Rockfire Resources Plc (LON:ROCK) said a ground magnetic survey at the Marengo exploration project in Queensland, Australia, has returned a “surprising, but very pleasing” semi-circular pattern that is thought to be an iron-rich alteration.
These geological anomalies are often in close proximity to the so-called intrusion-related gold and copper deposits.
READ: Rockfire Resources continues to make progress across Australian exploration portfolio
"Initially, our team was expecting more linear patterns to reflect the prevailing geological northwest trend,” said chief executive David Price of the magnetic survey.
“When the semi-circular pattern started to form in the magnetic data, our team began to realise that what they were seeing is likely to represent an alteration zone around the mapped intrusion at One Mile Mountain.”
More than 50 line-kilometres of data has been collected and the company has now “pinpointed” a number of potential drill targets.
Landowner access agreements currently being prepared that will pave the way for a reverse circulation drill programme that will test Rockfire’s thesis.
The company – formerly Papua Mining – recently mapped and rock-chip sampled the area around Marengo.