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Rockfire Resources climbs as it locates “strong” gold targets at Lighthouse tenement

The exploration firm said it had found “very high” gold-in-soil results of up to 0.23 grams per tonne (g/t) of gold, with 5 samples exceeding 0.1g/t of gold

Gold
Rockfire said the results added “significant potential” for a discovery of near-surface, high-grade gold

Rockfire Resources PLC (LON:ROCK) shares rose in late-morning trading Tuesday after pinpointing several “strong” gold targets in the Double Event prospect at its Lighthouse tenement in Queensland.

The exploration firm said it had found “very high” gold-in-soil results of up to 0.23 grams per tonne (g/t) of gold, with 5 samples exceeding 0.1g/t of gold.

WATCH: Rockfire Resources deploys new funds across multiple projects

The highest results had originated from an area north of the previous drilling done by the firm, with two areas highlighted that require extension soil sampling.

Rockfire said the results added “significant potential” for the discovery of near-surface, high-grade gold at the prospect, where multiple drilling results had included 3m at 10.04g/t of gold and 3m at 2.94g/t gold from within 20m of the surface.

The firm added that the in-soil results indicated a parallel, mineralised vein that offered “another target to increase potential gold ounces”.

READ: Rockfire Resources raises £500,000 in new money to fund ongoing work

David Price, chief executive of Rockfire, said it was “most encouraging” that just over 12% of the samples at Double Event had returned results above 10 parts per billion (ppb) while 5% were in excess of 50ppb (0.5g/t gold).

“Several areas have been highlighted which require extensions to the survey, as gold-in-soil extends beyond the limit of the surveyed area. In addition to this, we will commence soil sampling to the west of Double Event and inside the adjoining Kookaburra tenement. This is expected to return gold-in-soil anomalies in areas where the previous exploration for gold has been extremely limited."

Shares were up 8.8% at 0.9p.

Quick facts: Rockfire Resources PLC

Price: 1.035 GBX

LSE:ROCK
Market: LSE
Market Cap: £6.55 m
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