Copperhead Drilling Update

RNS Number : 1217N

Rockfire Resources PLC

28 September 2021

 

28 September 2021

Rockfire Resources plc

("Rockfire" or the "Company")

Copperhead Drilling Update

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to provide an update on its exploration programme currently underway at the Company's 100%-owned Copperhead porphyry project ("Copperhead") in North Queensland, Australia.

Highlights:

· Drilling of the first two exploration holes is complete and a third hole is currently in progress.

· Rockfire's geologists are logging abundant, narrow, mineralised veins throughout each hole, including veins hosting both copper and molybdenum minerals.

· Drillhole BCH001, the first hole, was drilled to 501.40 m and copper-bearing veins have been recorded from 8.0 m to the end of hole. Chalcopyrite (copper sulphide) veins are still being recorded at 500.87 m.

· Vein frequency varies through each hole, which is in line with expectations from historical drill holes at Copperhead. The frequency of veins bearing visible chalcopyrite fluctuates dramatically throughout the hole, with some sections recording < 1 vein/m and other sections hosting up to 8 veins/m.

·Multiple orientations of the copper-bearing veins are being recorded, with the majority (but not all) chalcopyrite veins striking west-northwest and northwest and dipping very steeply both northeast and southwest.

· At the bottom of hole BCH001, a weak increase in alteration magnetite is observed and is likely to be the cause of a weakly elevated magnetic response at depth.

· Geotechnical and geological logging is well advanced and core cutting and sampling is in progress. Rockfire will continue to update the market with our progress, including results as they are received for each hole.

Several example photographs of chalcopyrite-bearing veins from the Copperhead drill core can be viewed by following the link provided. 
http://www.rns-pdf.londonstockexchange.com/rns/1217N_1-2021-9-27.pdf

David Price, Chief Executive Officer of Rockfire, comments:

"Drilling at Copperhead is progressing well. The geology and mineralisation being observed in our first drillhole is in line with the geological logs from drilling in 1972. Assays are pending, however, so it would be premature to attempt to correlate copper grades with historical drilling.

"Even without knowledge of the grades yet, the presence of the copper sulphides throughout the hole and to a downhole depth of 500 m supports our belief for the potential of a large, mineralised porphyry copper/molybdenum system.

"As each hole is drilled, important geological and structural information is provided and our geologists are gaining a better understanding of the deposit. More than 980 veins have been recorded and measured in the first hole alone. This is critical for targeting the source of the copper-bearing veins, which is beneath our current drilling. Drilling remains in progress, with another 2-3 holes to be drilled over the coming months and, as usual, we will continue to keep the market informed of this ongoing work programme."

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 (MAusIMM). 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:	[e-mail]
David Price, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser & Broker)	Tel: [phone]
John Depasquale / George Payne (Corporate Finance) Matt Butlin / Kelly Gardner (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 (45km 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.

 

END

 

 

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