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Rimfire Pacific Mining NL
Summary
| Project: | Sorpresa | |
|---|---|---|
| Deposit: | Sorpresa | |
| Location: | Australia | |
| Commodities: | Gold-Silver | |
| Date: | 11/6/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 6-11-2019: Rimfire Pacific Mining NL announces a Resource Estimation report for its Sorpresa deposit at the Sorpresa project. Updated mineral resource estimate for project. Rimfire Pacific Mining NL (“Rimfire”, “Company”; ASX Code “RIM”) advises that the | |
| Resources: | (Resource, Total): 1.519Mt @ 1.52g/t Au, 70g/t Ag | |
| CP/QP: | [Resources]: Arnold van der Heyden (H&S Consultants Pty Ltd.) | |
| ABSTRACT: | Rimfire Pacific Mining NL (“Rimfire”, “Company”; ASX Code “RIM”) advises that the updated Resource Estimate JORC (2012) for Sorpresa is complete and the average resource grade for gold at 1.0g/t Au cut-off has increased for the oxide and sulphide zones from 1.96g/t Au to 2.27g/t Au (ASX Announcement: Maiden Sorpresa Resource 23Dec2014). These results support the Dual Strategy to assess options for a higher grade lower tonnage development option for Sorpresa. The updated resource model done by H&S Consultants will be provided to Australian Mine Design & Development (AMDAD) for a pit optimisation analysis with results expected in November 2019. Resource growth potential remains at Sorpresa and various prospects within approximately 3km of the Sorpresa Resource. The evaluation of these opportunities is continuing with current focus at Northern Gold, Casuarina Valley and Fortuna with mineralisation considered part of a broader Intrusion Related Gold System (IRGS). H&S Consultants Pty Limited was engaged by Rimfire Pacific Mining NL to provide an update of their earlier 2014 maiden Sorpresa Au / Ag Mineral Resource Estimate. The update to the resource estimate was requested by Rimfire to allow inclusion of further drilling data and better quantify higher grade gold mineralisation. Resources for Sorpresa are reported at separate cut-off grades for gold and silver (1.0 g/t Au and 85 g/t Ag) with material above both cut-off grades included in the gold resources. The silver / gold factor of 85g/t is based on a gold price of US$1,494.10 per ounce and a silver price of US$17.58 per ounce using the Comex spot prices on 21/10/2019. This shows that there is a significant quantity of silver-rich mineralisation outside of the greater than 1.0 g/t Au material above a similar value-equivalent silver cut-off grade ie 85 grams of silver has equivalence of 1 gram gold. | |
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