Rockfire Resources PLC (LON:ROCK) updated investors on its ongoing exploration efforts at the Copperhead project, in Queensland Australia, where newly identified historic data has shown a very strong induced polarisation (IP) anomaly.
The AIM-quoted company said the discovery of historical data has saved the company significant time and costs.
READ: Rockfire Resources successfully completes Marengo gold-copper drilling
It enables the company to proceed directly to deeper-penetrating geophysics to test responses at depth, it said.
Rockfire told investors that it now plans to proceed directly to ‘dipole-dipole IP’ work, which would allow the company to produce a target in 3-dimensions.
Drilling results are awaited following last month’s programme in the Marengo area.
David Price, Rockfire chief executive, said: "The discovery of this old data saves an enormous amount of money and time for the company and provides excellent geophysical data.
“The data is of high quality and has been put into digital format from hand-drawn contours. Copperhead has 5 diamond drill holes which have all intersected broad copper values over several hundred metres depth (with a maximum assay result of 2.81% Cu).
“This historical IP data extends the target zone by at least a further 500m along strike towards the northwest."