3D processing pinpoints drilling targets

RNS Number : 0421Z

Rockfire Resources PLC

19 May 2021

 

19 May 2021

Rockfire Resources plc

("Rockfire" or the "Company")

Copper Dome 3D processing pinpoints drilling targets

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to announce results from 3D processing of helicopter magnetic data at the Company's 100%-owned Copper Dome porphyry project ("Copper Dome") in North Queensland, Australia. The original survey was flown in April 2021 and the newly processed data highlights strongly magnetic drilling targets at depth.

Highlights:

· Two main targets have been highlighted, with both showing very strong magnetic responses, which are being interpreted as magnetite alteration - an important feature associated with many porphyry copper deposits.

· The targets commence approximately 500 m below surface.

· The larger target is 1.5 km long, 700 m wide and occurs between 400 m and 1.3 km deep and remains open beyond that depth.

· The smaller target is 900 m long, 250 m wide and occurs between 600 m and at least 1 km deep.

· Historical diamond drilling from 1972, directly above the targets, intersected typical porphyry grades including 88 m @ 0.23% Cu and 75 m @ 0.13% Cu, with most holes ending in copper mineralisation. Peak values from core sampling were 3.77% Cu and 1.8 g/t Au.

· Alteration identified in core is primarily sericite/pyrite (+/- silica) phyllic alteration, suggesting that the current surface is at the upper-mid levels of a copper/gold porphyry system.

· Sulphides in core range from 3-15% pyrite, with associated chalcopyrite. Fluids are recorded in geological logs as being focussed within porphyritic intrusions and breccias.

· Rockfire is preparing for drilling initially at the Copperhead porphyry copper project and intends to drill these new magnetic anomalies at Copper Dome also during this field season.

An image showing the two strongly magnetic features at Copper Dome and historical drilling can be viewed by following the link provided. http://www.rns-pdf.londonstockexchange.com/rns/0421Z_1-2021-5-18.pdf

David Price, Chief Executive Officer of Rockfire, comments:

"This 3D modelling has produced images of two very high-intensity magnetic responses beneath the dome. Both targets deepen towards the south, suggesting that the source may lie to the south. The closest they come to the surface is around 500 m depth, but historical drilling has hit copper much closer to surface.

"After nearly 50 years with no significant exploration at Copper Dome, Rockfire is planning to drill these new targets. With confirmed copper and gold close to surface directly above the targets and well-defined high magnetic targets at depth, these factors bode well for discovery.

"Rockfire is preparing for drilling at Copperhead initially and drilling at Copper Dome is also planned.  The Company will provide the market with regular updates on our progress as we work towards the start of drilling at our porphyry projects."

For further information on the Company, please visit  www.rockfireresources.com  or contact the following: 

Rockfire Resources plc:	[e-mail]
David Price, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser & Broker)	Tel: [phone]
John Depasquale / George Payne (Corporate Finance) Matt Butlin (Sales and Corporate Broking)
Yellow Jersey	[e-mail]
Sarah Hollins / Henry Wilkinson	Tel: [phone]

Notes to Editors

Rockfire Resources plc (LON: ROCK) is an exploration company with a portfolio of 100%-owned near-surface gold and large-scale copper projects in Queensland, Australia. Each of the gold projects are located within 50 km of operating gold mines and the Company's copper projects lie within 250 km of Australia's largest copper refinery.

The Company's flagship project, the Plateau Gold Deposit, is part of the Lighthouse Tenement, and bears significant geological similarities to the nearby Mt Wright gold mine (45 km to the northeast), where 1.5 million ounces of gold have been mined. More than 14,000 m have been drilled within the Lighthouse tenement.

Drilling to date at the Company's copper projects, Copperhead and Copper Dome (35 km and 85 km southwest of the town of Proserpine respectively), are indicative of large-scale porphyry targets. Both projects have been drilled by previous explorers but remain under-explored, leading the Board to believe that they demonstrate significant exploration upside potential.

Rockfire Resources has adopted a strategy of growth based on advancing exploration across its existing portfolio of projects, as well as the continual assessment of opportunities to acquire outstanding strategic mineral projects worldwide.

The Company is led by a highly skilled management team, with a proven track record in exploring and discovering projects.

 

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