Update on Papua New Guinea Prospects

RNS Number : 3935M

Rockfire Resources PLC

07 January 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") 

7 January 2018

Rockfire Resources plc

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

Update on Papua New Guinea Prospects

Rockfire Resources plc (LON: ROCK), the Queensland copper and gold-focused resource company, announces that, following a review of past drilling, geology, accessibility, geophysics and geochemistry, the Company has decided to relinquish its two Mount Visi exploration licences in Papua New Guinea. Rockfire retains the single Nakru licence (EL1462), for which the Company is awaiting Ministerial approval for renewal in PNG. The Company will continue to focus on its exciting Queensland assets in line with its deliberate strategy to be a results-driven explorer.

Chief Executive Officer of Rockfire, David Price commented:

"Over the years, considerable work has been done at Mt. Visi, including 776 metres of diamond drilling in five holes. With best results being 71m @ 0.04% Cu, the Company considers the on-going costs of further exploration in difficult, rugged terrain to be well outside Rockfire's risk/reward profile at this stage of its growth."

"In line with our well-established strategy, Rockfire will continue to appraise and rank each of its prospects using the best available data. Rockfire's exploration decisions will continue to be results-driven and we look forward to updating investors in the near future on our progress as we seek to build on the exploration success of 2018."

Brief Summary

The Mt. Visi prospect consists of two exploration licences (EL2051 and EL2322) on the island of New Britain. Between December 2015 and March 2016, five diamond holes were drilled, for a total of 776 metres, with the deepest being 211 metres.

The highest-grade copper and gold encountered at Mt. Visi in drilling was an interval of 71m analysed in hole V22DDH004 between 49m and 120m downhole, with the total intercept averaging 0.038% Cu and 0.04g/t Au.

Having drilled 5 diamond holes and considering the associated considerable expense, the Directors believe that results of this magnitude do not warrant additional expenditure. Given the extreme terrain, the lack of economic results and the anticipated high cost of on-going exploration, the Rockfire Directors have decided that the two Mt. Visi licences should be relinquished with immediate effect.

For further information on the Company, please visit www.rockfireresources.com or contact the following:

Rockfire Resources plc David Price, Chief Executive Officer	Email: [e-mail]
Allenby Capital Limited (Nominated Adviser) John Depasquale/Nick Athanas	Tel: [phone]
First Equity Limited (Broker)	Tel: [phone]
Jason Robertson

 

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