Geophysical survey increases Copper Dome target

RNS Number : 4189V

Rockfire Resources PLC

14 April 2021

 

14 April 2021

Rockfire Resources plc

("Rockfire" or the "Company")

Geophysical survey significantly increases Copper Dome target

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to announce that a helicopter-supported geophysical survey has returned a much larger target than originally thought at the Company's 100%-owned Copper Dome porphyry copper project ("Copper Dome") in North Queensland, Australia.

Highlights:

· A recent geophysical magnetic survey has resulted in high resolution images, with the magnetic data offering a detailed insight into the geology and structure beneath the dome, which had previously not been possible at Copper Dome.

· The revised target, based on the new aeromagnetic signature, has increased significantly in area from 1 km x 2 km to a much larger area of 4 km x 3.5 km.

· At least three separate intrusions are evident. With one intrusion having been historically drilled and copper found, this adds significant potential for the discovery of copper and gold associated with the additional two intrusions.

· Previous drilling had focussed on only one of the three intrusions. Shallow, historical drilling results include 15 m @ 0.9 % Cu, 12 m @ 0.6 % Cu and 24 m @ 0.3 % Cu. Only sporadic gold analysis was done, with a peak gold value of 1.86 g/t Au in drilling.

· Abundant structures, including faults (and possibly veins) have been identified, providing a greater understanding of the structural setting for the emplacement of the porphyries.

· A three-dimensional interpretation has been commissioned to determine the characteristics of the magnetic response at depth.

· Reverse circulation drilling is planned for Copper Dome and quotes are currently being obtained to establish access tracks and for drilling.

The following link is a composite image showing the original government aeromagnetic image, the new Reduced to Pole (RTP) image and the new First Vertical Derivative (1VD) image. 
http://www.rns-pdf.londonstockexchange.com/rns/4189V_1-2021-4-14.pdf

David Price, Chief Executive Officer of Rockfire, comments:

"Management was looking forward to viewing the magnetic data from Copper Dome and we are very pleased to see the high definition being resolved in the imagery, indicating a significantly larger target than originally thought. What is particularly exciting is the identification of what appears to be multiple plumes intruding upwards towards the surface, with only one of these having been drill tested to date. Importantly, the surface geochemistry shows copper anomalism above or proximal to all three intrusions. This provides potential for a much larger mineralised system to be discovered.

"Rockfire has recently commissioned a 3D interpretation of the magnetic data. This interpretive work is expected to provide possible dips and plunges towards a source at depth and is designed to assist drill targeting at depth. We are eagerly awaiting the results of this work.

"In 1972, six diamond drill holes and three reverse circulation holes were drilled at Copper Dome and very promising copper and gold intervals were intersected. Some of these holes were terminated prematurely in mineralisation due to bad ground conditions, but results still indicated the potential for a very large mineralised system.  

"Rockfire's field season for 2021 includes reverse circulation drilling at Copper Dome and a comprehensive programme is planned to test all three intrusions over the next six months. At this stage, 20 drill holes are planned and track access into the centre of the dome is currently being arranged. We look forward to updating t he market when we receive the results of our 3D interpretation and at the commencement of our drilling programme at Copper Dome."

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 (Corporate Finance) Matt Butlin (Equity Sales)
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.

 

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