Scandium Exploration Update | INN

Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to provide an update on multiple scandium exploration activities currently underway on the Murga and Melrose Scandium Prospects which are located approximately 70 kilometres northwest of Parkes within central NSW on the Company’s Fifield and Avondale Projects (Figures 3 and 4).

Highlights

• Aircore drill program (100 holes / 2,664 metres) completed at the Murga Scandium Prospect across 20km² area to determine extent and continuity of scandium mineralisation
• 2,185 drill samples from Murga aircore drilling submitted for multi element analysis with results expected by late April 2024
• JORC Resource drilling (~ 2,000 metres RC / Diamond) at the Melrose Scandium-Cobalt Prospect to commence late this week with Resource Estimate expected by mid-June 2024
• Further leach test work focussed on maximising scandium recoveries along with XRD and petrological studies to commence shortly
• All activities fully funded by Rimfire’s exploration partner – GPR

Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said:“Rimfire is focused on exploring for critical minerals that are associated with global decarbonisation strategies and provides investors with unique exposure to scandium – an extremely valuable metal.

Globally, western governments and advanced manufacturers are looking to secure long term supplies of critical minerals such as scandium from stable political jurisdictions, at quantities many times the current annual global production. Rimfire believes its Murga and Melrose Prospects offer significant opportunities in terms of deposit size and grade.

We are building strong momentum across our scandium prospects with the completion of the Murga aircore drill program and imminent commencement of the Melrose JORC Resource drilling. With ongoing metallurgical test work and other geological studies, 2024 is shaping up as a pivotal year for Rimfire and its shareholders”.

Murga Scandium Prospect

The Company has completed an air core drilling program (100 holes / 2,664 metres – Figure 1 and Table 1) at Murga to determine the extent and continuity of scandium mineralisation and 2,185 drill samples have now been submitted to ALS Pty Ltd for multi element analysis with results expected by late April 2024.

The new drilling program follows reconnaissance aircore drilling undertaken in 2023 by Rimfire which successfully intersected strongly anomalous scandium in multiple drillholes (See Figure 1 and Rimfire ASX Announcement dated 3 October 2023);

• 3m @ 132ppm Sc from 3 metres in FI2425
• 18m @ 164ppm Sc from surface in FI2426 including 6m @ 208ppm Sc from 3 metres
• 15m @ 125ppm Sc from 3 metres in FI2427
• 6m @ 131ppm Sc from 15 metres in FI2429
• 27m @ 188ppm Sc from 0 metres in FI2434 including 12m @ 224ppm Sc from 3 metres, and
• 6m @ 173ppm Sc from 3 metres in FI2435

Throughout the Murga prospect, scandium occurs within a strongly weathered horizon overlying magnetic ultramafic (pyroxenite) intrusive rocks of the Ordovician-age Murga Intrusive Complex, which have been demonstrated from previous drilling at both Murga and the adjacent Melrose Prospect to be intimately associated with scandium mineralisation (See Rimfire ASX Announcement dated 6 December 2023).

While geological logging is continuing, an initial review of rock types intersected in the latest Murga drilling indicates that approximately 80% of the holes intersected ultramafic / mafic rock types (including pyroxenite). The significance of this observation will be confirmed once assay results are received however it’s worth noting that the FI2429 intercept quoted above occurred wholly within fresh pyroxenite rock types not the overlying weathered horizon.

The most recent aircore holes were drilled on 100 x 100 metre centres at Murga North and on 400 x 400 metre centres over the remainder of the Murga Intrusive Complex. In total the drilling was carried out over an area of approximately 20km². A size comparison between Murga and the Melrose Prospect is shown on Figure 1.

The closer-spaced drilling was undertaken at Murga North to specifically follow up the FI2426 to FI2429 intercepts drilled by Rimfire in 2023 (i.e., 18m @ 164ppm Sc from surface in FI2426 including 6m @ 208ppm Sc) which lie within a 1,000-metre x 300-metre east west striking auger anomaly that overlies a linear magnetic feature within the northern portion of the Murga Intrusive Complex (“Murga North”).

To assist Rimfire’s understanding of the basement rock types at Murga, several samples have been submitted for petrological analysis including two samples of the scandium – anomalous fresh pyroxenite from FI2429 (15 – 21 metres).

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