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Rockfire Resources PLC

Rockfire Resources says soil sampling at Double Event prospect is underway

Sampling at Double Event has started ahead of schedule

Double Event
Drilling at Double Event last year intersected gold in nearly all drill holes

Rockfire Resources PLC (LON:ROCK) told investors on Monday that soil sampling is underway at its Double Event prospect in Queensland, Australia.

The company said sampling has started ahead of schedule and will aim to accurately pinpoint drilling targets in a 2.5km long range.

READ: Rockfire Resources adds Copper Dome option to its growing project list

The targets lie between two drilling programmes completed last year, which intersected gold in nearly all holes.

Chief executive David Price said the wet season is set to begin in northern Australia but access currently remains possible so the company is making the most of this opportunity.

The Double Event vein structure is 4.5km long but just 800m of this has been tested so far by Rockfire.

Drilling in 2018 returned 3m at 10.04 grams per tonne (g/t) of gold from 27m, 3m at 2.94 g/t of gold from 15m, 2m at 3.17g/t of gold from 13m and 4m at 1.81 g/t of gold from 16m.

Price said other exploration programmes are being scheduled and a standard conduct and compensation agreement is currently being arranged with the landowner of the Copper Dome porphyry copper project in Central Queensland.

“Our due diligence process for a decision on the option to acquire Copper Dome is on-going and a decision is due before May 2019,” he said.

He added: "The company is in discussions with its consultant geophysicists regarding undertaking dipole-dipole IP survey lines at Copperhead. This survey is designed to highlight sulphide-rich zones beneath Copperhead. We will continue to inform the market as our exploration momentum increases."

The Copperhead project, Rockfire’s large-scale porphyry target, is located some 50 kilometres from Copper Dome. 

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Market Cap: £2.51 m
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