Rockfire Resources PLC (LON:ROCK) shares rose on Monday as it told investors it has added material acreage to Rockfire's already significant ground-holding in Queensland.
It has secured the Kookaburra Exploration Permit, which spans a 232 square kilometre area with gold and copper prospectivity including the Brigalow alluvial goldfield.
With the addition of Kookaburra, the company highlighted that it now has control over the western extensions of its Double Event project area.
WATCH: Rockfire Resources' David Price fired up over Kookaburra tenement
The company also noted that past drilling within Kookaburra unearthed gold grades of up to 5.13 grams per tonne.
"We have been looking forward to Kookaburra being granted, as this tenement adds significant upside to Double Event, with the western extension of the lode now under Rockfire control,” said David Price, Rockfire chief executive.
He added: "As an added bonus, Kookaburra includes an alluvial deep-lead (ancient) river bed, with abundant workings along the length of the gold-bearing river gravels.
“Although notoriously difficult to attain JORC resources, the gold included in this ancient channel may provide a vector towards the source of the river-hosted gold.
"Kookaburra Prospect itself is not alluvial in nature and has been drilled by previous explorers and robust, high-grade intercepts of gold have been encountered including 12m @ 2.72g/t Au close to surface.
“The addition of Kookaburra to the tenement portfolio of Rockfire provides additional opportunity for discovery of resources in a district of bountiful gold endowment."
In afternoon trading, Rockfire shares were 3.3% higher at 1.55p.
-- Adds share price --