Rimfire Pacific Shares Rise After Upgrading Murga Scandium Grade

Rimfire Pacific Mining Ltd (ASX: RIM) has revealed a significant increase in scandium grade at the Murga Scandium Prospect.

This follows the re-assaying of March 2024 aircore drill samples from Murga, which is located on Rimfire’s Fifield Project in New South Wales.

Importantly, the re-assaying of drill samples increased the average scandium grade by 11%, with some samples achieving a 25 – 50% increase.

Rimfire shares were trading ~8% higher intra-day, at A$0.026.

“This is a significant development”

Rimfire Managing Director David Hutton said: “Re-assaying of 260 aircore samples from the March 2024 Murga drill program using a total digest analytical method has increased scandium grades by an average of 11% across all of the samples, with several examples where grade increases of 25 – 50% were achieved.

“This is a significant development as the re-assay data demonstrate that the actual scandium grades for Murga could be significantly higher than the original drill intercepts previously reported by Rimfire and reinforces the potential of Murga to host a large-scale pure scandium resource.”

Next steps

Rimfire is encouraged by the latest re-assay results and strongly believes that Murga has the potential to host a large-scale scandium resource.

At Murga, scandium occurs within a flat-lying weathered saprolite (clay) horizon overlying magnetic ultramafic intrusive rocks.

These have been demonstrated from previous drilling at both Murga and the adjacent Melrose Prospect to be intimately associated with scandium mineralisation.

Hutton added: “On the back of these great results, Rimfire has decided to estimate a JORC resource for the Murga North portion of Murga, which will be carried out in conjunction with the upcoming Melrose JORC resource estimate.”

 

Disclaimer

JustStocks provides data and commentary that constitutes general information only. This does not constitute personal, financial or professional advice or assistance. The data and information compiled do not consider your investment objectives or your financial circumstances. JustStocks cannot guarantee this website’s accuracy, completeness, or timeliness. JustStocks accepts no responsibility regarding any inaccuracy, omission, or change in information or articles or the data provided. The information published on this site/page should not be relied upon as a substitute for personal financial or professional advice. The information provided may not be appropriate for your circumstances or needs. JustStocks recommends that you seek professional advice from a qualified advisor before you make any decisions.