- Rockfire looks to have identified new gold system at Plateau
- Grades are high, and intercepts are wide
- Looks analogous to major established deposits nearby
- Exploration continues
What Rockfire Resources does:
Rockfire Resources Ltd (LON:ROCK) is a specialist gold and copper exploration company with assets in Australia.
Rockfire owns an extensive portfolio of assets in Queensland, Australia.
Rockfire has several medium-grade, near-surface gold prospects, positioned amongst multi-million ounce gold deposits. All of the company’s gold prospects lie within 50 kilometres of operating gold processing plants.
The company’s two porphyry copper prospects are set for expansion and lie within 250 kilometres of Australia’s largest copper refinery. Rockfire has multiple opportunities for discovery within its extensive portfolio of well-focused tenements.
How is it doing:
Recently the focus has fallen on the Plateau project, which lies on Rockfire’s broader Lighthouse tenement.
In late November 2019, the company announced the discovery of a major new gold system at Plateau, which it expects could turn into a significant sized resource.
Among the best intercepts reported from Plateau was 177 metres grading 0.5 grams gold per tonne, with some sections of the intercept grading even higher.
Elsewhere, Rockfire has already established a 51,000 ounce resource at Lighthouse, following on from significant work at the Double Event prospect.
And the copper grade at the Copperhead project has been boosted too.
After the November drilling announcement, shares in Rockfire rocketed to 1.45p, a 12-month high, before giving back some of the gains in subsequent days. But with more drilling results due from Plateau soon, the market for Rockfire shares could hot up again pretty quickly.
What the boss says:
“This is the first indication that Plateau has grade continuity extending at depth and supports our belief that this deposit is much larger than previously demonstrated,” Rockfire Resources' chief executive David Price has said.
“With consistent gold, silver and zinc being encountered close to surface, we always believed that a large mineralised system was somewhere deeper down. This hole has demonstrated that mineralisation can be followed over long intervals."