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Rockfire Resources - Large deep target confirmed at Plateau

RNS Number : 3897W
Rockfire Resources PLC
10 December 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"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

10 December 2019

Rockfire Resources plc

("Rockfire" or the "Company")

Large deep target confirmed by geophysics at Plateau

Rockfire Resources plc (LON: ROCK), the gold and base-metal focused explorer, is pleased to announce that an Induced Polarisation (IP) geophysical survey, completed in early December, has highlighted multiple anomalies from surface to depth at the Company's 100%-owned Plateau Gold Deposit in Queensland, Australia.

·     A large geophysical anomaly has been detected around and beneath BPL025 which intersected 177 m @ 0.5 g/t Au (as announced on 26 November 2019);

 

·     The anomaly has been proven to host gold mineralisation near surface and provides multiple strong targets for gold exploration at depth;

 

·     The resistivity/chargeability anomaly extends from surface to beyond 400 m deep;

 

·     The anomaly is 350 m wide, over 200 m long, and plunges to the east;

 

·     The geophysical target is open to the east and west, and at depth;

 

·     BPL025 lies on the western extremity of the geophysical response, suggesting that future drilling should be focussed further east of this hole;

 

·     A second large resistivity low has also been highlighted 300 m south of Plateau. This zone also extends from surface to over 400 m deep and is completely undrilled;

 

·     Rockfire intends to extend the geophysical survey towards the east to track the anomaly further.

 

·     Rockfire awaits results from the remaining 11 drill holes from the October 2019 Plateau drilling campaign.

 

An image showing the geophysical anomalies can be viewed here. http://www.rns-pdf.londonstockexchange.com/rns/3897W_1-2019-12-10.pdf

 

 

David Price, Chief Executive Officer of Rockfire, commented:

"The geophysics has returned some very positive responses. At surface and in our drilling, we have observed geological evidence of a perceived deepening of gold mineralisation, plunging towards the east. This is also reflected in the geophysics,, with resistivity and chargeability deepening towards the north and east."

 

"The persistence of the responses at depth beneath our drilling is encouraging, but just as exciting, is a second resistive low anomaly about 300m south of our drilling. This response has never been drilled and the Company will look to investigate this as part of our on-going exploration at Plateau."

 

"As we continue to explore Plateau, we are observing increasing evidence of a large mineralising system. The similarities between Plateau and the Mt Wright gold mine (+1 Moz) continue to be evident, with Mt Wright being characterised by a pronounced resistivity low, which has now been identified at Plateau. The resistivity low identified in this geophysical survey provides a prime target for on-going exploration and we will continue to inform the market on our excellent progress at Plateau."

 

"Rockfire is awaiting the results from the final 11 drill holes at Plateau. The market will be informed once the Company receives these results."

 

Qualified Person Statement: 

Information in this announcement that relates to exploration results is based on information compiled by Mr Edward Fry, the Exploration Manager of Rockfire Resources plc, who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Fry 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 a "Qualified Person"  in accordance with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr Fry 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 protected]

 

 

 

Allenby Capital Limited (Nominated Adviser)

Tel:+44 (0) 20 3328 5656

John Depasquale / Asha Chotai

 

 

 

SI Capital Ltd

Tel:  +44 (0)14 8341 3500

Nick Emerson

 

 

 

 

About Rockfire Resources

Rockfire Resources is a mineral exploration company exploring for precious and base metals in Australia. Rockfire owns each of its exploration licences 100% and is an active and aggressive explorer.

The minerals targeted by Rockfire include gold, copper, silver and zinc, of which the company has multiple prospects and targets in Queensland, Australia. Rockfire has a portfolio of projects which are within trucking distance of operating gold mines, which may provide opportunity for toll treatment of any future resources identified.

The Company has adopted a strategy of growth based on advancing exploration on its existing portfolio of projects, as well as a continual assessment of quality opportunities to acquire outstanding mineral projects worldwide.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Rockfire Resources PLC

Price: 0.875

Market: LSE
Market Cap: £7.25 m
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