Melrose lies within the
Sixteen vertical aircore holes (FI2163 to FI2178 - 484 metres) were drilled every 50 to 100 metres on three 100 metre - spaced traverses to further test a 'bullseye' magnetic anomaly at Melrose that previous reconnaissance drilling by Rimfire (in 2018 - FI0835 to FI0886) had shown to be coincident with an ultramafic rock unit.
The latest drilling successfully intersected the laterised / weathered ultramafic intrusive unit which is fault - bounded against a granite to east and volcaniclastic sediments to the west. Geochemical analysis of 3 metre composite drill samples returned strongly anomalous nickel (Ni), cobalt (Co) and scandium (Sc) from a flat lying ferruginous zone that is developed over the ultramafic unit and remains open along strike and to the west.
Anomalous copper (up to 1,670ppm in a single 3 - metre composite sample in Fi2173) was also observed on the both the eastern and western margins of the ultramafic. The results from Rimfire's drilling at Melrose compare favorably to (with scandium grades exceeding) recent drill results announced by
Rimfire will also re-analyse a number of the aircore samples for Platinum Group Elements (PGE's) given that anomalous levels of PGE's were also noted in drillhole
The exploration targets are prospective for the discovery of nickel, cobalt, scandium, and platinum group elements (PGE's) associated with ultramafic host rocks, and range variously from untested magnetic anomalies (interpreted to represent previously unrecognised ultramafic occurrences) to confirmed ultramafic occurrences with historic drill intercepts (i.e., Melrose, Currajong, and
As announced last week, Rimfire's exploration strategy at Avondale aims to discover highvalue critical minerals within the SUSZ and the Company has initiated a major exploration program to assess the targets (RIM ASX Announcement:
At Currajong 62 aircore holes (1,689 metres) were drilled and 666 drill samples have been submitted to ALS Orange for multi element analysis with results expected in the coming weeks. At Kara Kara 59 holes of a 100 - hole aircore program have been drilled to date.
The remaining holes will be completed in April, following which all drill samples will be submitted for analysis. In addition, the Company will be shortly commencing geological mapping and soil sampling over the remaining exploration targets.
All exploration work at the
Management Comment
Commenting on the announcement, Rimfire's Executive Director Mr
Critical Minerals
The Australian and United States Governments identify critical minerals as metals, non-metals and minerals that are considered vital for the economic well-being of the world's major and emerging economies, yet whose supply may be at risk due to geological scarcity, geopolitical issues, trade policy or other factors.
The critical minerals include Antimony, Beryllium, Bismuth, Chromium, Cobalt, Graphite, Lithium, Magnesium, Manganese, Nickel Niobium, Platinum Group Elements, Rare Earth Elements, Rhenium, Scandium, Titanium/Zirconium, Tungsten, Vanadium and Zirconium The Platinum Group Elements (PGE's) comprise iridium, osmium, palladium, platinum, rhodium, and ruthenium.
Critical minerals are required for the manufacture of solar PV plants, wind farms, electric vehicles, and battery storage. Additionally advanced manufacturing, defence, renewable energy, and medical devices has increased demand for critical minerals as building blocks for new products. For further information, refer to the Australian Government's Australian Critical Minerals Prospectus 2021, (
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Forward looking statements Disclaimer
This document contains 'forward looking statements' as defined or implied in common law and within the meaning of the Corporations Law. Such forward looking statements may include, without limitation, (1) estimates of future capital expenditure; (2) estimates of future cash costs; (3) statements regarding future exploration results and goals. Where the Company or any of its officers or Directors or representatives expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and the Company or its officers or Directors or representatives as the case may be, believe to have a reasonable basis for implying such an expectation or belief. However, forward looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward looking statements. Such risks include, but are not limited to, commodity price fluctuation, currency fluctuation, political and operational risks, governmental regulations and judicial outcomes, financial markets and availability of key personnel. The Company does not undertake any obligation to publicly release revisions to any 'forward looking statement'
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