High-grade copper found at Copper Dome

RNS Number : 7113T

Rockfire Resources PLC

22 March 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") 

22 March 2019

Rockfire Resources plc

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

High-grade copper found at Copper Dome

Rockfire Resources plc (LON: ROCK), the copper and gold-focused resource company, is pleased to announce that soil and rock samples collected from the Copper Dome Porphyry Copper Project in Central Queensland ("Copper Dome"), have returned rock samples up to 23.4% Cu and significantly elevated copper-in-soil values up to 779 ppm Cu. As announced on 26 November 2018, Rockfire has an option to acquire Copper Dome, which expires on 23 May 2019.

·      Rock samples returned maximum grades of 23.4% Cu, 3.2 g/t Au and 952 g/t Ag;

·      23% of all rock samples assay above 0.5 g/t Au, above 5 g/t Ag and above 0.1% Cu;

·    High-grade copper, gold and silver rock samples define ridges radiating from the mapped centre of the porphyry system, with potential for high-grade, vein-hosted mineralisation in addition to porphyry-hosted mineralisation;

·   Elevated copper-in-soil occurs over a coherent area approximately 500m x 300m, suggesting potential for large tonnage;

·      Copper has been found in soils at a new, undrilled location to the north of previous drilling;

·      Soil program will be extended to the south to cover second mapped porphyry.

A link is provided below to view the soil and rock sample distribution at Copper Dome.

http://www.rns-pdf.londonstockexchange.com/rns/7113T_1-2019-3-22.pdf

Chief Executive Officer of Rockfire, David Price, commented:

"These results from our maiden soil and rock sampling program at Copper Dome have exceeded our expectations. The coherent distribution of the copper-in-soil is encouraging for tonnage potential, whilst the copper grades in the soils are almost 80 times background levels."

"The rock samples have returned extremely high-grade copper and strongly elevated gold and silver in an area to the west of previous drilling. The correlation with topographic ridges provides potential for very high-grade, vein-hosted mineralization, as well as porphyry-style copper/gold targeted by the soil sampling."

"Previous drilling at Copper Dome was very shallow (some holes only 15m deep), whilst deeper holes intersected 4.58m @ 2.28 % Cu (from 161m) and 3.05m @ 1.24 % Cu (from 54m). These holes were drilled vertically, which may not be the most appropriate orientation if structures are found to be important as fluid pathways and ultimate concentration of copper."

"Our plan is to continue soil sampling towards the south to determine the extent of the copper-in-soil anomalism, which remains open towards the south and east. We will also expand our soil sampling towards the west, to explore the new western areas identified by rock sampling and geological mapping. This expansion of the original program will occur after the field crews have completed ground magnetics at Double Event within the Lighthouse tenement."

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 more information regarding Rockfire Resources, please contact:

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

 

END

 

 

DRLKMGZFRZLGLZG