Plateau magnetic survey - new target structures

RNS Number : 3716W

Rockfire Resources PLC

23 April 2021

 

23 April 2021

Rockfire Resources plc

("Rockfire" or the "Company")

Plateau magnetic survey highlights new target structures

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to announce that a ground magnetic survey has highlighted multiple new target structures at the Company's 100%-owned Plateau gold deposit ("Plateau") in North Queensland, Australia.

Highlights:

· A ground magnetic survey has been completed at Plateau, where the Company has previously announced a JORC gold resource of 53,336 ounces of gold in the top 100 m from surface.

· The new ground magnetic data highlight structures which may be faults, veins, or dykes, some of which are already known to host high-grade gold found in rock samples.

· Multiple structures have been highlighted which have not yet been explored and lie within 250 m of the Company's gold resource.

· Rockfire has reverse circulation drilling planned and several of these targets will be tested in the forthcoming drilling, expected to commence in May 2021.

· Previous geological, geochemical and geophysical exploration techniques have suggested that gold may originate from the southeast direction and there are promising structures aligned towards the southeast. These structures will be tested during the next drilling campaign.

An image showing the structural detail obtained from the ground magnetic survey can be viewed by following the link provided. http://www.rns-pdf.londonstockexchange.com/rns/3716W_1-2021-4-22.pdf

David Price, Chief Executive Officer of Rockfire, comments:

"This geophysical work has highlighted structures which are not readily discernible from the surface mapping. Of particular interest is the evidence of radiating structures gained from the data - a common phenomenon surrounding intrusive bodies, such as the rhyolite plug at Plateau. Several of these radiating structures host gold, but many of them are unexplored.

"Rockfire intends to explore these features in the coming drilling programme, which is expected to commence in May 2021. The Company is planning infill and extension drilling at both the Central Breccia and the Eastern Breccia, as well as exploration drilling close to both gold resources.

"Regular announcements will be made once drilling commences and the market will be kept up-to-date with drilling progress and results."

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 and Kelly Gardiner (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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