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Rockfire Resources exits Papua New Guinea to focus on gold and copper projects in Queensland

No additional resource has been identified at Nakru since 2012

The Queensland projects are prospective for gold as well as copper

The Minister for Mining in Papua New Guinea has announced that it will not be renewing the Nakru licence currently held by Rockfire Resources PLC (LON:ROCK).

This licence, which has been under ministerial review since September 2017, was the only licence retained in PNG by Rockfire.

WATCH: Milestone for Rockfire Resources as it reports maiden resource for Lighthouse project

"Today's announcement signifies the group's exit from Papua New Guinea, a process which began almost two years ago under the direction of the then new management team, with the objective of focusing on more favourable jurisdictions and prospects that, the directors believe, can be more readily advanced to a JORC resource,” said Rockfire chief executive David Price.

“This has recently been supported by our maiden gold resource at Lighthouse in Queensland, something we also plan to achieve at our Copperhead project, also in Queensland. Copperhead is a coherent and sizable surface copper anomaly 3km x 2km in area. Rockfire is preparing for its maiden drilling program at Copperhead and management is excited to be testing such a large-scale target. The market will be informed once drilling commences."



Quick facts: Rockfire Resources PLC

Price: 1.575 GBX

Market: LSE
Market Cap: £11.9 m

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