Cardigan Dam returns broad, coherent gold anomaly

RNS Number : 4564Z

Rockfire Resources PLC

20 May 2019

 

20 May 2019

Rockfire Resources plc

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

Cardigan Dam returns broad, coherent gold anomaly

Rockfire Resources plc (LON: ROCK), the gold and base metal-focused resource company, is pleased to announce that recent soil sampling at the Cardigan Dam Prospect, part of the Lighthouse tenement in Queensland, Australia, has returned a promising gold-in-soil anomaly. 

·      Two broad gold-in-soil anomalous trends detected

·      Each trend is approximately 400m long x 100m wide in dimension

·      The anomaly remains open along strike length

·      Soil results up to 205ppb (0.2ppm) Au

·      14% of all soil samples have results above 20ppb Au

·      Historical rock samples identify anomalous gold up to 11.4 g/t Au at surface

Cardigan Dam lies within the southern limits of the Lighthouse tenement. As part of the recent soil survey at Cardigan Dam, 240 soil samples were collected over an area of approximately 400m x 400m. Exploration at Cardigan Dam was initiated as part of Rockfire's on-going, systematic assessment of each of its gold and copper targets within the Lighthouse tenement. A link is provided below which illustrates the distribution and magnitude of the gold-in-soil results.

http://www.rns-pdf.londonstockexchange.com/rns/4564Z_1-2019-5-17.pdf

David Price, Chief Executive Officer of Rockfire commented; 

"Rockfire's strategy of systematic, cost-effective and rapid appraisal of each of its prospects has resulted in the definition of a distinct gold-in-soil anomaly at the Cardigan Dam Prospect. The gold values, up to 0.2ppm Au, represent strong anomalism and provide a clear target for further investigation.

"The gold-in-soil distribution outlines two linear zones and suggests an intersection of a northeast and an east-west structure, with the intersection point being in the north-eastern corner of the survey grid. Importantly, the gold strengthens towards the north of the strike area and extends beyond the limits of the survey.  For this reason, the Company's systematic evaluation of Cardigan Dam will extend the soil sampling to the north, to explore the extent of surface mineralisation. The market will be informed as we progress our exploration of this prospect."

"In the meantime, access to Copperhead is being re-established following the wet season in Queensland. An IP geophysical survey is planned for Copperhead in order to determine if sulphide accumulations can be detected at depths below 150m from surface."

Qualified Person Statement:

Information in this announcement that relates to exploration results is based on information compiled by Mr David Price, a Director of Rockfire Resources plc, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Price 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 under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr Price consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

In quoting exploration targets, the potential quantity and grade is conceptual in nature. 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.

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
First Equity Limited (Joint Broker)	Tel: [phone]
Jason Robertson
SI Capital (Joint Broker)	Tel: [phone]
Nick Emerson

 

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