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Rockfire Resources says geophysical survey highlights multiple anomalies at Plateau Gold Deposit in Queensland

The anomaly has been proven to host gold mineralisation near surface and provides multiple strong targets for gold exploration at depth

Gold nuggets

Rockfire Resources PLC (LON:ROCK) has revealed that its Induced Polarisation (IP) geophysical survey, completed in early December, has highlighted multiple anomalies from surface to depth at the company's 100%-owned Plateau Gold Deposit in Queensland, Australia.

In a statement, the AIM-listed gold and base-metal focused explorer, said a large geophysical anomaly has been detected around and beneath drill hole BPL025 which, as announced on 26 November this year, has intersected 177 metres (m) at 0.5 grammes per tonne (g/t) of gold.

READ: Rockfire unearths higher near-surface grades at Plateau

The company noted that the anomaly has been proven to host gold mineralisation near surface and provides multiple strong targets for gold exploration at depth.

It pointed out that the resistivity/chargeability anomaly extends from surface to beyond 400m deep, and is 350m wide, over 200m long, and plunges to the east, with the geophysical target open to the east and west, and at depth.

Rockfire noted that BPL025 lies on the western extremity of the geophysical response, suggesting that future drilling should be focused further east of this hole.

It said a second large resistivity low has also been highlighted 300m south of Plateau, with a zone that also extends from surface to over 400m deep, which is completely undrilled.

The company said it intends to extend the geophysical survey towards the east to track the anomaly further.

Very positive geophysic responses

David Price, Rockfire’s chief executive officer commented: "The geophysics has returned some very positive responses. At surface and in our drilling, we have observed geological evidence of a perceived deepening of gold mineralisation, plunging towards the east. This is also reflected in the geophysics, with resistivity and chargeability deepening towards the north and east."

"The persistence of the responses at depth beneath our drilling is encouraging, but just as exciting, is a second resistive low anomaly about 300m south of our drilling. This response has never been drilled and the Company will look to investigate this as part of our on-going exploration at Plateau."

He added: "As we continue to explore Plateau, we are observing increasing evidence of a large mineralising system. The similarities between Plateau and the Mt Wright gold mine (+1 Moz) continue to be evident, with Mt Wright being characterised by a pronounced resistivity low, which has now been identified at Plateau. The resistivity low identified in this geophysical survey provides a prime target for on-going exploration and we will continue to inform the market on our excellent progress at Plateau."

“Rockfire is awaiting the results from the final 11 drill holes at Plateau. The market will be informed once the Company receives these results."

Quick facts: Rockfire Resources PLC

Price: 0.825 GBX

LSE:ROCK
Market: LSE
Market Cap: £5.19 m
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Morning Report: Further high grade gold reported at Rockfire's Plateau deposit

Headlines from the Proactive UK newsroom. Rockfire Resources (LON:ROCK) has hit more high grade gold in the final two drill holes testing beneath the gold resource at the Plateau deposit in Queensland. The result means all drill holes in the October program hit potentially economic gold...

on 18/12/19

3 min read