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 Regulatory Information Service, this inside information is now considered to be in the public domain.

25 February 2020

Rockfire Resources plc

("Rockfire" or the "Company")

Major gold system hit in multiple holes at Plateau

Rockfire Resources plc (LON: ROCK), the gold and base-metal explorer, is pleased to announce all drilling results from the January 2020 program at the Plateau Gold Deposit, part of the Lighthouse tenement, North Queensland, Australia.

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 Mt Wright Gold Mine (+1 m ounces of gold) the + 2.0 g/t Au zone was first discovered 158 m downhole.

·    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 Mt Wright Gold Mine.

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

David Price, Chief Executive Officer of Rockfire, commented:

"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 Mt Wright Gold Mine, 45 km to the northeast of Plateau, hosting over 1.5 million ounces of gold, where the main gold ore is between 400 m and 850 m below surface.

"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 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:

Table showing the drill hole collar coordinates

About the Plateau Gold Deposit

The Plateau Gold Deposit is located in Queensland Australia, approximately 50 km southeast from the gold mining centre of Charters Towers. Plateau lies 17 km east of the operating Pajingo Gold Mine (+ 3 M oz Au), and 47 km southwest of the +10 M oz Au Ravenswood gold mining operations, including Mt Wright. Plateau is a breccia-hosted gold system, comprising similar geology and mineralisation to that seen at Mt Wright. Rockfire is targeting another Mt Wright-style and size of deposit.

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 October 2019, Rockfire drilled a 217 m deep reverse circulation hole which intersected 177 m @ 0.5 g/t Au. Drilling in January 2020, the results of which are included in this RNS was successful in extending the outline of what is believed to be a very large gold mineralised system.

Plateau Exploration History

In 1985, Esso Australia Ltd drilled 876 m of core drilling (in 3 holes), 350 m of percussion drilling (in 4 holes) and 126 m of pre-collar drilling for a total of 1,352 m. Impressive drilling results were encountered close to surface, including: 3 m @ 4.87 g/t Au, 3 m @ 3.38 g/t Au, 89 m @ 1.57 g/t Au, 5 m @ 2.77 g/t Au, and 40 m @ 1.37 g/t Au. A total of 1,260 m of trenching was undertaken during the 1985 field season with results including 40 m @ 1.37 g/t Au (Trench 3700 E). Esso also sampled the surface rocks at Plateau, which returned a 116 g/t Au assay.

In 1988, City Resources Ltd drilled 30 reverse circulation drill holes for 1,670 m at Plateau. Values up to 16 g/t Au were intersected in drilling which tested gold mineralisation down to 60 m vertical depth. Best results from this drilling include: 8 m @ 3.03 g/t Au, 10 m @ 5.01 g/t Au, 14 m @ 2.44 g/t Au, 6 m @ 3.20 g/t Au, and 4 m @ 4.79 g/t Au.

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 Newcrest further to the east but this hole was never drilled.

In late 2017, Rockfire Resources plc drilled 11 drill holes (BPL001 to BPL011) for 2,111 m of reverse circulation drilling. This drilling successfully encountered 10 m @ 1.9 g/t Au, 22 m @ 1.86 g/t Au and 10 m @ 1.37 g/t Au. Significant silver was also encountered including 43 m @ 4 g/t Ag.

In October 2019, Rockfire Resources plc drilled a further 14 drill holes (BPL012 to BPL025). This drilling encountered 177 m @ 0.5 g/t Au and 187 m @ 6.3 g/t Ag. This was the first drill program to encounter such broad zones of gold and silver mineralisation. Extension drilling at East Plateau intersected 30 m @ 1.2 g/t Au, 22 m @ 1.0 g/t Au, 5 m @ 4.8 g/t Au and 4 m @ 4.2 g/t Au. Drilling at a newly discovered "Central Breccia Zone" returned grades of 6 m @ 4.1 g/t Au, 12 m @ 1.2 g/t Au, 7 m @ 2.3 g/t Au and 5 m @ 1.3 g/t Au.