Rimfire Pacific Mining begins diamond drilling program at Valley copper Project, New South Wales

Rimfire Pacific Mining (ASX:RIM) has started a diamond drilling (DD) program at its wholly owned Valley Copper Project in central New South Wales. 

The company says the 1,000m drilling program has been designed to test a ‘high priority’ copper target, which is indicative of a buried porphyry copper-gold system. 

Previous drilling comprising 2 reconnaissance holes (FI2079 and FI2081) undertaken by the company in 2021 further support this belief, with results confirming the prospectivity of the area by intersecting a sequence of ‘strong’ propylitic and epidote-chlorite altered volcaniclastic.   

Results from this drilling also returned assays of 10m @ 800 parts per million (ppm) copper (Cu) from 97m within a younger cover sequence which may represent later leakage of copper mineralisation from a deeper source. 

Rimfire notes the target also shares geological similarities to the neighbouring 1.96 million tonne (Mt) copper and 2.33 million ounce (Moz) gold Northparkes copper-gold deposit, which is currently operated by the largest molybdenum production company in mainland China, China Molybdenum (SHA:603993). 

This tenement currently boasts total measured and indicated resources of 356Mt @ 0.55% copper (Cu) and 0.20g/t gold (Au).

Drilling will comprise 3 reverse circulation (RC) pre-collared diamond holes to determine the source of shallow copper anomalism and is expected to take about 2 months to complete. 

Speaking on the start of drilling, Rimfire Pacific Mining Managing Director David Hutton says: “The Valley is a high-priority copper target that we have been wanting to drill for some time.

“The Valley is a high-priority copper target that we have been wanting to drill for some time”

Following the success of our recent capital raising, Rimfire is now in the position to accelerate exploration on our 100%-owned projects including the valley and our exploration team is excited to see what the drilling reveals.”

The company also notes drilling represents the acceleration of its exploration activities on its wholly owned tenements following a capital raise which returned about $1.2 million. 

In addition, Rimfire reports it was awarded $185,675 by the Department of Regional NSW, Mining, Exploration and Geoscience group under the competitive, peer-reviewed New Frontiers Cooperative Drilling grant program in January 2022. 

Funds from this grant are expected to be used to partially offset the cost of drilling at the Valley project. 

Rimfire Pacific Mining is an ASX-listed critical minerals exploration company focused on advancing its portfolio of projects within the ‘highly prospective’ Lachlan Orogen and Broken Hill districts of New South Wales (NSW). The company’s Valley project is located about 5km west of Kincora Copper’s (ASX:KCC) Mordialloc porphyry copper-gold discovery in central NSW and makes up 1 of 2 projects situated west of the townships of Parkes and Orange. 

Other assets included in Rimfire’s exploration arsenal include the Cowal Project, Broken Hill Cobalt Project, and Avondale Project in NSW.

Images: Rimfire Pacific Mining Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.