Rockfire Resources

Double Event surface anomaly continues to expand

RNS Number : 0879Y
Rockfire Resources PLC
07 May 2019
 

7 May 2019

Rockfire Resources plc

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

Double Event surface anomaly continues to expand

Rockfire Resources plc (LON: ROCK), the gold and base metal-focused resource company, is pleased to announce that soil and rock sampling at the Double Event Prospect, which forms part of the Lighthouse tenement in Queensland Australia, has returned further, strong gold anomalism. These results extend the surface expression of the gold lode one kilometre further west from previous sampling completed by Rockfire in January 2019. 

·      Strike of surface gold-in-soils extended by 1km

 

·      Total strike length of Double Event prospectivity is 4.5km long

 

·      Extremely high gold-in-soil results up to 3.86g/t Au

 

·      Results from rock samples of up to 58.5g/t Au

 

·      A parallel lode is suggested by the geochemical distribution

 

·      Mineralised intervals along strike are being [well-]defined to assist with future drill targeting

 

In aggregate, 424 soil samples and 12 rock samples were collected during this field program. Discrete zones of well-defined gold-in-soil anomalism have been identified at Double Event, with each zone approximately 350m in length. A link is provided below which illustrates the distribution and magnitude of the gold-in-soil and gold-in-rock results.

 

http://www.rns-pdf.londonstockexchange.com/rns/0879Y_1-2019-5-3.pdf

 

 

David Price, Chief Executive Officer of Rockfire commented

"To me, the important conclusion from this sampling is not so much the high-grade nature of the results, but the discrete, well-defined distribution of the anomalism. This demonstrates that the soil sampling is working well to define drill targets. Just as important as the higher results, are the areas of barren soils. This clear definition helps to minimise the potential for fruitless drill metres in areas identified as non-mineralised. The high-grade rocks are most encouraging."

"We are gathering quotes for geophysical surveys to be undertaken at Double Event. Although we have confidence in the presence of gold along a very long strike extent (over 4.5km long), we require additional information at depth to help with target generation for future drill holes down to 100m below surface. Geophysics, and particularly Induced Polarisation (IP) will help to identify if areas of sulphide accumulation are present at depth. Any sulphide accumulations will be targeted for drill-testing."

 

 

The gold-in-soil anomaly is extremely high, with values up to 3.86g/t (386ppb) Au being encountered in the soils. Six per cent. of samples returned values above 50ppb, which Rockfire's management team considers to be encouraging.

 

The gold-in-soil distribution highlights a potential parallel lode to the main lode, thereby increasing the overall opportunity to discover near-surface gold mineralisation. Less mineralised zones in the gold distribution are being very well defined, which is expected to help Rockfire minimise drilling unsuccessful holes into these less prospective zones. A geophysical survey is being planned at Double Event to help define targets at depth (up to 150m below surface). The results from this planned geophysical survey will feed into a target-generation model for Double Event which will be developed over the coming months.

 

 

Rock samples collected during the recent campaign have returned very high-grade gold from selected sampling of quartz veins from within the historical diggings. Table 1 (below), shows a complete summary of the 12 samples collected. The quartz is typically characterised by "boxwork" textures where sulphide concentrations have been weathered out of the rock, leaving cubic voids and, in some cases, a fine network of iron-rich veinlets. This is an indication of sulphide concentrations and the gold-in-rock results confirm the presence of gold within these quartz veins.

 

 

Table 1: Double Event rock sampling results - April 2019

 

Sample

Gold

Number

(ppm)

BDRS001

58.50

BDRS002

0.14

BDRS003

9.70

BDRS004

4.75

BDRS005

10.80

BDRS006

14.90

BDRS007

0.10

BDRS008

0.20

BDRS009

1.11

BDRS010

27.50

BDRS011

0.05

BDRS012

0.05

 

 

Soil sampling has also been completed at the Cardigan Dam Prospect, as well as at the Copper Dome Prospect, both in Queensland, Australia. Results are awaited from both geochemical surveys and further announcements will be made in due course.  

 

Qualified 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.

In quoting exploration targets, the potential quantity and grade is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

 

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

Rockfire Resources plc

Email: [email protected]

David Price, Chief Executive Officer

 

 

 

Allenby Capital Limited (Nominated Adviser)

Tel: +44 (0) 20 33 285 656

John Depasquale/ Asha Chotai

 

 

 

First Equity Limited (Joint Broker)

Tel: +44 (0) 20 73 742 212

Jason Robertson

 

 

 

SI Capital (Joint Broker)

Tel: +44 (0) 1 483 413 500

Nick Emerson

 

 

 


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