Grant of New Licence Surrounding Mt Leyshon Mine

RNS Number : 4329C

Rockfire Resources PLC

30 September 2018

 

1^st October 2018

Rockfire Resources plc

("ROCK" or "the Company")

Grant of New Licence Surrounding Mt Leyshon Mine

Rockfire Resources (LON: ROCK) is pleased to inform shareholders that the New Leyshon Exploration Permit to Mine (EPM26745 'New Leyshon') in Queensland, Australia has been granted to Rockfire through its 100%-owned subsidiary, BGM Investments Pty Ltd. The grant of New Leyshon results in Rockfire now surrounding Newmont's Mt Leyshon Gold Mine on three sides and adds significant exploration upside to Rockfire's portfolio of prospective ground-holding in a district which has produced more than 20 million ounces of gold.

Highlights:

·      Rockfire now immediately surrounds Newmont's Mt Leyshon Gold Mine on three sides;

·      Mt Leyshon has produced 2.5M ounces of gold and 2.3M ounces of silver;

·      Faults believed to host gold at Mt Leyshon extend into Rockfire's tenement;

·      New Leyshon adds a further 38 sq. kms of gold and copper prospectivity to the ROCK porfolio

·      Licence granted to Rockfire for a 5-year period

The Queensland Government has granted Exploration Licence EPM26745 "New Leyshon" to Rockfire Resources, through it's wholly-owned Australian subsidiary for a period of 5 years. New Leyshon surrounds Newmont's Mt Leyshon Gold Mine on three sides and adds significant exploration prospectivity to the company's portfolio of valuable gold tenements in Queensland.

Chief Executive Officer of Rockfire, David Price commented:

"The grant of the New Leyshon licence endorses Rockfire's determined strategy of accumulating projects with low entry costs and is an important growth development for the Company".

"Our strategy of acquiring highly prospective opportunities in and around the Charters Towers region is being realised.  New Leyshon opens up opportunities for gold and silver immediately surrounding a multi-million-ounce gold mine."

"Rockfire's geologists have identified several faults which extend from within the Mt Leyshon Mining Lease outwards and into Rockfire's recently-granted licence. We will be commencing low-cost surface geochemical surveys over this area soon as part of our initial exploration of New Leyshon. This provides a very exciting tenement for the company, with real opportunity to find extensions to the orebody at Mt Leyshon Mine."

Further information will be provided to the market in respect of New Leyshon and our work across the Company at the earliest opportunity.

Further Information

Gold was first discovered at Mt Leyshon in 1887 when the Mt Leyshon Gold Mining Company was listed on the London Stock Exchange. It was not until 1920, when the Prince of Wales gold nugget, weighing 143 ozs was discovered west of Mt Leyshon, that the goldfield started to attract more significant exploration effort.

Modern open cut gold production commenced at Mt Leyshon in 1987 and continued uninterrupted for 15 years until 2002. The open cut mining operations exploited an orebody which is 400m long at surface, whilst drilling has confirmed that gold mineralisation continues to at least 650m below surface.

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

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]
Cenkos Securities plc (Nominated Adviser & Joint Broker) Derrick Lee / Beth McKiernan	Tel: [phone]
First Equity Limited (Joint Broker)	Tel: [phone]
Jason Robertson

 

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