Rimfire Pacific Mining (ASX:RIM) has exercised its option to acquire 100% of the EL8666 exploration licence from Javelin Minerals (ASX:JAV).
The transaction, settled through the issuance of $125,000 worth of shares, grants Rimfire total control over the Malamute Scandium prospect.
The strategic acquisition, when paired with Rimfire’s existing adjacent tenure at EL9748, effectively forms the unified Rabbit Trap Scandium Project.
The consolidation marks a significant milestone in the company's mission to build a globally relevant resource inventory within the prolific Fifield District.
The decision to move to full ownership was underpinned by exceptional recent drilling results that confirmed extensive high-grade mineralisation.
Intercepts include 30m at 247ppm scandium (378ppm Sc Oxide) from 25m, featuring a high-grade core of 16m at 352ppm scandium.
Further results, such as 44m at 175ppm scandium, demonstrate the consistency and shallow nature of the deposit.
Currently, the mineralised zone at Malamute spans a 700-metre by 400-metre area and remains open for expansion to the north and east.
Managing Director David Hutton highlighted that the project's extensional potential is further supported by four distinct magnetic anomalies within a one-kilometre radius.
At the time of reporting, Rimfire Pacific Mining's share price was $0.012.