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Rockfire Resources getting clearer picture of Queensland gold prospect

Snapshot

Gold explorer's next move is to carry out geophysical surveys at its main prospect

queensland

Quick facts: Rockfire Resources PLC

Price: 0.43 GBX

LSE:ROCK
Market: LSE
Market Cap: £2.38 m
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  • Aussie gold and copper explorer with assets in Queensland

  • Total strike length of Double Event prospect calculated at 4.5km

  • Surface gold-in-soil grades are extremely high

  • Drilling operations at Plateau gold deposit are underway

Rockfire Resources PLC (LON:ROCK) has extended the length where gold has been found in soil along the surface of its “bonanza” grade Double Event prospect in Queensland. 

Having sifted through soil and rock from another kilometre of surface soil in recent months, the samples continued the very high grades seen previously, Rockfire said, including a rock sample of 58.5 grammes of gold per tonne and gold-in-soil values up to 3.86 g/t.

Ahead of planned geophysical testing, chief executive David Price said the high-grade rocks are "most encouraging" but he felt the important conclusion was "not so much the high-grade nature of the results, but the discrete, well-defined distribution of the anomalism" in defining future drill targets.

He added: "This clear definition helps to minimise the potential for fruitless drill metres in areas identified as non-mineralised."

Bonanza grades

In November the explorer said that gold had been intersected in all but one hole over a 12-hole drilling programme, 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.

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”.

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

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”.

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.

Next steps

Price said this month that Rockfire was gathering quotes from different contractors to carry out geophysical surveys along the strike, with the surface recent rock sampling indicating sulphide concentrations and gold-in-rock results showing quartz veins that contain gold.

"Although we have confidence in the presence of gold along a very long strike extent, we require additional information at depth to help with target generation for future drill holes down to 100m below surface.

"Geophysics, and particularly Induced Polarisation will help to identify if areas of sulphide accumulation are present at depth. Any sulphide accumulations will be targeted for drill-testing."

What the boss says, chief executive David Price

“We like to drill Andrew, it’s one of the things we really do like to do, it not only gets us excited, but it gets the market excited.”

“We are going to be expanding the 40,000 ounces that we have here at Plateau and we see ample opportunity for that, so I think that we’ll get some pretty good numbers and we’ll just see when the results come back… over the next month or so.”

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