en.Wedoany.com Reported - On June 9, 2026, critical minerals exploration company Rimfire Pacific Mining (ASX:RIM), listed on the Australian Securities Exchange, announced that it has secured a direct 60% interest in the Avondale Project located in central New South Wales through the execution of a new joint venture arrangement. The project is one of Australia's most promising scandium exploration areas, and this change in interest marks a significant increase in Rimfire's control over the project.
Rimfire Pacific Mining is an Australian resources company headquartered in Melbourne, focused on the exploration of critical minerals including nickel, cobalt, scandium, copper, gold, and platinum group elements. The company's primary exploration areas are located in the world-class Lachlan Orogen and Broken Hill regions of New South Wales. The Avondale Project is one of Rimfire's core assets in the Lachlan Orogen, covering a total area of approximately 546 square kilometers, which was previously 100% owned by Rimfire.
Under the new joint venture arrangement, Rimfire's exploration partner Golden Plains Resources (GPR) will adjust its interest in the Avondale Project to 40%, while Rimfire holds the remaining 60% interest. Previously, the parties signed a first-stage earn-in agreement in June 2021, under which GPR committed to investing a cumulative A$7.5 million in exploration expenditure over four years, gradually earning up to a 75% project interest. That first-stage agreement was terminated in October 2024, and this new joint venture arrangement replaces the original agreement.
The primary exploration targets of the Avondale Project include scandium, cobalt, nickel, and platinum group elements, with mineralization occurring within the surface lateritic regolith. A preliminary mineral resource assessment has been completed for the Melrose scandium target within the project, identifying approximately 1,120 tonnes of scandium oxide resources. Drilling at the Currajong scandium target has also yielded high-grade scandium mineralization results, with the first mineral resource assessment currently underway.
This interest adjustment makes Rimfire the largest interest holder in the Avondale Project, while Rimfire continues to serve as the project operator and manager. Rimfire stated that gaining control of the Avondale Project further expands the company's interest footprint in the central-western New South Wales scandium region, facilitating the integration of the company's key mineral exploration portfolio in the area.
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