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Rockfire Resources finds more “potentially economic” gold grades

“These holes are interpreted to represent the near-surface expression of what we believe to be a large gold system”

Rockfire Resources PLC -

Rockfire Resources PLC (LON:ROCK) said analysis of four new drill holes at its Plateau project in Queensland, Australia showed further “potentially economic” gold grades.

Assay results from the BPL015 drill hole showed an interval of seven metres (m) at 2.3 grammes of gold per tonne (g/t), within a broader interval of 12m at 1.3 g/t and a larger interval of 29m at 0.63 g/t just below the surface.

The hole also revealed an individual intercept of 1m at 7.8 g/t.

At BPL016 there was 5m at 1.3 g/t of gold from 14m depth, which lies within a broader zone of 18m at 0.7 g/t.

This drilling builds on the recent discovery of a new breccia zone that had been missed by previous explorers, extending the mineralised target zone by another 150m.

Rockfire, which has not yet added the new results in its resource estimate for its 100%-owned Plateau of 41,000 ounces of gold, expects results from a further nine drill holes over the next two weeks.

David Price, Rockfire's chief executive officer, said: “It is extremely pleasing to have four holes drilled into a new target, with all four holes returning potentially economic gold grades and potentially mineable widths, so close to surface.”

He said the results demonstrate “the strength of the near surface gold mineralisation, which is still open in all directions”, with the central breccia “a priority target for further exploration”.

“These holes are interpreted to represent the near-surface expression of what we believe to be a large gold system encountered at depth in hole BPL025. Importantly, the four exploration holes into the Central Breccia extends the mineralised target zone by another 150m towards the east. The central breccia lies above a recently demonstrated geophysical resistivity and chargeable anomaly, providing Rockfire with a very large target for future gold exploration,” Price added.

Quick facts: Rockfire Resources PLC

Price: 1.075 GBX

LSE:ROCK
Market: LSE
Market Cap: £6.77 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

2 min read