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RIMFIRE PACIFIC MINING NL

(RIM)
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Rimfire Pacific Mining NL Releases Assay Results from Deep Diamond Drillhole At Its Valley Prospect

07/26/2021 | 07:22pm EST

Rimfire Pacific Mining NL released assay results from a deep diamond drillhole at its Valley Prospect that targeted a near surface Induced Polarisation (IP) geophysical feature and deeper porphyry copper style mineralisation of similar provenance as the Northparkes mine at The Valley Project (100% RIM) located in the Lachlan Fold Belt central NSW. A deep diamond drill hole, FI2079 of 463m total downhole depth and a shallow diamond drill hole, FI2081 of 151m total downhole depth were completed to test two targets: A deeper magnetic target interpreted as Ordovician volcanics that are related to porphyry style mineralisation in the region which occurs beneath younger Devonian sediments; The source of surface geochemical anomalism along a ferruginous ridge and an Induced Polarisation (IP) geophysical feature in same vicinity. Only the assay results from FI2079 from 75m to 462.6m (End of Hole) are currently available. The magnetic target was intersected at ~350m vertical depth. The unit is a strongly epidote-chlorite altered volcanoclastic, polymictic conglomerate and is interpreted as representing the Raggatt volcanics (Ordovician). The source of the surface geochemical anomaly was delineated when a series of breccia fault zone were intersected and yielded anomalous copper (Cu) values of 26m @ 410ppm Cu downhole from 96m including 10m @ 800ppm Cu from 97m downhole. A second diamond drill hole, FI2081 (150m total depth), was completed ~320m NW of FI2079 in order to test the lateral extent of the ferruginous ridge and an Induced Polarisation (IP) geophysical response. FI2081 is a scissor hole to FI2079 with the purpose of testing the steep structure as a host for copper mineralisation and determine if it was also responsible for the IP response. Very little copper mineralisation was observed and logging indicates the IP feature is associated with disseminated pyrite (iron sulphide) in younger sediments (Devonian). Assay results for this drill hole are pending and expected to be available next month. Exploration Plans: The next stage of the exploration program (Figure 8) involves a dual approach of: Drilling magnetic features which are potentially a cluster of porphyry intrusive centres, consisting of magnetic lows and highs with marginal zones which could host mineralization. A total of 6 diamond drillholes (RC precollars) totalling approximately 3,000m will be necessary to adequately test these zones. Testing a number of surface geochemical and alteration zones across the project area with focused aircore drilling. A total of 100 aircore holes totalling approximately 1,500m is planned to test these areas of interest.


ę S&P Capital IQ 2021
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Financials
Sales 2021 0,65 M 0,46 M 0,46 M
Net income 2021 -0,37 M -0,27 M -0,27 M
Net cash 2021 1,56 M 1,11 M 1,11 M
P/E ratio 2021 -43,7x
Yield 2021 -
Capitalization 16,3 M 11,6 M 11,6 M
EV / Sales 2020 204x
EV / Sales 2021 22,6x
Nbr of Employees -
Free-Float 72,6%
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Managers and Directors
Craig Riley Chief Executive Officer, MD & Executive Director
Greg Keane Chief Financial Officer
Ian James McCubbing Non-Executive Chairman
David James Hutton Independent Non-Executive Director
Andrew Jamieson Greville Non-Executive Director
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