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November 12, 2024
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to provide an update on scandium exploration activities being carried out at Fifield which is located approximately 70 km NW of Parkes in central NSW (Figures 1 and 2).
Highlights
- Initial phase of infill air core drilling (61 holes / 1,259m) completed across southern portion of the Murga Exploration Target
- Air core drilling intersected a range of rock types with scandium – prospective laterite and pyroxenite intersected in multiple holes
- Drilling is sole funded by Rimfire with 582 composite samples dispatched to the laboratory with results within 4 – 6 weeks
- Second phase of infill air core and diamond drilling at Murga Exploration Target planned to commence in coming weeks subject to receiving all necessary approvals
- 3 new scandium targets identified at 100% - owned Malamute Scandium Project with no previous drilling
- Reconnaissance air core drilling planned at Malamute in conjunction with next phase of Murga drilling
- Arbitration process to determine validity of Rimfire’s Fifield Termination Notice underway with Arbitrator appointed
Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said: “infill aircore drilling at Murga is the critical next step in converting the Murga Exploration Target into a Mineral Resource and we look forward to receiving the assay results from the first phase of drilling in the coming weeks.
The next phase of drilling at Murga will involve further infill air core drilling and diamond drilling. We will also undertake reconnaissance drilling of 3 untested magnetic targets on our newly acquired Malamute Scandium Project.
The remainder of 2024 is shaping up to be a busy period with drill results and further drilling planned across two scandium projects. We look forward to updating shareholders when new information becomes available”.
Murga Exploration Target drilling details
At Murga scandium occurs within a strongly weathered horizon overlying magnetic ultramafic (pyroxenite) intrusive rocks of the Ordovician-age Murga Intrusive Complex interpreted to be part of a large scale arcuate shaped mafic – ultramafic intrusive complex that has a surface area of approximately 20km² (Figure 2).
Rimfire has previously announced a Mineral Resource estimate of 21Mt @ 125ppm Sc (4,050t Scandium Oxide) for Murga North* and an Exploration Target for the broader Murga area (excluding the Murga North Mineral Resource) of 100 to 200Mt at 100 to 200ppm Sc (15Kt – 46Kt Scandium Oxide)**. (Rimfire ASX Announcement dated 5 September 2024).
The Exploration Target is based on an outline of the scandium-bearing pyroxenite interpreted from aeromagnetic data and results of Rimfire’s 2024 reconnaissance air core drilling (on nominal 400m x 400m centres) throughout the Murga area which successfully intersected strong scandium anomalism (see Rimfire ASX Announcement dated 6 May 2024), i.e.
- 13m @ 188ppm Sc from 3 metres in FI2514 including 4m @ 248ppm Sc,
- 3m @ 127ppm Sc from 13 metres in FI2549,
- 18m @ 174ppm Sc from 1 metre in FI2561 including 3m @ 226ppm Sc, and
- 27m @ 188ppm Sc from 0 metres in FI2434 including 12m @ 224ppm Sc.
To better understand the significance of the wide spaced drilling results, an initial phase of infill aircore holes (61 holes / 1,259 metres) was drilled on 100m x 100m spacings (as recommended by Rimfire’s external resource consultant) to better define internal grade zones and mineralisation thickness variation of the Murga Exploration Target. The drilling also tested several magnetic anomalies within the Exploration Target that are interpreted to represent underlying scandium source rocks (i.e., pyroxenite).
The drilling intersected a variety of rock types with scandium – prospective laterite and pyroxenite intersected in multiple holes although their significance won’t be known until assay results are received. 582 composite samples have been submitted to SGS Australia Pty Ltd in Orange for laboratory analysis with results expected within 4 – 6 weeks.
The drilling is sole funded by Rimfire and is part of a larger infill air core and diamond drilling program at Murga that is planned to resume in the coming weeks subject to receiving all necessary approvals. If successful, the results of the infill drilling will be used to convert the Murga Exploration Target to a Mineral Resource estimate.
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.
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This agreement follows Cobre's participation in BHP's Xplor program in January of the previous year, where Cobre received $500,000 to advance its Kalahari copper projects in Botswana.
Under the terms of the agreement, BHP will provide at least $5 million in funding to Cobre within two years from the commencement date, with an initial exploration budget of $7 million set to begin next month. Cobre's CEO, Adam Woolridge, expressed optimism about the partnership, stating that the collaboration with BHP will enable a technology-driven exploration program aimed at discovering significant deposits in the Kitlanya East and West projects, the Reuters report said.
This strategic move underscores BHP's commitment to expanding its presence in the African copper sector and leveraging advanced exploration techniques to identify potential high-grade copper deposits in Botswana's Kalahari region.
Click here to connect with Cobre for an Investor Presentation
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BHP to Invest Up to AU$40 Million in Cobre’s Kitlanya East and West Copper Projects
Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) is providing up to AU$40 million for exploration work atCobre’s (ASX:CBE) Kitlanya East and West copper projects in Botswana, Cobre said on Monday (March 10).
The funding is under an earn-in agreement between Cobre, other Cobre-owned subsidiaries and a wholly owned subsidiary of BHP. It gives BHP the right to acquire a 75 percent interest in the Kitlanya assets.
The agreement comes after Cobre’s participation in BHP’s Xplor program in 2024. Through Xplor, Cobre received US$500,000 to accelerate its exploration plans for its Kalahari copper projects in Africa.
It also follows the signing of a letter of intent with a BHP subsidiary in September 2024. The companies agreed at the time to negotiate a material earn-in joint venture agreement for Kitlanya East and West.
“This significant transaction with BHP ... is a major moment in time for Cobre as a company as well as a testament to the success of BHP's Xplor program,” said Cobre CEO Adam Woolridge in a press release.
“The partnership with BHP will provide us with the funding and support necessary to implement a technology-driven work program designed to discover the Tier 1 deposits we believe may be hosted in our Kitlanya East and West Projects.”
Cobre acquired Kitlanya East and West through its November 2022 purchase of Kalahari Metals. BHP conducted fixed-wing AEM surveys over much of Kitlanya West’s project area in the late 1990s, but there was little on-site work.
The copper market is reportedly growing in Africa, with the Democratic Republic of Congo and Zambia as its largest producers. Botswana is also recognized as one of the continent's primary producers.
Mobilisation for drilling at Kitlanya West is set to start next month, and will test targets identified in a 2024 seismic program. The plan is to assess the mineral system for components required for tier-one copper deposit formation.
Cobre and BHP's Xplor program
"We are thrilled to continue our partnership with one of the BHP Xplor alumni, Cobre Limited, through this agreement,” said BHP Group Exploration Officer Tim O’Connor in Cobre's release.
“This collaboration reflects our excitement for the exploration potential in Botswana and underscores the high standard of partnerships we see coming out of the BHP Xplor program.”
The Xplor program was introduced by BHP in 2022 as a means of assisting companies in accelerating exploration opportunities and developing new critical minerals sources.
Selected companies receive benefits such as an equity-free grant of up to US$500,000 and access to a network of BHP and external industry experts to build out and accelerate their exploration concepts.
The 2025 BHP Xplor cohort holds the highest number of successful applicants in the program's history at eight companies. Cobre formed part of the 2024 cohort, joining five other companies.
This week's transaction between Cobre and BHP does not involve Cobre's flagship Ngami and Okavango copper projects, which are also located in Botswana. Cobre will continue advancing both assets independently.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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