Rockfire Resources PLC (LON:ROCK) shares surged in mid-morning trading Tuesday after it identified “outstanding past drilling results” at its Kookaburra exploration licence in Queensland following a review of historical drilling at the Native Bee prospect.
The AIM-listed exploration firm said the historical drilling from the prospect in 1990 had identified several intercepts, including;
• 8 metres at 2.18 grams per tonne (g/t) of gold (Au), including 3m at 5.13 g/t Au, from 26m vertical depth
• 16m at 2.14 g/t Au from 35m vertical depth
A trench intercept from 1989 had identified 19m at 2.8 g/t Au while rock samples from 1989 included;
• 51.8 g/t Au
• 12.4 g/t Au
• 32.4 g/t Au
• 13.0 g/t Au
Rockfire said that the results provided the firm with “further potential to delineate a large gold inventory, adding to the excellent potential offered by the nearby Plateau and Double Event Prospects”, both of which are adjacent to the Lighthouse licence.
David Price, chief executive of Rockfire, said Native Bee was “a high-priority exploration target” within the Kookaburra license, adding that it was “surprising that this prospect has been sitting dormant and unexplored for over 25 years”.
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“Historical drilling at Native bee has intersected potentially economic gold grades and widths close to surface. This fits nicely with Rockfires deliberate strategy of accumulation of near-surface gold resources within trucking distance of operational gold processing facilities.”
Price added that the company would follow up these historical results with “detailed geological and structural mapping” of the prospects, with a gradient array IP geophysical and ground magnetic survey to be scheduled for the 2019 field season.
Rockfire owns 100% of the Kookaburra licence.
Rockfire shares were up 4.5% at 1.15p.