Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Firm”) is happy to advise that it has expanded its scandium publicity in central NSW following the execution of an Choice to Buy Settlement with Javelin Minerals Restricted (JAV: ASX) for his or her Exploration Licence 8666 positioned roughly 50km north of Fifield (see determine 1). If Rimfire elects to train the Choice to Buy, then the exploration licence will grow to be 100% owned by Rimfire and can add to Rimfire’s 100% owned challenge portfolio.
Highlights
- Rimfire expands its publicity to scandium, with a Purchase Choice Settlement to buy 100% of Exploration Licence 8666 from Javelin Minerals Restricted (JAV:ASX)
- The licence – positioned some 50km from (Fifield hamlet) Rimfire’s 100% owned Fifield & Avondale Scandium Initiatives – has seen historic reconnaissance drilling intersect anomalous scandium in single 3-metre composite aircore drill samples of as much as 373 ppm Sc from 34m depth
- Preliminary mapping and reconnaissance aircore drill program deliberate by finish of CY 2024
Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton mentioned: “Increasing our publicity to scandium alternatives inside central NSW is a precedence for Rimfire as we work in the direction of constructing a globally important scandium useful resource stock.
Our geological group has recognized Javelin’s exploration licence as an early- stage scandium goal that compliments our current scandium tasks within the space.
The brand new licence incorporates quite a few anomalous scandium drill intercepts and untested magnetic anomalies which have to be adopted up and we look ahead to getting on the bottom as quickly as doable to find out their significance.”
Historic reconnaissance drilling by Javelin Assets has intersected anomalous scandium together with anomalous cobalt and nickel in a number of holes with a single 3-metre composite drill pattern yielding373 ppm Sc (see JAV ASX Bulletins dated 26 July 2023 and 31 July 2023).
Acquisition Phrases
Rimfire has executed a Purchase Choice Settlement with Cobalt Prospecting Pty Ltd, – a completely owned subsidiary of Javelin Minerals Restricted (JAV:ASX), for a price of $30K (money). The Purchase Choice Settlement offers Rimfire an unique choice to accumulate 100% of Exploration Licence 8666 (“Javelin Tenement”), which is positioned roughly 50kms north of Rimfire’s tenements in central NSW and seem to comprise comparable host rocks as these discovered at Rimfire’s Melrose and Murga North scandium deposits at Fifield, NSW (Determine 1).
Rimfire has an unique Choice Interval of 18 months from the date of execution of the Purchase Choice Settlement to train buy (at Rimfire’s sole discretion) of the Javelin Tenement for $125K (in money or shares). There’s a additional milestone cost of $300K (payable in shares) inside 4 years of buy, if Rimfire pronounces a maiden Indicated Mineral Useful resource estimate of larger than 5,000t of Scandium Oxide (or equal) on the Javelin Tenement. Throughout the Purchase Choice interval Rimfire shall be liable for assembly the pro-rata minimal expenditure necessities on the Javelin Tenement. Any shares issued underneath this settlement shall be topic to 6-month escrow.
On the time of writing, Rimfire and Javelin have been finishing all vital ancillary authorized documentation, and the transaction will nonetheless be topic to straightforward regulatory circumstances comparable to Ministerial consent for the switch of the tenements.
Click on right here for the total ASX Launch
This text consists of content material from Rimfire Pacific Mining Restricted, licensed for the aim of publishing on Investing Information Australia. This text doesn’t represent monetary product recommendation. It’s your duty to carry out correct due diligence earlier than performing upon any data supplied right here. Please check with our full disclaimer right here.
