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Rockfire Resources - High-grade gold under Plateau resource

RNS Number : 2406X
Rockfire Resources PLC
18 December 2019
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

18 December 2019

Rockfire Resources plc

("Rockfire" or the "Company")

 

Drilling hits high-grade gold under Plateau resource

Rockfire Resources plc (LON: ROCK), the gold and base-metal explorer, is pleased to announce that high-grade gold has been intersected in the final two drill holes to test beneath the gold resource at the Company's 100%-owned Plateau Gold Deposit in Queensland, Australia.

·    1 m @ 18.4 g/t Au in drill hole BPL012 is the second-highest gold grade encountered in drilling at Plateau;

 

·    12 m @ 2.5 g/t Au, including 5 m @ 4.8 g/t Au (from 61 m), in hole BPL012;

 

·    10 m @ 2.0 g/t Au, including 4 m @ 4.2 g/t Au (from 65 m), in hole BPL019;

 

·    Further geophysics is planned to extend the survey completed in November 2019;

 

·    These intersections extend the mineralisation at depth and are expected to expand the current resource estimate of 41,000 ounces of gold;

 

·    All drill holes in the October 2019 drilling program hit potentially economic gold grades and potentially mineable widths;

 

·    Modelling of mineralisation will be updated to include results from recent drilling;

 

·    Additional reverse circulation (RC) drilling is planned to extend gold mineralisation along strike and at depth.

 

Please refer to the following link to view the drill hole locations. 

http://www.rns-pdf.londonstockexchange.com/rns/2406X_1-2019-12-17.pdf

 

David Price, Chief Executive Officer of Rockfire, commented:

"We're delighted that drilling beneath the Plateau resource has hit such excellent grades and widths. These results demonstrate that gold mineralisation extends deeper and provides strong growth potential for the resource."

 

"These deeper intersections are only 65m from surface and are still well within depths possible for open pit mining. There are operating gold processing plants nearby, so should any future toll treatment possibility eventuate, the costs of processing may materially reduce. I should clarify that no discussions have been instigated with the owners of these facilities at this point in time."

 

"With all holes in this drilling campaign intersecting outstanding gold grades and widths, we are confident that our understanding of the geology and mineralisation is improving with each hole drilled. Additional geophysics will be undertaken to expand our interpretation at depth."

 

"Targets for growth of the gold resource have been clearly identified and Rockfire plans to recommence drilling as soon as possible. The recent exercise of warrants has provided additional drilling capital and our technical team has already started planning for the next phase of drilling."

 

 

 

Hole ID

East UTM

North MGA

RL m

Dip

Magnetic Azi

Depth m

BPL012

460211

7740481

321

-55

352

81

BPL013

459951

7740411

320

-60

152

50

BPL014

459931

7740403

320

-60

152

50

BPL015

459914

7740400

320

-60

152

50

BPL016

459892

7740396

320

-60

157

50

BPL017

460443

7740494

299

-55

352

29

BPL018

460408

7740500

303

-55

352

32

BPL019

460344

7740462

306

-55

358

87

BPL020

460242

7740505

319

-75

352

62

BPL021

460227

7740521

321

-60

352

32

BPL022

460205

7740525

323

-60

352

35

BPL023

460157

7740538

324

-55

352

40

BPL024

460168

7740547

324

-55

037

50

BPL025

459835

7740366

313

-78

005

215

 

Plateau October 2019 drilling collar file

Qualified Person Statement:

Information in this announcement that relates to exploration results is based on information compiled by Mr David Price, a Director of Rockfire Resources plc, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Price has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr Price consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

For further information on the Company, please visit www.rockfireresources.com or contact the following:

 

Rockfire Resources plc

David Price, Chief Executive Officer

 

[email protected]

 

 

 

Allenby Capital Limited (Nominated Adviser)

Tel:  +44 (0) 20 3328 5656

John Depasquale / Asha Chotai

 

 

 

SI Capital Ltd

Tel:  +44 (0) 14 8341 3500

Nick Emerson

 

 

About the Plateau Gold Deposit

 

The Plateau Gold Deposit is located in Queensland Australia, approximately 50 km southeast from the gold mining centre of Charters Towers. Plateau lies 17 km east of the operating Pajingo Gold Mine (+ 3 M oz Au), and 47 km southwest of the +10 M oz Au Ravenswood gold mining operations, including Mt Wright. Plateau is a breccia-hosted gold system, comprising similar geology and mineralisation to that seen at the nearby gold mines, Mt Wright and Kidston. Rockfire is targeting another Mt Wright-style and size of deposit.

At surface, Plateau hosts gossanous and jasperlitic veins and gold-bearing breccia at the margin of a felsic (rhyolite) plug. The deposit is under-explored but historical drilling has returned intervals of high-grade gold from a distinct circular magnetic feature. This feature is partly demagnetised and truncated by a linear northeast fault with associated polymict breccia, gossan and chalcedonic and jasperoidal silica flooding.

Previous drilling campaigns have intersected encouraging drilling intersections including 89 m @ 1.57 g/t Au from 61 m (hole PL102), 11 m @ 2.0 g/t Au from 44 m (hole PLP127) and 22 m @ 1.9 g/t Au from 39 m (BPL002).

A single, deep diamond hole drilled by Newcrest Mining in 2007 intersected 300 m @ 2.2 g/t Ag (hole PLDD06001), which highlights the potential size of the mineralised system at depth. This hole provides clear evidence that a large mineralised gold +/-silver system exists deeper below current drilling levels.

Plateau Exploration History

In 1985, Esso Australia Ltd drilled 876 m of core drilling (in 3 holes), 350 m of percussion drilling (in 4 holes) and 126 m of pre-collar drilling for a total of 1,352 m. Impressive drilling results were encountered close to surface, including: 3 m @ 4.87 g/t Au, 3 m @ 3.38 g/t Au, 89 m @ 1.57 g/t Au, 5 m @ 2.77 g/t Au, and 40 m @ 1.37 g/t Au. A total of 1,260 m of trenching was undertaken during the 1985 field season with results including 40 m @ 1.37 g/t Au (Trench 3700 E). Esso also sampled the surface rocks at Plateau, which returned a 116 g/t Au assay.

In 1988, City Resources Ltd drilled 30 reverse circulation drill holes for 1,670 m at Plateau. Values up to 16 g/t Au were intersected in drilling which tested gold mineralisation down to 60 m vertical depth. Best results from this drilling include: 8 m @ 3.03 g/t Au, 10 m @ 5.01 g/t Au, 14 m @ 2.44 g/t Au, 6 m @ 3.20 g/t Au, and 4 m @ 4.79 g/t Au.

In 2007, Newcrest Mining Limited drilled a single 853.7 m deep diamond drill hole (PLDD06001). This hole was designed to test mineralization at depth beneath the shallow mineralisation at Plateau. PLDD06001 intersected 300 m @ 2.2 g/t Ag but only low-grade gold. The drill hole intersected breccia between 150 m and 520 m below surface, confirming that the breccia is much larger than the surface expression suggests. This hole is now thought to have intersected the very edge of the projected mineralised lode, but likely too far to the west to encounter significant gold. A second hole was planned by Newcrest further to the east but this hole was never drilled.

In late 2017, Rockfire Resources plc drilled 11 drill holes for 2,111 m of reverse circulation drilling. This drilling successfully encountered 10 m @ 1.9 g/t Au, 22 m @ 1.86 g/t Au and 10 m @ 1.37 g/t Au. Significant silver was also encountered including 43 m @ 4 g/t Ag.

About Rockfire

Rockfire is a mineral exploration company exploring for precious and base metals in Australia. Rockfire owns each of its exploration licences 100% and is an active and aggressive explorer.

The minerals targeted by Rockfire include gold, copper, silver and zinc, of which the Company has multiple prospects and targets in Queensland, Australia. Rockfire has a portfolio of projects which are within trucking distance of operating gold mines, which may provide opportunity for toll treatment of any future resources identified.

The Company has adopted a strategy of growth based on advancing exploration on its existing portfolio of projects, as well as a continual assessment of quality opportunities to acquire outstanding mineral projects worldwide.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Market Cap: £3.48 m
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