all available Penny South Project data ongoing and the company looks forward to updating shareholders in the coming weeks
Commenting on the acquisition Managing Director Peter Woods said:
“We are extremely pleased to have completed this strategic acquisition of the highly prospective Penny South Gold Project following shareholder approval. Securing this asset which is next door and along strike 550m south to one of the highest-grade producing gold mines in Western Australia is very exciting.
We are thankful for the support shown by shareholders to approve the acquisition as we continue to transform the company and now look forward to rapidly progressing the project.
The Company is of the view that the project has not yet been fully tested at depth and we are eager to unlock any potential value.”
Penny South Gold Project, WA
The Penny South Gold Project (E57/1045) (Map 1) lies only 550m south of Ramelius’ operating Penny West/North gold mine project (Map 2), which is estimated to contain 440,000t of ore at 22g/t Au (320,000oz Au) (“Penny”) 7 . SMX’s Penny South Gold Project captures a ~2.5km strike extension of the Penny West Shear immediately south of Ramelius’ Penny deposits, southern Youanmi Greenstone Belt (Map 3).
Click here for the full ASX Release
This article includes content from Strata Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
KPMG: Building New Mines an "Uphill Struggle," but Execs Positive on Sector Long Term
A recent KPMG report reveals that while mining leaders have a positive outlook on the industry's future, they are facing significant obstacles when it comes to bringing new mines into production.
The survey, which gathered insights from 100 mining executives worldwide, primarily in Canada, highlights challenges related to regulatory compliance, community engagement, environmental concerns and access to capital.
The report indicates that while nearly 80 percent of mining leaders are optimistic about the industry's growth prospects over the next five years, their ability to bring new projects to fruition is being hindered by various factors.
Heather Cheeseman, national mining leader at KPMG Canada, pointed out that the roadblocks are particularly daunting in areas like permitting, which continues to be a lengthy and complex process for many in the industry.
"The consensus among mining leaders is that their ability to develop new mines is becoming an almost insurmountable uphill struggle. Permitting remains as live an issue as ever, with the length of time and effort required to secure permits showing little sign of improving," Cheeseman said in a Thursday (September 26) press release.
The challenges outlined in the KPMG report come at a crucial time for the mining sector. The International Energy Agency has previously warned that without increased investment in mining projects and recycling, there could be a shortfall in the supply of critical minerals such as lithium and copper, both essential for technologies driving the energy transition.
By 2035, the International Energy Agency projects that global lithium supply will meet only 50 percent of the anticipated demand, while copper resources will cover only 70 percent.
Despite these concerns, mining leaders remain optimistic, partially due to government support for critical minerals exploration and development. Sentiment regarding the growth of the industry remains positive as compared to KPMG’s last global survey in 2022, which found only 62 percent of executives were optimistic.
However, this optimism is tempered by various operational risks. Community relations and securing social license to operate have emerged as the top risks identified by the industry leaders surveyed. Furthermore, the report highlights issues like commodity price volatility, geopolitical risks and access to financing as high-ranking concerns.
The report suggests that mining companies are increasingly turning to mergers and acquisitions (M&A) as a growth strategy, with 46 percent of leaders indicating that M&A is critical for future expansion. At the same time, strategic alliances, joint ventures and partnerships are seen as essential for accessing new technologies and skills.
Katherine Wetmore, GTA mining leader for KPMG in Canada, noted that a focus on critical minerals — particularly copper and lithium — continues to shape the resource industry's M&A activity.
According to the report, over 70 percent of critical mineral deals by volume last year involved copper and lithium.
These commodities are integral to renewable energy technologies and battery production, and securing stable sources of supply is expected to be a driving factor in continued M&A activity. “Those that embrace transformation and change are most likely to achieve a profitable business model for the future,” Wetmore stressed.
The report also notes the growing importance of collaboration between industry and government, particularly as the world’s demand for critical minerals continues to grow.
A vast majority — 90 percent — of mining leaders agree that more streamlined and aligned permitting processes will be necessary to meet future demand and ensure the timely development of new mines.
The findings of the KPMG report illustrate a mining sector that is grappling with a variety of challenges, while remaining cautiously optimistic about its long-term prospects.
The industry’s ability to overcome hurdles related to permitting, community relations and ESG compliance will be critical to its success in supporting the global transition to clean energy.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Termination of Fifield Project Earn-in Agreement and Funding Update
Rimfire Pacific Mining Limited (Rimfire or the Company) (ASX: RIM) provides the following updates in respect of the Fifield Project, the Avondale Project, funding arrangements and next steps.
Termination of Fifield Project Earn-in Agreement
Rimfire has two projects in the Lachlan Fold Belt of NSW, each of which are prospective for critical minerals – the Fifield Project and the Avondale Project. Activities at both projects have been funded by Golden Plains Resources Pty Ltd (GPR) under separate earn-in arrangements, which have the potential to see GPR earn a joint venture interest of up to 50.1% (in the case of the Fifield Project) and up to 75% (in the case of the Avondale Project).
Rimfire has issued a notice of termination to GPR in respect of the Fifield Project Earn-in Agreement, with the termination stated to take immediate effect.
The Company has exercised a termination right which has arisen as a result of a change of control of GPR following the judgement of the Victorian Supreme Court in: Resource Capital Ltd v Giovinazzo [2024] VSC 548 (Judgement), delivered 6 September 2024.
Given the Fifield Project Earn-in Agreement was terminated prior to GPR satisfying the earn-in requirements, GPR will have no interest in the Fifield Project going forward. The express terms of the Fifield Project Earn-in Agreement do not require the Company to repay to GPR any funding provided by it prior to termination in these circumstances.
The Fifield Project contains the Murga North Scandium Prospect where Rimfire has recently reported an Inferred Mineral Resource estimate of 21Mt @ 125 ppm Sc (4,050t Sc Oxide) as well as an Exploration Target of 100 to 200Mt at 100 to 200ppm Sc* (15 – 46Kt Sc Oxide) for the surrounding Murga area (See Rimfire ASX Announcement dated 9 September 2024)**.
Rimfire is considering its rights in relation to the Avondale Project Earn-in Agreement in light of the Judgement and is currently seeking further information from GPR.
The Avondale Project contains the Melrose Scandium Prospect where Rimfire has recently reported an Indicated and Inferred Mineral Resource estimate of 3Mt @ 240 ppm Sc (1,120t Sc Oxide) (See Rimfire ASX Announcement dated 9 September 2024)**.
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Maximus Hits 19m @ 3.21 g/t Gold at Hilditch as Development Activities Advance
Maximus Resources Limited (‘Maximus’ or the ‘Company’, ASX:MXR) is pleased to update shareholders on assay results received from a completed Reverse Circulation (RC) drill program at the Hilditch gold deposit (Hilditch) (90Å Maximus, 10Å Bullabulling Pty Ltd) located on a granted mining tenement 25km from Kambalda, Western Australia
- Assay results from a Reverse Circulation (RC) drill program at the Hilditch gold deposit return multiple shallow high-grade intersections, including:
- 19m @ 3.21g/t Au from 16m incl. 6m @ 5.64g/t Au from 18m and 5m @ 3.28g/t Au from 30m (HGRC065)
- 9m @ 3.11g/t Au from 63m incl. 4m @ 4.84g/t Au from 63m (HGRC068)
- 15m @ 1.12g/t Au from 24m incl. 1m @ 2.85g/t Au from 25m and 4m @ 2.12g/t Au from 35m (HGRC067)
- 5m @ 1.61g/t Au from 48m incl. 1m @ 2.02g/t Au from 48m and 1m @ 2.0g/t Au from 51m (HGRC065)
- Representative minable ore-grade intervals have been submitted for metallurgical test work under real-world toll milling protocols with results expected to be received in October. Initial results up to 95.8Å recovery of gold.
- Updated Mineral Resource Estimate (MRE) for Hilditch gold deposit targeted for October 2024.
- Development studies including geotechnical, environmental, infrastructure, surface water and hydrogeology assessments necessary for the mine approval process are advancing.
- The Hilditch gold project is situated on granted mining tenements, with excellent access to infrastructure, service providers and several toll-treating options within a 60km haulage.
- The Company is in active discussions with potential mining and toll-milling partners.
Eleven RC holes (722m) were drilled at Hilditch to investigate recent intersected high-grade zones. The Company has commenced updating the Hilditch Mineral Resource Estimate (MRE) to finalise optimised open-pit designs, aiming to secure mine approvals and advance discussions with potential mining and toll milling partners.
Maximus’ Managing Director, Tim Wither, commented, “The recent drilling results, including 19m @ 3.21g/t Au from 16m, fall within optimised open pit shells and support the MRE update prior to completing open pit designs. Hilditch offers a promising near-term gold production prospect for Maximus, situated on an approved mining tenement near the Coolgardie-Norseman highway, and within close proximity to multiple regional gold processing facilities.
“These new drilling results successfully expand the high-grade mineralised zones, and significantly improve the economic outlook for Hilditch, with efforts concentrated on advancing open pit development to generate cash flow for the Company, capitalising on the rising gold price environment.”
Hilditch Gold Deposit
Hilditch is located on a granted mining tenement adjacent to the Coolgardie-Norseman highway and is proximal to several toll-treating processing plants. The existing 19,500 oz Au @ 1.3 g/t Au mineral resource is shallow, with mineralisation commencing at the surface over a 200m strike length and remains open at depth with significant strike extension to be tested (ASX announcement 19 December 2023). The completed RC drill program was aimed at infill and resource extension to upgrade material classification into the indicated category, before updating the Hilditch MRE.
Gold mineralisation at Hilditch is interpreted to be associated with east-dipping structurally controlled contacts between mafic/ultramafic and volcaniclastic units. Minor interflow sediments are observed within the mafic and ultramafic sequence, similar to that prevalent at the Company’s Wattle Dam Gold Project. In the Hilditch region, the rocks show extensive weathering, reaching an average depth of 20 metres below the surface, indicative of full oxidation. From 20 to 40 metres, there exists a transitional zone, and beyond 40 metres, the rock is unweathered and contains primary mineralisation.
Preliminary metallurgical test work indicative of the Hilditch open-pit gold resource is free milling (non-refractory) with exceptional gold recoveries between 91.4Å and 95.8Å, indicating that the mineable ore is very amenable to conventional Carbon in Leach (CIL) gold processing found throughout Western Australia’s Eastern Goldfields. Completed metallurgical tests covered various gold grades and oxidation stages, ensuring representative sampling across expected mining depths (ASX announcement 3 July 2024). Further tests are underway to represent real- world toll milling protocols (Figure 2).
Figure 1 – Hilditch gold deposit significant drill results from recent drilling (gram x metres).
Drilling Results
The latest round of drilling expanded upon previous high-grade intersections near hole HGRC038, which had reported 4m @ 12.44g/t Au from 47m, including 1m @ 25.93g/t Au from 47m (Figure 1) (ASX announcement 15 August 2024).
Five RC holes were drilled in proximity to HGRC038. Notably, hole HGRC065, located 25m north of HGRC038, intersected 19m @ 3.21g/t Au from 16m, including 6m @ 5.64g/t Au from 18m and 5m @ 3.28g/t Au from 30m, effectively extending the high-grade zone to the north.
Additionally, hole HGRC068, situated 15m down-dip of HGRC038, intercepted 9m @ 3.11g/t Au from 63m, including 4m @ 4.84g/t Au from 63m. HGRC067 drilled 15m up-dip of HGRC038 returned 15m @ 1.12g/t Au from 24m, with notable intervals of 1m @ 2.85g/t Au from 25m and 4m @ 2.12g/t Au from 35m (Figure 3). These results confirm a well-defined, high-grade gold zone within the central part of the deposit, bolstering geological confidence and continuity of high-grade mineralisation.
At the northern limit of the deposit, several drill holes were positioned to the north of previously reported hole HGRC019, which intersected 7m @ 7.9 g/t Au from 51m, including 2m @ 16.9 g/t Au from 52m (ASX announcement 14 June 2022), in an effort to extend the resource along strike. However, drill holes HGRC059 to HGRC061 failed to return significant results, confirming that the mineralisation is closed off along strike to the north.
Click here for the full ASX Release
This article includes content from Maximus Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Becker Mining and alwaysAI to Collaborate on AI Solutions for Mining Industry
Becker Mining Systems, a mining technology solutions company, announced it has entered into a strategic partnership with alwaysAI to address critical challenges facing the mining sector.
The companies will look at making improvements to a variety of areas in the industry, such as restricted area monitoring, equipment utilization and personal protective equipment compliance.
Using computer vision (CV) technology, Becker and alwaysAI will focus on automating processes and setting up real-time monitoring in order to lower dependence on manual supervision and improve overall safety.
The companies also expect to reduce costs at mines while boosting operational efficiency and data analytics.
One of the potential use cases for CV technology is in real-time conveyor belt monitoring.
By integrating CV technology with Becker's existing Belt Rip Detection System, the companies will be able to provide continuous monitoring to look for early signs of wear or damage, allowing operators to intervene before issues arise.
The system will also support zone-based monitoring to help prevent unauthorized access to dangerous areas.
In addition, Becker and alwaysAI will track personnel and equipment movement through cage or lift systems. The CV-enabled system will flag unauthorized or inefficient use to minimize delays and improve process flow. Collision-avoidance systems will monitor the proximity of vehicles and personnel, providing real-time alerts to reduce accidents.
alwaysAI CEO Marty Beard highlighted the potential impact of the partnership in advancing AI-driven solutions in the resource industry, stating, “Our computer vision solutions are designed to provide real-time insights and alerts that reduce risks and improve operational efficiency, especially in high-risk environments like mining."
Dr. Wolfgang Wegener, co-CEO of Becker Mining Systems, also emphasized the importance of integrating new technologies to meet the industry’s evolving needs. “By integrating this cutting-edge technology into mines, we can help minimize risks and reduce machine downtime while boosting overall performance,” he said.
The partnership will see both companies working together to develop, install and manage the CV applications.
Becker will handle the installation of cameras and edge devices as part of the overall infrastructure needed to deploy these solutions in mining environments.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
190 Metre Antimony Copper Intercept at Bulla Park
West Cobar Metals Limited (“West Cobar”, ASX:WC1) is pleased to advise that assays from the latest drilling of its 100%-owned Bulla Park Copper - Antimony Project (Figure 1), located 110km west of Cobar in New South Wales have shown drill intersections of broad and consistent copper and antimony mineralisation.
Highlights
- Recent diamond drilling confirms a thick zone of antimony copper mineralisation at Bulla Park with structural control from a major WSW trending fault
- Provides further confidence of a large antimony copper system at Bulla Park supporting previous drilling results - 33m at 0.47% Cu and 0.15% Sb (19CA002, 229m to 262m)1
- BPD09 encountered copper - antimony grades up to 1m at 1.04% Cu, 0.55% Sb (204m to 205m)
- Broad intercepts from BPD09 include 190m at 0.23% Cu and 0.08% Sb from 128m
- Selected intersections from BPD09 include 66m at 0.34% Cu and 0.13% Sb, 7g/t Ag from 200m. Also:
- 4m at 0.44% Cu, 0.20% Sb and 7g/t Ag from 131m
- 10m at 0.47% Cu, 0.23% Sb and 9g/t Ag from 200m
- 4m at 0.53% Cu, 0.21% Sb and 10g/t Ag from 223m
- 13m at 0.45% Cu, 0.17% Sb and 7g/t Ag from 239m
- Gravity and aeromagnetic surveys indicate there is potential mineralisation along at least 1.8km of strike, over 350m of horizontal width and drill intersected thicknesses of approximately 60m
- Strong macroeconomic factors for antimony (prices are approx. US$22,700/t) and copper (prices are approx. US$9,300/t)*
- Antimony is on the critical mineral lists of both Australia and the US
- In addition, potential for stratiform massive sulphide silver – zinc - lead mineralisation exists south of the copper - antimony mineralisation
- Additional drilling planned to enable maiden antimony copper mineral resource estimate
West Cobar Metals’ Managing Director, Matt Szwedzicki, commented: “The Bulla Park project is shaping up to have potential for a major copper – antimony – silver deposit. The antimony content is exceptional and with the global prices of antimony trading at nearly 2.5 times the price of copper, it is a good time to have drilled through a major intercept of antimony mineralisation.
We are now planning the next drill program to follow the deposit along strike.”
Figure 1 - West Cobar’s Bulla Park Project exploration licences, interpreted geology and outline limits of aeromagnetic surveys flown.
Mineralisation is dominantly tetrahedrite (copper - antimony sulphide) and minor chalcopyrite and stibnite (antimony sulphide). Antimony grades in all drill hole intercepts are approximately 30% to 35% of the copper grade, reflecting the theoretical composition of tetrahedrite (Cu12Sb4S13).
The mineralisation has developed over several stages. Syn-depositional siderite alteration of Lower Devonian (Winduck Group) silty fossiliferous sandstones is accompanied by chalcopyrite and tetrahedrite. Synsedimentary microfaults and dewatering structures are common indicating a tectonically active depositional and mineralising environment. When subsequently lithified, brittle faulting and fracturing has resulted in siderite-barite stockwork veining and hydrothermal breccias with tetrahedrite as the main copper-antimony mineral. Later faulting is associated with tectonic breccias, massive siderite-barite veins up to 20m thick and tetrahedrite and stibnite crystals filling vughs and veins (Figures 2 and 3).
Click here for the full ASX Release
This article includes content from West Cobar Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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