Company Overview & Strategy
Rimfire Pacific Mining is an ASX listed (code: RIM) resources exploration company that has its major focus at Fifield in central NSW, located within the Lachlan Transverse Zone (LTZ). In 2010~11 the Company made a greenfields gold and silver discovery, named “Sorpresa”, announcing a JORC Compliant Inferred & Indicated Maiden resource in 2014.
The current main Sorpresa strike line containing gold and silver mineralisation is approximately 1.5km in length and is at various stages of further discovery growth assessment, including the larger 7km x 2km Sorpresa corridor.
Multiple prospects involving hard rock potential for Gold, Silver, Copper and Platinum have been established within a >6km radius of the Sorpresa discovery at Fifield, which is part of the contiguous 669km2 tenement position held.
The Company has committed to pursue a prospect portfolio strategy of developing the regional prospects at Fifield to suitable stages, in parallel with discovery expansion of the Sorpresa gold and silver project area.
In addition, the Company will pursue its exploration activities in an aggressive and responsible manner, remaining flexible as necessary, recognising the need to add value to its project areas and realise its broader vision of successfully delivering positive project resource outcomes suitable for mining, within the Fifield district.
Earn-in by New Gold Inc. (website: New Gold Inc.)
On 28th October 2016, Rimfire and New Gold Inc. (TSX/NYSE code: NGD) signed an Earn-in Agreement (ASX Release) under which New Gold Inc. has committed to spend A$2 million during the first 12 month earn-in period (to 21 March 2018). Rimfire has direct discretionary control over $300,000 (i.e.15%) of this expenditure.
New Gold Inc. may choose to spend more on the property (up to $12 million in total, within 5 years) to earn up to a 70% interest in Rimfire’s tenements in the Fifield district.
“Aspiration target” in the wider Fifield District – 4 Million Ounce Gold Equivalent Goal
The discovery aspiration for the Fifield area is an aggregate discovery outcome in excess of 4 million ounces of gold equivalent metal, being capable of supporting a mine life in excess of 10 years, and within the lower third of industry costs of production.