Exploration company Rimfire Pacific Mining (ASX:RIM) announced maiden resource estimates for its Melrose and Murga North scandium prospects, located in New South Wales, Australia.
In a Thursday (September 5) release, Rimfire said Melrose has indicated and inferred resources of 3 million tonnes at 240 parts per million scandium, while Murga North holds an inferred 21 million tonnes at 125 parts per million scandium.
"Declaring maiden Scandium Mineral Resources for Melrose and Murga North is an important first step in achieving our objective of building a globally significant scandium resource inventory at Fifield," said Managing Director David Hutton.
Scandium is a rare earth element that has strong potential in high-tech applications, although its current lack of supply stability means it's not widely used. It is listed as a critical mineral in Australia.
While Melrose is largely "closed off,” the Murga area is open to the west and south. Hutton added that the company sees "significant upside" in an exploration target located in the broader Murga area.
Drilling to potentially convert the exploration into a resource is set to begin in October. Rimfire will also start drilling to upgrade the Murga North resource at that time, and will complete further metallurgical testwork on Melrose mineralised material.
Melrose and Murga North are both located in the Fifield District, which Rimfire says hosts some of the world's highest-grade deposits of the critical mineral. It is the only ASX-listed scandium junior operating in the area.
The company shared that aside from Melrose, Murga North and the wider Murga region, it has other scandium prospects that it is interested in investigating further. These are Forest View, which is located 11 kilometres south of the Murga intrusive complex, and Currajong, which is 15 kilometres south of Murga and has nickel-cobalt-scandium mineralisation.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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