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RIMFIRE PACIFIC MINING LIMITED

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Rimfire Pacific Mining NL - Drilling Commenced at Fifield Platinum Project

12/14/2021 | 09:48am EDT

Rimfire Pacific Mining NL (ASX Code 'RIM' or the 'Company') is pleased to announce that large diameter auger ('bucket') drilling has commenced at its Platina Lead prospect at Fifield in central NSW.

The Platina Lead was previously mined for coarse platinum and gold in the 1880's through to the 1900's and together with other Leads in the area (all of which are under Rimfire tenure) remains Australia's largest dedicated area for platinum production.

The specialised drill rig will undertake a 10 hole program to obtain samples from the bedrock zone in a shallow alluvial channel that is part of an ancient stranded paleochannel. The samples will be assessed for platinum, gold and associated platinum group elements (PGE's) of Osmium (Os), Iridium (Ir), Ruthenium (Ru), Rhodium (Rh) and Palladium (Pd). As the samples are coarse grained they will be processed using gravity separation techniques and then the gravity concentrate analysed to quantify content of PGE's, gold and other materials in the heavy medium concentrate.

Managing Director and CEO Craig Riley stated: 'It is exciting that with improvement in mobility of personnel and equipment in NSW as COVID travel constraints diminish and impact of heavy rain in central NSW recedes to be able to resume drilling operations. The company looks forward to commencing this program and also the arrival of different drilling rigs to undertake more programs on our other projects. '

Contact:

Greg Keane

Tel: +61 3 9620 5866

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 0,65 M 0,46 M 0,46 M
Net income 2021 -0,37 M -0,26 M -0,26 M
Net cash 2021 1,56 M 1,10 M 1,10 M
P/E ratio 2021 -43,7x
Yield 2021 -
Capitalization 14,4 M 10,2 M 10,2 M
EV / Sales 2020 204x
EV / Sales 2021 22,6x
Nbr of Employees -
Free-Float 69,9%
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Managers and Directors
Greg Keane Chief Financial Officer
Ian James McCubbing Non-Executive Chairman
David James Hutton Independent Non-Executive Director
Andrew Jamieson Greville Non-Executive Director
Andrew Melville Knox Non-Executive Director