Highly Encouraging Maiden Scandium Mineral Resources for Melrose and Murga North

Rimfire Pacific Mining (ASX: RIM, “Rimfire”) is pleased to announce a maiden scandium Mineral Resource estimate for the Melrose and the northern portion of the Murga area (“Murga North”) prospects, together with an additional Exploration Target for the broader Murga area (excluding Murga North) which are located at Fifield 70 kilometres northwest of Parkes in central NSW (Figure 1).

Highlights

Maiden Scandium (Sc) Mineral Resources estimated for the Melrose and the northern portion of the Murga area (“Murga North”) comprising;3Mt @ 240 ppm Sc (1,120t Sc Oxide) Indicated and Inferred Mineral Resource at Melrose21Mt @ 125 ppm Sc (4,050t Sc Oxide) Inferred Mineral Resource at Murga North which is open to the south and westSignificant upside demonstrated by an Exploration Target for the broader Murga area and pipeline of satellite scandium prospectsInfill aircore (on 50m x 50m centres) and diamond drilling planned to upgrade Murga North Mineral ResourceAircore drilling (on 100m x 100m centres) planned to potentially convert the Exploration Target into a Mineral ResourcePlanned drilling commencing October 2024 fully funded by Rimfire’s exploration partner – GPR

Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said: “Declaring maiden Scandium Mineral Resources for Melrose and Murga North is an important first step in achieving our objective of building a globally significant scandium resource inventory at Fifield.

An accompanying Exploration Target for the broader Murga area also highlights the excellent potential to build upon the maiden Mineral Resources (See Cautionary Statement below)”.

Cautionary Statement: The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Resource Estimate Details

H&S Consultants Pty Ltd (HSC) were engaged by Rimfire to undertake a Mineral Resource Estimate for the Melrose and Murga North Scandium Prospects. The Mineral Resources are reported in accordance with the 2012 JORC Code and Guidelines using a 100ppm scandium cutoff grade (see Tables 1 – 2).

Material Information Used to estimate the Mineral Resources is given in Appendix One and Table 1 (Sections 1 to 3) of this ASX Announcement.

In addition, HSC also defined an Exploration Target for the broader Murga area (excluding the Murga North Mineral Resource).

It is based on an outline of the scandium-bearing pyroxenite interpreted from aeromagnetic data and results of Rimfire’s 2024 reconnaissance aircore drilling (on nominal 400m x 400m centres) throughout the Murga area.

The boundaries of the Exploration Target are shown in Figure 4 and an average thickness of 15 metres has been assumed along with a default density of 2.15t/m3. However, it is unknown at this stage if the whole outlined area will have reasonable prospects for eventual extraction so it has been assumed that only 50% of the area within the pyroxenite outline will be classified as the Exploration Target.

The Exploration Target for the broader Murga area is: 100 to 200Mt at 100 to 200ppm Sc

Cautionary Statement: The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Click here for the Investor Presentation

Click here for the full ASX Release