07:00 Tue 25 Feb 2020
Rockfire Resources - Major gold system hit in multiple holes at Plateau
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
("Rockfire" or the "Company")
Major gold system hit in multiple holes at Plateau
Highlights:
Drilling has returned extensive intercepts of continuous gold mineralisation, comparable to hole BPL025, which hit 177 m @ 0.5 g/t Au (as announced on 26 November 2019).
An important project milestone has been reached with a + 2.0 g/t Au zone being encountered at 145 m downhole. At the nearby
· All drill holes hit gold, expanding Plateau to +200 m long, +70 m wide and +200 m deep;
· 171 m @ 0.4 g/t Au in hole BPL027 (from 26 m) including:
· 39 m @ 1.0 g/t Au (from 145 m); and
· 11 m @ 2.3 g/t Au (from 145 m);
· A peak gold value of 1 m @ 10.05 g/t Au was encountered in BPL027;
· 170 m @ 0.4 g/t Au in hole BPL030 (from 37 m) including:
· 10 m @ 1.0 g/t Au (from 54 m); and
· 19 m @ 1.0 g/t Au (from 174 m);
· 154 m @ 0.2 g/t Au in hole BPL026 (from 97 m): including:
· 46 m @ 0.3 g/t Au (from 200 m); and
· 15 m @ 0.5 g/t Au (from 226 m);
· These holes extend mineralisation more than 100 m east of the previously reported results from drill hole BPL025 of 177 m @ 0.5 g/t Au;
· BPL028 was a 251 m deep hole (limit of rig capability) which hit mineralisation in the last 10 m of the hole. The bottom of hole averaged 10 m @ 0.3 g/t Au, and included 1 m @ 1.7 g/t Au in the very last metre;
· 8 m @ 1.1 g/t Au (from 84 m) in hole BPL031 (in-fill hole);
· 8 m @ 1.0 g/t Au (from 40 m) in hole BPL029 (shallow in-fill hole) within a broad zone of 28 m @ 0.5 g/t Au.
Refer to the link provided, showing the drill hole location plan.
http://www.rns-pdf.londonstockexchange.com/rns/0204E_1-2020-2-25.pdf
Refer to the link provided, showing the Long Section Comparison to
http://www.rns-pdf.londonstockexchange.com/rns/0204E_2-2020-2-25.pdf
Refer to the link provided, showing BPL026 & BPL027 cross section.
http://www.rns-pdf.londonstockexchange.com/rns/0204E_3-2020-2-25.pdf
"These long intervals of gold in the upper levels of Plateau are extremely positive and demonstrate the size of the mineralising system. The Rockfire technical team continues to see similarities to the
"We appear to be at the top of a similarly large gold deposit. The dimensions of Mt Wright, which is 250 m long, 60 m wide and mined to over 1,200 m deep, compare favourably with those of Plateau; being 200 m long, 70 m wide and currently drilled to only 240 m. The broad intervals of gold mineralisation between 0.2 g/t and 0.5 g/t in the top 200 m are also characteristic of Mt Wright."
"The next step is for Rockfire is to conduct a CSAMT (Controlled-source Audio-frequency Magnetotellurics) geophysical survey. Such a survey is expected to provide a high-definition target generation beneath the levels drilled so far at Plateau. CSAMT was used very effectively at Mt Wright, leading to the identification of deep drill targets. This is expected to commence as quickly as possible after the wet season finishes."
Qualified Person Statement:
Information in this announcement that relates to exploration results is based on information compiled by Mr
For further information on the Company, please visit www.rockfireresources.com or contact the following:
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Hole ID | UTM E | UTM N | RL m | Depth m | Dip | Azi MAG | Azi UTM |
BPL026 | 459894 | 7740467 | 320 | 251 | -75 | 172 | 179 |
BPL027 | 459887 | 7740426 | 320 | 203 | -75 | 157 | 164 |
BPL028 | 459993 | 7740507 | 322 | 251 | -75 | 180 | 187 |
BPL029 | 459974 | 7740438 | 321 | 125 | -55 | 137 | 144 |
BPL030 | 459929 | 7740435 | 321 | 220 | -75 | 172 | 179 |
BPL031 | 460206 | 7740476 | 321 | 105 | -70 | 352 | 359 |
Table showing the drill hole collar coordinates
About the Plateau Gold Deposit
The Plateau Gold Deposit is located in
At surface, Plateau hosts gossanous and jasperlitic veins and gold-bearing breccia at the margin of a felsic (rhyolite) plug. The deposit is under-explored but historical drilling has returned intervals of high-grade gold from a distinct circular magnetic feature. This feature is partly demagnetised and truncated by a linear northeast fault with associated polymict breccia, gossan and chalcedonic and jasperoidal silica flooding.
Previous drilling campaigns have intersected encouraging drilling intersections including 89 m @ 1.57 g/t Au from 61 m (hole PL102), 11 m @ 2.0 g/t Au from 44 m (hole PLP127) and 22 m @ 1.9 g/t Au from 39 m (BPL002).
A single, deep diamond hole drilled by Newcrest Mining in 2007 intersected 300 m @ 2.2 g/t Ag (hole PLDD06001), which highlights the potential size of the mineralised system at depth. This hole provides clear evidence that a large mineralised gold +/-silver system exists deeper below current drilling levels.
In
Plateau Exploration History
In 1985,
In 1988,
In 2007, Newcrest Mining Limited drilled a single 853.7 m deep diamond drill hole (PLDD06001). This hole was designed to test mineralization at depth beneath the shallow mineralisation at Plateau. PLDD06001 intersected 300 m @ 2.2 g/t Ag but only low-grade gold. The drill hole intersected breccia between 150 m and 520 m below surface, confirming that the breccia is much larger than the surface expression suggests. This hole is now thought to have intersected the very edge of the projected mineralised lode, but likely too far to the west to encounter significant gold. A second hole was planned by
In late 2017,
In
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