Rimfire Pacific Mining has moved to consolidate its hold on one of New South Wales’ most promising critical minerals prospects, exercising its option to acquire full ownership of the Malamute scandium prospect.
The company acquired exploration license EL8666 from Javelin Minerals by paying AU$125,000 in shares, subject to a six-month escrow period.
A further milestone payment of AU$300,000 in shares is triggered if Rimfire announces a maiden indicated mineral resource of more than 5,000 tonnes of scandium oxide on the site within the next four years.
By combining this newly acquired ground with its existing adjacent holdings, Rimfire has formed the 100 per cent-owned Rabbit Trap scandium project, located roughly 50 kilometres north of the company’s established Fifield and Avondale projects in central NSW.
The decision to move to total ownership follows a string of strong drill intercepts at Malamute. Recent air core drilling confirmed extensive mineralisation, with standout results including 30 metres at 247 ppm scandium from 24 metres in FI2963 including 16 metres at 352 ppm scandium.
Rimfire’s Managing Director, David Hutton, said the company exercised the option on the back of these technical successes, which suggest the deposit is larger than previously thought.
“Malamute’s extensional potential is further reinforced by four magnetic anomalies that all lie within a one-kilometre radius,” Hutton said.
“These anomalies are potentially indicative of scandium-prospective pyroxenite rock types and have not been effectively tested by historic drilling.”
Scandium is increasingly viewed as a high-value metal, essential for the next generation of aluminium alloys used in aerospace and the green energy sector.
Rimfire is currently focused on building a globally significant resource inventory in the Fifield District to meet this growing demand.
The company is now planning further drilling to define the full scale of the Rabbit Trap discovery.
