Rimfire Pacific Mining Unveils High-Grade Scandium Drilling Success and $3.65M Capital Raise
Rimfire Pacific Mining reports standout scandium drilling results at Murga and Currajong prospects, supported by a $3.65 million equity placement to accelerate exploration amid tightening global supply.
- Diamond drilling at Murga yields best-ever high-grade scandium intercepts
- 200-hole air core program completed at Currajong with assays pending
- $3.65 million placement and options raise funds for ongoing exploration
- Strategic importance highlighted amid Chinese scandium export restrictions
- Base metal exploration advances at Broken Hill and Rabbit Trap projects
Strong Scandium Intercepts at Murga
Rimfire Pacific Mining (ASX: RIM) has delivered some of its most compelling scandium exploration results to date from its Murga prospect within the Fifield Scandium District in central New South Wales. Diamond drilling intersected high-grade laterite-hosted scandium mineralisation, including 26.3 metres at 248ppm Sc (380ppm Sc Oxide) from surface and a remarkable 5.9 metres at 364ppm Sc (588ppm Sc Oxide). Notably, the drilling also revealed unusually anomalous scandium concentrations in the underlying fresh pyroxenite rocks, which are interpreted as the primary source of the scandium enrichment. These findings validate Rimfire’s geological model and underscore the potential scale and quality of the Murga deposit.
Currajong Air Core Drilling Completes with Assays Pending
Following Murga, Rimfire completed a substantial 200-hole air core drilling program at the nearby Currajong prospect, targeting a 3-kilometre ultramafic belt known for scandium potential. This program, covering 6,457 metres, represents the first dedicated scandium drilling at Currajong and aims to confirm and expand on historic high-grade scandium intercepts. The initial assay results are expected by late April 2025, with the remainder due by early June. Success here could underpin the estimation of a maiden mineral resource, further strengthening Rimfire’s position in the district.
Capital Raise to Fuel Exploration Momentum
To support its aggressive exploration agenda, Rimfire successfully raised $3.65 million through a placement of 80 million shares at 2.5 cents each, alongside the issue of attaching options exercisable at 3 cents. The placement was strongly supported by existing shareholders and directors, reflecting confidence in the company’s strategy and prospects. At quarter-end, Rimfire held a healthy cash balance of approximately $3.3 million, providing a solid financial foundation for upcoming drilling and project development activities.
Strategic Importance Amid Global Supply Constraints
The timing of Rimfire’s exploration progress is particularly significant given recent Chinese restrictions on scandium exports. China currently dominates global scandium supply, accounting for 67% of primary feed stocks and refining around 90% of the metal worldwide. These export controls threaten supply chains critical to manufacturing and defence sectors in countries like the USA. Rimfire’s extensive landholdings in the Fifield Scandium District position it as a potential long-term, low-risk, and secure supplier of this highly valuable critical metal to Western markets.
Broader Exploration and Corporate Developments
Beyond scandium, Rimfire is advancing base metal exploration at its Broken Hill and Rabbit Trap projects, including a review of historic VTEM electromagnetic data to identify new cobalt and copper targets. The company also continues to evaluate new project opportunities to complement its critical minerals portfolio. On the corporate front, Rimfire is engaged in arbitration related to the termination of an earn-in agreement for the Avondale project, with hearings scheduled for May 2025. This legal process introduces some uncertainty but does not detract from the company’s core scandium focus.
Bottom Line?
Rimfire’s latest drilling success and capital raise set the stage for defining a significant scandium resource amid tightening global supply dynamics.
Questions in the middle?
- Will the pending Currajong assay results confirm a maiden scandium resource?
- How might the arbitration outcome over the Avondale earn-in agreement impact project timelines?
- What are the implications of Chinese scandium export restrictions for Rimfire’s market positioning?