TIDMROCK
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 East UTM North MGA RL m Dip Magnetic Depth m
ID Azi
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 info@rockfireresources.com
David Price, Chief Executive Officer
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.
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END
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