Magnetics greatly enhance drill targets at Marengo

RNS Number : 2720W

Rockfire Resources PLC

31 July 2018

 

This announcement contains inside information

31 July 2018 Rockfire Resources plc

("Rockfire" or "the Company")

Magnetics greatly enhance drill targets at Marengo

The Board of Rockfire Resources (LON: ROCK), is pleased to update shareholders that a recently-completed ground magnetic survey at Marengo has identified a strong zone of what is interpreted as iron-rich alteration surrounding the intrusion at One Mile Mountain in Queensland, Australia.

·     A semi-circular pattern of strong magnetic response has pinpointed drill targets;

·     This magnetic signature is interpreted as iron-rich alteration; magnetite +/- pyrrhotite (iron-sulphide);

·     Iron alteration is often present in proximity to intrusion-related gold/copper deposits;

·     More than 50 line-kilometres of ground magnetic data has been collected;

·     Alteration, sulphides, breccia and pegmatites have been observed during geological mapping;

·     Landowner Access Agreements are being prepared in anticipation of drilling;

To view an image of the magnetic signature surrounding One Mile Mountain, please follow the link provided below.

http://www.rns-pdf.londonstockexchange.com/rns/2720W_1-2018-7-31.pdf

Chief Executive Officer of Rockfire Resources, David Price commented:

"The magnetic survey at Marengo has returned a surprising, but very pleasing semi-circular pattern. Initially, our team was expecting more linear patterns to reflect the prevailing geological northwest trend. When the semi-circular pattern started to form in the magnetic data, our team began to realise that what they were seeing is likely to represent an alteration zone around the mapped intrusion at One Mile Mountain.

This pattern, together with a chargeable response beneath the mountain itself, a circular resistive anomaly around the mountain, strong magnetic signatures correlating roughly with the resistive anomaly, high-grade rock samples at surface and numerous historical workings is starting to produce a most compelling model for potentially significant mineralisation. Planning for RC drilling is underway."

The company's geologists have been conducting high-resolution ground magnetics at Marengo in an area dominated by resistive and chargeable anomalies identified by geophysics in May 2018. The results from this magnetic survey provide support to the interpretation of an alteration halo around an intrusion at One Mile Mountain. This aureole is characterised by a strong magnetic response which could be interpreted as magnetite alteration or perhaps pyrrhotite mineralisation (iron sulphide). Importantly, the magnetic anomaly appears to correlate with the IP resistive response. Magnetic anomalies such as this are often detected close to large, intrusion-related gold/copper systems.

Planned work at Marengo includes brief follow-up mapping and rock sampling in the immediate vicinity of One Mile Mountain and planned RC drilling. Landowners have been contacted and access agreements are being drafted in preparation for drilling.

Competent 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.

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

Rockfire Resources plc David Price, Chief Executive Officer Cenkos Securities plc Nominated Adviser & Broker, Derrick Lee/Beth McKiernan	[e-mail] [phone]

 

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