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Rimfire Pacific Mining has reported that diamond drilling at its Bald Hill cobalt sulphide target has discovered a continuous zone of semi & massive sulphides, continuing its drill program catch down dip of historic cobalt drill intercept in BHR1/1A.
The Bald Hill area, one of three prime cobalt targets close to the advanced Broken Hill Cobalt Project, hadn't been drilled in over 40 years, and first assay results from the current drilling are expected in 6 to 8 weeks.
Rimfire’s Managing Director Mr David Hutton comments on being greatly encouraged by the abundance of sulphides seen in the drilling and eagerly awaits assay results to understand the metal's potential better.
Rimfire Pacific Mining (ASX: RIM) has decided to terminate the Binding Heads of Agreement with funding partner Golden Plains Resources Pty Ltd (GPR), as GPR has not met the final corporate payment of $700K.
Rimfire has offered Anton Billis and his related entities the opportunity to pay the $700K prior to the termination taking effect, preventing the termination of the Binding Heads of Agreement.
The Fifield Project Earn In Agreement will still remain on foot, and GPR continues to have funding obligations under that agreement, committed to supporting Rimfire for the mutual benefit of both parties.
Rimfire Pacific Mining received an unsolicited funding proposal from Lake Grace Exploration Pty Ltd, an associated entity of Mr. Anthony Billis, which includes a $1.67 million investment and a 1 for 6 entitlement offer.
The proposal also involves changes to the Board of Directors, with the appointment of three new directors and the resignation of three existing directors.
Rimfire is currently considering the funding proposal and whether shareholder approval should be sought.