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Rockfire Resources soars as it strikes “bonanza” grade gold at Double Event prospect


Gold had been intersected in all but one hole over a 12 hole drilling programme, with highlights including 25.9 g/t of Gold at 1-metre depth and 10.04 g/t of Gold at 3m depth

Gold mine

Quick facts: Rockfire Resources PLC

Price: 0.9875 GBX

Market: LSE
Market Cap: £6.22 m

Rockfire Resources PLC (LON:ROCK) saw its shares soar in early trading Monday after its intersected “bonanza” grade gold at its Double Event prospect in Queensland.

The gold explorer said that gold had been intersected in all but one hole over a 12 hole drilling programme performed in November, with highlights including 25.9 grams per tonne (g/t) of Gold at 1-metre depth and 10.04 g/t of Gold at 3m depth.

Drilling results here

Rockfire said the average vertical depth of gold intersection was 18m from the surface, adding that the grades and widths encountered meant there was “real potential for the discovery of open pit resources”.

David Price, chief executive of Rockfire, said that apart from the high grade, near surface gold, the most “exciting aspect” of the drilling was that it had discovered the strike length exceeded 4.5 kilometres in length, with two sections of 400m having been demonstrated to contain “potentially economic grades and potentially mineable widths".

READ: Rockfire Resources shares jump as it completes drilling programme at Double Event prospect

Price also said that the Double Event vein had crossed into the Kookaburra licence, adding 1.5km to the vein system to explore to the west, meaning the licence was now known to host “potentially economic gold grades near surface”.

Looking forward, Rockfire said it now had “a high degree of confidence to commit to additional work” with plans to define the extent of the “bonanza” grade gold.

The company added that it would also be undertaking geological and structural mapping at the zone between the recent drilling and drilling completed in June this year, as well as in the Kookaburra licence to define areas for future drilling.

Striking gold at Marengo

The results follow gold grades from another of the firm’s drilling projects in Queensland, Marengo, which were delivered in October.

Highlights from shallow holes drilled at the site included gold grades of up to 7.8 grams per tonne in one section as well as 2.1 grams per tonne over 4 metres (with 1 metre at 7.8 g/t), 5 metres at 0.5 g/t (with 1 metre at 1.9 g/t) along with a number of other sections above 1 g/t.

At the time, Rockfire told investors that future work at Marengo will focus on an additional 16 historical workings at the Homeward Bound prospect along with more than 30 prospects throughout the entire goldfield.

Shares were up 40% at 1.65p.



--Adds details of Marengo drill results and CEO interview--

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on 18/12/19

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