Exercise of Option to Acquire Copper Dome

RNS Number : 9633Z

Rockfire Resources PLC

23 May 2019

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

23 May 2019

Rockfire Resources plc

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

Rockfire Exercises Option to Acquire Copper Dome

Rockfire Resources plc (LON: ROCK), the gold and base metal-focused resource company, is pleased to announce that the board has exercised the option to acquire (the "Option") the Copper Dome Porphyry Copper Deposit ("Copper Dome") in Queensland, Australia. The commencement of the Option Period was announced to the market on 26 November 2018. 

·      Rockfire will own 100% of Copper Dome;

·      Copper Dome is a potentially large-scale mineralised system only 50km from Copperhead;

·      The prospect is vastly under-explored;

·      Recent soil sampling has identified coherent, strong gold and copper anomalism;

·      Recent rock samples have returned copper values up to 23.4% Cu and gold to 3.2g/t Au;

·      Previous diamond drilling in 1972 intersections include;

Ø   15.24m @ 0.88 % Cu (including 4.58m @ 2.28 % Cu) from 161m downhole depth

Ø   12.20m @ 0.61 % Cu (including 3.05m @ 1.24 % Cu) from 54m downhole depth

Ø   24.38m @ 0.27 % Cu (including 7.4m @ 0.43% Cu) from 225m downhole depth

Ø   Percussion hole PH001 - 38m @ 0.13 % Cu (from 17m downhole depth)

·    Mineralisation outcrops at surface, providing low-cost, near-surface exploration, resulting in lower anticipated exploration costs.

David Price, Chief Executive Officer of Rockfire commented; 

"Our management team is encouraged by the confirmatory work done by the Rockfire exploration team as part of our technical due diligence on Copper Dome. With coherent copper occurring around the rim of a mapped porphyry, as well as gold occupying the boundaries of two close-spaced porphyries, the geological setting shows excellent signs for gold and copper mineralisation."

"Now that Rockfire owns Copper Dome, your company is in a unique position of controlling two potentially large-scale porphyry copper projects in its portfolio, both of which are considered worthy of inclusion in the Porphyry Copper Assessment published by the US Geological Survey. The Company's intention is to expand our exploration into geophysics, including ground magnetics and gradient array IP. These two geophysical techniques are expected to identify clear targets in and around the geochemical anomalies, which will lead towards drilling."

"The Company's objective is to grow and expand the mineralisation at Copper Dome in conjunction with Copperhead (50km to the northeast) and to develop both porphyry projects simultaneously, with the aim of outlining very large tonnage copper resources."

Details of the Exercise

1.   Rockfire has exercised the Option, and will pay Symbolic Resources Pty Ltd A$30,000 (~£16,300) cash and;

2.   Rockfire will issue Symbolic Resources Pty Ltd 3,720,454 Ordinary Shares in the Company, being the equivalent of A$50,000 (~£27,200) worth of Rockfire fully paid ordinary shares at an issue price of £0.00731, being the volume weighted average closing price of ROCK ordinary shares  for the 5-days prior to the Decision to Exercise.

At the conclusion of these two steps, Rockfire shall have 100% ownership of the Copper Dome Exploration Permit to Mine (EPM26160).

Admission and Total Voting Rights

Application will be made for the admission of 3,720,454 new ordinary shares to trading on AIM and is expected to occur on or around 30 May 2019 ("Admission"). On Admission, the Company's issued ordinary share capital will consist of 435,886,277 ordinary shares with one voting right each. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 435,886,277. From Admission, this figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

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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