Mapping & rock sampling identifies new targets

RNS Number : 5421U

Rockfire Resources PLC

02 August 2022

 

2 August 2022

Rockfire Resources plc

("Rockfire" or the "Company")

Mapping & rock sampling increases targets at Plateau

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to announce that ongoing mapping and rock sampling at the Company's 100%-owned Plateau gold deposit in Queensland, Australia, has identified multiple new targets close to the drilled JORC gold resources.

· Drilling is being planned to test several structural corridors which have been identified by rock sampling and mapping.

· Numerous faults are believed to carry fluids rich in gold and are interpreted as structural controls on gold mineralisation, including the Central Breccia and Eastern Breccia resources.

· A new structural interpretation has been completed, which highlights areas where dilation and rotation of the rocks has occurred. This provides open space within the rocks for heated and mineralised fluids to percolate through and deposit gold, silver and other metals.

· The additional targets lie outside the 208,000 ounces of gold already drilled at Plateau, with future drilling to be designed to increase near-surface, open cut gold resources.

· 17 rock samples collected during June 2022 outline two of the new exploration targets, with results including 10.7 g/t Au, 3.2 g/t Au and 2.3 g/t Au.

· 29% of the samples returned results above 0.5 g/t Au, with more than 80% of results being above 0.1 g/t Au.

· Each of these targets is defined by multiple exploration techniques, including rock sampling, soil sampling, geological mapping and magnetic survey results, providing increased confidence in the target quality.

An image showing the rock sampling results and structural controls at Plateau can be viewed via the following link. http://www.rns-pdf.londonstockexchange.com/rns/5421U_1-2022-8-2.pdf

David Price, Chief Executive Officer of Rockfire commented , 

"Rockfire continues to target additional near-surface, open-cut gold at Plateau. Planned drilling is expected to expand shallow gold resources. Soil sampling, rock sampling, geological mapping and geophysics confirm the presence of additional gold targets close to the edges of an intruded breccia (shattered rock), where the previously drilled 208,000 ounces of gold resource is positioned.

"The new targets combined could add material ounces to the already-defined gold resources. With five new targets showing similar surface grades and dimensions to those in the two resource areas, it is realistic to target multiples of the resources already drilled.

"53,000 ounces of gold are known to be within the top 70m from surface at Plateau. At today's gold price of US$1,710 per ounce, the Rockfire team believes there is great value in the resource already defined and intends to build on the near-surface resources at Plateau. Taking the global geopolitical tension into account, management also believes there is abundant scope for improvement in the gold price over the next 12 months.

"The Company is sourcing a drilling rig for the planned work and we will update the market with progress on our exploration at Plateau in due course."

Qualified Person Statement:

The technical information in this announcement 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 "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 PR	[e-mail]
Sarah Hollins / Henry Wilkinson	Tel: [phone]

Notes to Editors

Rockfire Resources plc (LON: ROCK) is a mineral exploration company with a portfolio of 100%-owned gold and copper projects in Queensland Australia and a high-grade zinc deposit in Greece.

§ The Plateau deposit in Queensland has a JORC resource of 208,000 ounces of gold and 1.5 million ounces of silver.

§ The Copperhead deposit in Queensland has a JORC resource of 80,000 tonnes of copper, 9,400 tonnes of molybdenum and 1.1 million ounces of silver.

§ The Molaoi deposit in Greece has a JORC resource of 210,000 tonnes of zinc, 39,000 tonnes of lead and 3.5 million ounces of silver.

 

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