Rockfire Resources PLC (LSE:ROCK), the AIM-quoted exploration company, has reported early-stage progress at its Marengo Goldfield project in Queensland, Australia, after farm-in partner Eastern Resources completed maiden fieldwork at the site.
Eastern Resources, which is listed on the Australian Securities Exchange and is sole-funding exploration at Marengo under a three-year farm-in agreement signed in September 2025, has identified more than 200 isolated quartz localities and discovered approximately 1.7 kilometres of continuous vein system during initial field surveys.
Assay results from laboratory analysis of samples collected during the fieldwork are pending, with the market to be updated on receipt.
Under the terms of the farm-in, Eastern Resources is committed to spending a minimum of A$1.5 million across three annual stages, with Rockfire transferring up to 80% of its interest in the Marengo tenement as each spending threshold is met.
Eastern would also pay Rockfire A$1 million in cash or shares upon declaring a JORC-compliant mineral resource of at least 500,000 ounces of gold at a minimum grade of 2.5 grams per tonne.
JORC, or the Joint Ore Reserves Committee code, is the Australian standard for reporting mineral resources and ore reserves.
Chief executive David Price said the commencement of fieldwork and identification of targets was encouraging, while noting that Rockfire's separately funded drilling programme at its Molaoi project in Greece continues in parallel, with results to be reported as they are received.