Marengo drilling results & exploration update

RNS Number : 5865E

Rockfire Resources PLC

19 October 2018

 

This announcement contains inside information

19 October 2018

Rockfire Resources plc

("ROCK" or "the Company")

Marengo drilling results & exploration update

The Board of Rockfire Resources plc (LON: ROCK) announces results from the Company's inaugural RC drilling program at Marengo, Queensland. Results from shallow holes drilled beneath historical workings include:

·      4m @ 2.1 g/t Au; including 1m @ 7.8 g/t Au and 3 g/t Ag (from 11m vertical);

·      5m @ 0.5 g/t Au; including 1m @ 1.9 g/t Au and 1 g/t Ag (from 27m vertical);

·      1m @ 1.2 g/t Au and 1 g/t Ag (from 18m vertical);

·      1m @ 1.6 g/t Au (from 33m vertical);

·      The blind geophysical anomalies beneath and to the northeast of One Mile Mountain contain up to 1-2% pyrite, but host no significant gold or copper in the two holes drilled;

·      Future work at Marengo will focus on exploring the additional 16 historical workings at the Homeward Bound Prospect, as well as more than 30 prospects throughout the entire Marengo Goldfield;

·      A 19-hole RC drilling program at Double Event (Lighthouse) is planned for October/November;

·      An IP geophysical survey at Copperhead is planned for November;

Chief Executive Officer of Rockfire, David Price commented:

"The Homeward Bound Prospect comprises 17 historical gold shafts and pits. The recent drilling only tested beneath one of the old workings at Homeward Bound and intersected gold (+/- copper)-bearing veins at very shallow depths. The Marengo licence incorporates an entire goldfield and future work at Marengo will focus on the numerous historical workings, including more than 30 historical prospects within a 5 square km area."

"The blind, chargeable geophysical anomaly at One Mile Mountain and northeast of One Mile Mountain do not host significant gold or copper. Importantly, this conclusion has been reached rapidly and at minimal cost to the company. This enables our systematic exploration programs to zero-in on the most prospective targets and test them accordingly. Rockfire has a large portfolio of prospects and this strategy demonstrates our conviction that discovery is only delivered from the drill bit. We will continue to drill our targets in a systematic, thorough and swift manner."

"Our immediate focus is on a 19-hole drilling program at Double Event, which is expected to commence before the end of October. An IP geophysics survey at Copperhead, is expected to start in November. We look forward to providing further results to our shareholders as exploration progresses. "

Exploration Portfolio Update

The Company's on-going exploration programs at both Copperhead and Double Event are progressing well and drilling is expected to commence before the end of October at Double Event. This drilling will test the western limits of a 3km-long system of veins, as well as testing beneath successful drilling by Rockfire in June 2018 which intersected 3m @ 2.1g/t Au, 1m @ 6.0 g/t Au, 2m @ 2.5 g/t Au and 3m @ 2.7g/t Au, all within 35m from surface.

Planned exploration at Copperhead includes an IP (Induced Polarisation) geophysical survey to test for the presence of sulphides at around 300m below surface for drill targeting. Historical drilling at Copperhead has intersected copper mineralisation in five drill holes - the deepest being a 300m deep diamond hole. A geophysical crew is expected to be mobilised to Copperhead in early-mid November 2018.

Hole	Sample	From	To	Interval	Au	Ag	Cu
Number	Number	(m)	(m)	(m)	ppm	ppm	ppm
BMA003	BMAS0410	15	16	1	<0.01	0.3	1290
BMA004	BMAS0460-3	13	17	4	2.10	0.9	205
	Including	13	14	1	7.82	3.1	450
BMA006	BMAS0622	21	22	1	1.20	1.3	862
BMA006	BMAS0630	29	30	1	0.35	1.5	1205
BMA008	BMAS0761	19	20	1	0.26	1.0	1935
BMA008	BMAS0779-82	37	42	4	0.43	0.3	250
	including	41	42	1	1.61	.04	60
BMA009	BMAS0830	33	34	1	0.16	2.3	1650
BMA009	BMAS0867	70	71	1	0.01	1.5	934
BMA010	BMAS0928-32	31	36	5	0.50	0.5	292
	Including	33	34	1	1.90	1.1	414

Table showing results above 0.1 g/t Au, 1000ppm Cu or 1.0 g/t Ag

from 480 samples in the 2018 drilling at Marengo.

Hole ID	East UTM	North UTM	UTM Zone	Azi MGA	Dip °	RL (m)	EOH (m)
BMA001	609252	7755214	55 K	270	-55	152	245.00
BMA002	609328	7755506	55 K	000	-90	138	149.00
BMA003	608734	7754939	55 K	200	-57	150	52.00
BMA004	608753	7754932	55 K	200	-57	153	52.00
BMA005	610095	7755149	55 K	180	-60	135	100.00
BMA006	610007	7755035	55 K	210	-55	131	40.00
BMA007	610010	7755039	55 K	210	-70	130	101.00
BMA008	610024	7755033	55 K	210	-55	132	55.00
BMA009	610025	7755035	55 K	210	-70	132	100.00
BMA010	609990	7755044	55 K	210	-55	132	46.00
							940.00

Table showing Marengo Reverse Circulation hole locations and collar information, September 2018

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	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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