Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Rimfire Pacific Mining (RIM) has executed a farm-in and joint venture agreement with Golden Plains Resources over the Avalon Project
  • Golden Plains will now spend $1 million on exploration work at the NSW-based project, which is prospective for gold and platinum group elements (PGE)
  • It can then spend another $6.5 million to earn a 75 per cent stake in the project and will subsequently lead the field work during the farm-in
  • RIM expects the first payment from Golden Plains to occur in July this year, at which point it will begin planning programs at the site
  • Rimfire share have closed Friday up 6.67 per cent at 0.8 cents each

Rimfire Pacific Mining (RIM) has executed a farm-in and joint venture (JV) agreement with Golden Plains Resources for the Avalon Project.

Located in NSW’s Lachlan Fold Belt, RIM’s project is considered prospective for gold and platinum group elements (PGE).

As part of the farm-in an JV, Golden Plains will spend $1 million on exploration work at the project.

Golden can then spend another $6.5 million over the next four years to earn a 75 per cent stake in the project.

During this period, RIM will remain in control of designing and executing the field work projects at Avalon.

“The company is very pleased that Golden Plain Resources has chosen to expand their level of commitment and confidence in the ground held by Rimfire to deliver further discoveries,” Managing Director Craig Riley said.

“We look forward to working with GPR and delivering value accretive results for our shareholders.”

All up, RIM has four projects across the Lachlan Fold Belt, with two of them under JV and farm-in agreements.

Rimfire share have closed Friday’s trading session up 6.67 per cent at 0.8 cents each.

RIM by the numbers
More From The Market Herald

" Piedmont Lithium (ASX:PLL) increases Carolina mineral resource

Piedmont Lithium (PLL) has updated the global mineral resource estimate (MRE) for the company’s flagship Carolina Lithium Project in the US state of

" Quantum Graphite (ASX:QGL) wraps up drilling at Eastern Conductor

Quantum Graphite (QGL) has wrapped up a drilling program and rehabilitated drill holes at the Eastern Conductor in South Australia.

" Piedmont (ASX:PLL) completes initial investment in IronRidge

Piedmont Lithium (PLL) has invested 9.9 per cent in IronRidge Resources (IRR).
PepinNini Minerals (ASX:PNN) - Managing Director, Rebecca Holland Kennedy

" PepinNini Minerals'(ASX:PNN) Managing Director resigns

PepinNini Minerals’ (PNN) Managing Director has resigned from the leadership role.