Rimfire Pacific Mining (ASX: RIM) reports that it has successfully applied for a new exploration license adjoining its Cowal Copper-Gold Project in New South Wales’ Lachlan Fold Belt.
The new Exploration License ELA 6426 sits at the southern boundary of its current tenure, and is also adjacent to acreage held by Sandfire Resources (ASX:SFR) and Newmont Exploration.
The company notes that the Cowal Project encompasses a geological setting similar in nature to Evolution Mining’s (ASX:EVN) nearby ‘world-class’ Cowal Gold Mine, which houses a Mineral Resource of 305.3Mt @ 0.98g/t Au for 9.6Moz of contained gold.
The project is considered prospective for economic copper-gold mineralisation, and sits along strike from the Porters Mountain prospect which had previously been identified as housing a ‘large’ hydrothermal breccia and intermediate intrusive complex, which geologists say may be related to a related to a high-sulphidation epithermal and porphyry gold copper system at depth.
A detailed technical review is currently underway to ascertain next steps.
Images: Rimfire Pacific Mining Ltd