viewRockfire Resources PLC

Rockfire Resources raises grade estimate for Copperhead project

"We are very excited by Copperhead's potential and have developed a staged and thorough exploration approach," said chief executive David Price.

Copperhead was upgraded to 122,500 tonnes copper equivalent

Rockfire Resources PLC (LON:ROCK) has raised its grade estimate for the Copperhead project in Queensland, Australia.

During the planning of geophysical surveys, Rockfire found that original and follow-up copper sampling encountered high values of molybdenum that were not included in previous estimates.  

The inclusion of molybdenum has increased the average copper equivalent grade to 0.35%, up from the 0.25% recorded after a second round of core sampling in 1988.

READ: Rockfire Resources shares jump as it unveils historical estimate for Copperhead project

“When the molybdenum values are incorporated into the original 1972 estimate, the result is a much higher average copper equivalent grade,” said chief executive David Price.

“Additionally, the copper values obtained from subsequent sampling of the drill core in 1988 further increase the average grade to 0.35% copper equivalent."

Rockfire used an Inverse Distance Weighting (IDW) block model to determine tonnages and average grade for each block.

Using the original tonnage and the new copper equivalent grade of 0.35%, the amount of in-situ copper increases from 56,000 tonnes of copper to 122,500 tonnes of copper equivalent value.

At the current copper price of £4,535 per tonne, this represents an in-ground value of £555mln.

CEO Price said: "We are very excited by Copperhead's potential and have developed a staged and thorough exploration approach.

“Planned drilling is expected to deliver the next important growth milestone.”

The drilling is expected to deliver between 50 -100 million tonnes, with a grade range of 0.30 - 0.40% copper equivalent.

Price said geophysical surveys were being designed to highlight potential zones of higher copper grade.

If successful, the programme could “materially enhance the economic potential of the project”, he said. 

Quick facts: Rockfire Resources PLC

Price: 0.55 GBX

Market: LSE
Market Cap: £3.48 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Enthusiasm of Belvoir Group franchisees during crisis has been incredible...

Dorian Gonsalves, chief executive of Belvoir Group PLC, says the company’s franchisees will be ready to go straight out and start letting again as soon as the lockdown is lifted. Belvoir is actively transacting business on all sides except estate agency, where transactions have all but...

6 hours, 32 minutes ago

2 min read