Rimfire Pacific Mining - High grade cobalt targets identified at Broken Hill

Rimfire Pacific Mining (ASX: RIM, 'Rimfire' or the 'Company') is pleased to advise that several high-grade cobalt targets have been identified on its 100% - owned Broken Hill Cobalt Project following a review of historic exploration activities. Rimfire recently regained full control of the project (EL5958 - 75 km-2) following the withdrawal of Perilya Limited from the Windy Ridge Joint Venture which covered two sub-blocks of EL5958

Commenting on the announcement, Rimfire's Managing Director Mr David Hutton said: 'Exploration for high-grade cobalt at Broken Hill is a continuation of our strategy to focus on exploring for critical minerals within highly prospective areas of NSW. The new targets represent a significant commercial opportunity for Rimfire, and the Company has started discussions with local landowners to enable commencement of field work. Rimfire looks forward to providing further updates as latest information comes to hand'

The Broken Hill Cobalt Project is prospective for the discovery of economic critical minerals such as cobalt and copper, and covers a sequence of metamorphosed sediments, gneisses, and amphibolite of the Proterozoic - age Willyama Supergroup. Given the project's location (20 kilometres west of Broken Hill) and the similarities between the project's underlying geology and the Broken Hill silver lead zinc deposits (owned separately by CBH Resources Ltd and Perilya Limited), Rimfire's project area has had a long history of mineral exploration but primarily for silver, lead and zinc. Modern cobalt exploration has been largely restricted to the area of Cobalt Blue's (COB.ASX) Broken Hill Cobalt Project which hosts the Pyrite Hill, Big Hill, and Railway Deposits (with a global Mineral Resource estimate comprising 118 Mt at 859 ppm (0.08%) cobalt equivalent (CoEq) [i.e., 687 ppm (0.07%) cobalt, 7.6% sulphur & 133 ppm nickel] for 81.1Kt contained cobalt using a 275 ppm CoEq cut-off (Cobalt Blue website). Cobalt Blue's deposits are characterised by moderate to steep dipping stratabound zones of disseminated to semi-massive cobalt - bearing pyrite mineralisation.

The deposits extend over some 5 km of strike and vary in thickness from 10 to 300m. The cobalt occurs exclusively as a substitute within the pyrite crystal lattice, and consequently, there is a strong correlation between pyrite content and cobalt grade. Cobalt Blue has developed a patented minerals processing technology for treating pyrite feedstocks targeting 85-90% recovery of cobalt from ore to product (as Mixed Hydroxide Precipitate or Cobalt Sulphate). As recently announced, Cobalt Blue has completed trial mining of the Pyrite Hill deposit and is currently processing the ore through their Broken Hill demonstration processing plant (Cobalt Blue ASX Announcement dated 6 October 2022). Cobalt Blue's development of new processing technology for pyrite - hosted cobalt mineralisation is a significant development for Broken Hill and will potentially enable the development of other cobalt deposits throughout the district that were previously viewed as being non-commercial due to their metallurgy

Rimfire exploration review

Cobalt exploration was last undertaken on Rimfire's project in the early 1980's when North Broken Hill Pty Ltd conducted a program of geological mapping, IP geophysics and drilling at the Bald Hill prospect. Prior to this Broken Hill South Limited undertook IP geophysical surveying and diamond drilling of the Staurolite Ridge prospect in the early 1960's. In both cases, the exploration work was undertaken as part of programs targeting silver lead zinc mineralisation within the broader Broken Hill district

Why Critical Minerals?

Critical minerals are required for the manufacture of solar PV plants, wind farms, electric vehicles, and battery storage. Additionally advanced manufacturing, defence, renewable energy, and medical devices has increased demand for critical minerals as building blocks for new products. For further information, refer to the Australian Government's Australian Critical Minerals Prospectus 2021. Australian Critical Minerals Prospectus 2021 The Australian and United States Governments identify critical minerals as metals, non-metals and minerals that are considered vital for the economic well-being of the world's major and emerging economies, yet whose supply may be at risk due to geological scarcity, geopolitical issues, trade policy or other factors. The critical minerals include Antimony, Beryllium, Bismuth, Chromium, Cobalt, Graphite, Lithium, Magnesium, Manganese, Nickel Niobium, Platinum Group Elements, Rare Earth Elements, Rhenium, Scandium, Titanium/Zirconium, Tungsten, Vanadium and Zirconium The Platinum Group Elements (PGE's) comprise iridium, osmium, palladium, platinum, rhodium, and ruthenium

Contact:

David Hutton

Managing Director

P: +61 417 974 843

Investor

Greg Keane

CEO CFO

P: +61 497 805 918

Competent Persons Declaration

The information in the report to which this statement is attached that relates to Exploration and Resource Results is based on information reviewed and/or compiled by David Hutton who is deemed to be a Competent Person and is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Hutton has over 30 years' experience in the minerals industry and is the Managing Director and CEO of Rimfire Pacific Mining. Mr Hutton has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Hutton consents to the inclusion of the matters based on the information in the form and context in which it appears

Forward looking statements Disclaimer

This document contains 'forward looking statements' as defined or implied in common law and within the meaning of the Corporations Law. Such forward looking statements may include, without limitation, (1) estimates of future capital expenditure; (2) estimates of future cash costs; (3) statements regarding future exploration results and goals. Where the Company or any of its officers or Directors or representatives expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and the Company or its officers or Directors or representatives as the case may be, believe to have a reasonable basis for implying such an expectation or belief. However, forward looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward looking statements. Such risks include, but are not limited to, commodity price fluctuation, currency fluctuation, political and operational risks, governmental regulations and judicial outcomes, financial markets, and availability of key personnel. The Company does not undertake any obligation to publicly release revisions to any 'forward looking statement'