Brigalow Goldfield increases Kookaburra potential

RNS Number : 9611J

Rockfire Resources PLC

22 August 2019

 

22 August 2019

Rockfire Resources plc

("Rockfire", "the Company" or "the Group")

Brigalow Goldfield increases Kookaburra potential

The Board of Rockfire Resources plc (LON: ROCK) the gold and base metal exploration company, is pleased to provide an update on the Company's on-going regional asset assessment. As previously announced, the Company is strongly focussed on its core assets at Lighthouse and Copperhead in Queensland, Australia, and background work continues at each of the Company's assets to deliver exploration success for shareholders.

Rockfire's technical team has been undertaking an assessment of the historical work at the Company's 100% owned Kookaburra tenement, which surrounds Rockfire's Lighthouse tenement. Historical exploration work at Kookaburra, including trenching and bulk sampling, identified a substantial alluvial gold deposit, known as the 'Brigalow Alluvial Goldfield'. Rockfire sees this as a high-potential opportunity to discover the hard-rock source either beneath or upstream of this large quantity of alluvial gold. The presence of the Brigalow Alluvial Goldfield highlights the prospectivity of the Kookaburra licence and could significantly increase the Company's gold inventory in Queensland.

·     The alluvial gold is mostly found at surface, with a maximum depth of 6m in some zones;

·  Pre-JORC calculations in 1986 estimated 387,000 LCM (loose cubic metres), grading 0.42 grams/LCM** for total gold content of 5,286 ounces** estimated by bulk sampling;

·      Alluvial gold mines operate profitably down to grades of 0.2 g/LCM but grades vary markedly;

·    1986 saw bulk-testing at 20 sites within Kookaburra using a D7 bulldozer, frontend loader and a dump truck. Gold was processed using a trommel and jig plant and producing a gold concentrate;

·    The mapped limits of potholing/shafting activity define a target volume of 3.9 million LCM, with an anticipated grade range of 0.25 g/LCM to 0.35 g/LCM. This would result in the delineation of 31,000 - 43,000 ounces** of gold;

·     The hard rock source of this alluvial gold has not been discovered and provides opportunity for the Company. Rockfire intends to investigate this hard rock source in preference to the alluvial gold itself, which the Company views as an excellent exploration vector.

A map showing the Brigalow Alluvial Goldfield is provided by following http://www.rns-pdf.londonstockexchange.com/rns/9611J_1-2019-8-22.pdf.

** Both the exploration target and the historical quantity and grade of gold quoted are conceptual in nature and are not reported in accordance with the JORC 2012 Code. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Chief Executive Officer of Rockfire, David Price commented:

"The historical work at Brigalow comprises 20 sites for bulk-testing, with verification of the gold content at the Perth Mint. This is a minimum statistical test for average grade and thickness for the field and provides a preliminary level of confidence for both parameters. Historical reports state that gold in the alluvial deposits is likely to be sourced from nearby reefs, as angular fragments of specimen gold were often recovered. This highlights potential for hard-rock targets in the immediate vicinity of the alluvium, including directly beneath, as well as up-stream from the alluvial goldfield."

"Management acknowledges that alluvial gold deposits are notoriously difficult to sample and estimate. The Company will capitalise on the presence of such large quantities of alluvial gold by exploring the headwaters of these gold-bearing streams, as well as directly beneath the alluvium for primary, hard-rock gold deposits".

"Local alluvial miners may also provide opportunity for Rockfire through a tribute mining scenario, thereby minimising Rockfire's exposure to geological and grade risk associated with alluvial gold deposits. Our immediate focus remains on our gold prospects at Double Event and Plateau, as well as our Copperhead porphyry copper project."

Qualified Person Statement:

Information in this announcement that relates to exploration results is based on information compiled by Mr Edward Fry, the Exploration Manager of Rockfire Resources plc, who is a Member of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Fry has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and a "Qualified Person"  in accordance with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr Fry consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

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

Rockfire Resources plc	Email: [e-mail]
David Price, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser)	Tel: [phone]
John Depasquale/ Asha Chotai
SI Capital (Broker)	Tel: [phone]
Nick Emerson

 

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