Rimfire Pacific Mining (ASX:RIM) Reports Q1 Drilling Success and Raises $3.65M
Scandium Drilling Success at Murga
Rimfire Pacific Mining has achieved some of the best scandium grades to date from its diamond drilling program at the Murga Exploration Target, demonstrating high-grade potential with significant laterite intercepts.
Completed Currajong Air Core Program
The company completed a 200-hole air core drilling program at the high-grade Currajong Scandium Prospect, with assay results expected by late April 2025 and early June 2025.
Funds Raised through Share Placement
Rimfire raised $3.65 million through a well-supported share placement and the conversion and underwriting of options, potentially enhancing its financial capacity for ongoing exploration projects.
Executive Comments
Managing Director Mr. David Hutton stated, “Rimfire continues to actively explore for and build a project pipeline of critical minerals such as scandium – an extremely valuable metal. During the Quarter we achieved some of the best scandium grades to date from diamond drilling at Murga. We have just completed the Currajong air core drilling program and keenly await the receipt of first assay results in late April. Significantly this work is taking place at a time when global supply of scandium is being threatened because of the recent Chinese restrictions on scandium exports. China is responsible for 67% of global primary scandium feed stocks and refines approximately 90% of scandium globally. These export restrictions will be hard-felt in countries such as the USA which rely solely on scandium imports to meet their internal manufacturing and defence technology needs. The Fifield Scandium District, in which Rimfire has one of the largest scandium – prospective landholdings, has real potential to be a long term, low risk, secure supplier of this highly valuable metal for the Western World”.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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