PERTH (miningweekly.com) – ASX-listed Rimfire Pacific Mining has signed a A$7.5-million earn-in and joint venture (JV) agreement with Golden Plains Resources over its Avondale project area, in New South Wales.
Under the terms of the agreement, Golden Plains has committed to spend an initial A$1-million on exploration within the first year of the earn-in, and would have no withdrawal rights.
The company would be required to spend a further A$1.5-million in the second year of the earn-in, to earn a 40% interest in the property, and could take its interest to 70% by spending a further A$2.5-million in year three. A further A$2.5-million spend in year four of the earn-in would give Golden Plains a further 5% interest in the JV area.
Rimfire said on Friday that the company would immediately start planning for programmes to initially focus on the cobalt and platinum potential of previously identified prospects, which warrant immediate future work.