Exploration Update

RNS Number : 8952C

Rockfire Resources PLC

24 June 2021

 

24 June 2021

Rockfire Resources plc

("Rockfire" or the "Company")

Exploration Update

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

Copper Highlights:

· Access track and drill pad preparation is well underway at the Copperhead porphyry project ("Copperhead") in preparation for diamond drilling. The project has not been subjected to drilling for nearly 50 years and Rockfire is redeveloping the original access tracks used for historical drilling.

· The commencement date for drilling is determined by the completion of the access tracks. The drilling supervisor is arriving on site next week to assess logistics, water availability and to check rig access. The drill rig is track-mounted, making access easier and resulting in smaller drill pads being required.

· Several  kilometres from the actual drilling site, Rockfire geologists are observing weathered sulphides in fractures and veins within the intrusions as the access track progresses up the ridge towards the drill sites.

· A landowner access agreement (one of the steps required for all exploration programmes in Queensland), is being negotiated at the Copper Dome porphyry project ("Copper Dome") in preparation for diamond drilling.

Gold Highlights:

· A high-definition gravity survey is in progress at the Plateau gold deposit ("Plateau"), part of the Lighthouse tenement. This survey is designed to detect concentrations of sulphides at depth, beneath the 1.4 million tonnes @ 1.20 g/t Au already discovered in the top 100 m from surface at Plateau. Approximately 70% of this survey is complete.

· Extension soil sampling has been completed at the Bell Rock gold prospect ("Bell Rock"), which also lies within the Lighthouse tenement and is 3.5 km southeast of Plateau.

· Soil samples from Bell Rock have returned high gold-in-soil values up to 0.4 g/t Au. The highest silver value in the soils is 2.3 g/t Ag and maximum copper value is 466 ppm Cu.  These results outline a second, coherent trend, with dimensions of 100 m wide and +350 m long and open along strike.

A photograph showing the progress of the reestablishment of the old access track at Copperhead can be viewed by following the link provided. 
http://www.rns-pdf.londonstockexchange.com/rns/8952C_1-2021-6-23.pdf

 

David Price, Chief Executive Officer of Rockfire, comments:

"Our preparation for diamond drilling at Copperhead is progressing well with access track reestablishment well underway.Drill rig mobilisation is anticipated as soon as the access tracks and drill pads have been completed. In the meantime, a camp, core yard and logistical base has been established in anticipation for drilling.

"It is encouraging to see sulphides in veins up to 3 km away from the drill site. In historical geological reports, it is quoted that "Numerous limonite-filled fractures with goethite are observed….at a distance of 1 km or so (from the centre of the deposit), joint/vein density is reduced from 12-14 veins per metre, to 1-2 veins per metre." This is precisely what the Rockfire geologists are currently observing along the freshly established access track as we approach the deposit.

"Our regional exploration programmes continue to progress and the results from recent soil sampling at Bell Rock are pleasing. The gravity survey at Plateau is progressing well and should be completed within the next two weeks. This survey is aimed at testing for a gravity anomaly at depth beneath Plateau, which may indicate a source for the gold already found there. Any gravity anomaly detected is likely to become a priority drilling target.

"Discussions and negotiations with the landowner at Copper Dome are progressing ahead of anticipated diamond drilling later in the year. It is planned to use the same logistics and core yard as at Copperhead, to minimise duplication of infrastructure and to provide the flexibility to potentially drill Copperhead and Copper Dome simultaneously, if possible.

"The Company will continue to update the market with our progress over the coming weeks."

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 Gardiner (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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