Drilling hits gold over 400m of strike length

RNS Number : 3231S

Rockfire Resources PLC

24 June 2018

 

This announcement contains inside information

25 June 2018

Rockfire Resources plc

("Rockfire" or "the Company")

Drilling hits gold over 400m of strike length

Rockfire Resources (LON: ROCK), is pleased to inform shareholders that its recent drilling at the Double Event Prospect in Queensland has intersected gold in 13 of 14 holes over a 400m distance. Most intersections have been within the top 25m vertically from surface.

Highlights:

·      93% of drill holes intersected gold

·      Most gold intersections are within 25m vertically from surface

·      1m @ 6.0 g/t Au and 30 g/t Ag

·      4m @ 1.2 g/t Au and 4 g/t Ag

·      3m @ 1.3g/t Au and 4 g/t Ag

·      1m @ 4.8g/t Au and 8 g/t Ag

·      2m @ 4.0 g/t Au and 9 g/t Ag

·      3m @ 2.1 g/t Au and 4 g/t Ag

Chief Executive Officer of Rockfire Resources, David Price commented:

"To intersect near-surface gold in every hole bar one at Double Event is a great outcome. The system appears similar to the typical Charters Towers mineralisation style of narrow, sulphide-bearing quartz veins. Variation in gold grade along these veins is expected, however gold is being intersected consistently along the vein, which indicates the structure is persistent. The entire mineralised strike length of 3 km (+1.5 miles) at Double Event illustrates the potential for this prospect along strike but the next step is to determine if similar potential exists at depth.

The recent drilling tested only a 400m stretch of the total 3 km surface expression of the mineralisation in the form of old workings, high-grade rock samples and mapped quartz veins. Of particular importance to note is that most of the gold intersections occur within the top 25m from surface.

Management is pleased with the outcome of this reconnaissance drilling phase, which has demonstrated that gold is persistent, of a reasonable grade for open cut consideration and remains open in all directions. The next phase of exploration at Double Event will involve geophysics to accurately target high-temperature and high-grade "feeder zones" at depth."

Discussion of Drilling Results

Reverse Circulation drilling undertaken in June 2018 has returned intercepts of gold and silver mineralisation at the Double Event Prospect, within the Lighthouse tenement, North Queensland. Results from all 14 holes drilled have now been received from the laboratory.

Assay results for all 14 holes drilled at Double Event in June 2018

Hole	From	To	Interval	Au	Ag
Number	(m)	(m)	(m)	(g/t)	(g/t)
BDE001	no significant assays
BDE002	25	26	1	6.00	30.1
BDE003	14	16	2	0.91	4.6
BDE004	24	28	4	1.20	4.0
BDE005	10	13	3	1.30	4.3
BDE006	41	43	2	2.51	4.7
BDE007	39	42	3	2.70	7.7
BDE008	21	23	2	0.50	1.5
BDE009	20	24	4	0.15	1.0
BDE010	14	18	4	0.50	1.0
BDE011	4	5	1	0.54	1.0
BDE012	3	4	1	0.45	0.9
BDE013	14	17	1	0.73	2.0
BDE014	23	26	3	2.10	3.7

Drilling was designed to test near-surface, multiple, parallel shear zones, where numerous historical workings are evident. Hydrothermal alteration surrounds the hanging wall (upper contact) of the shear zones and comprises intense sericite and moderate epidote and haematite alteration. The highest-grade gold intercepts are located in sulphide-rich quartz veins, with sulphides including arsenopyrite, pyrite, galena (Lead), and sphalerite (Zinc). Below is a link to a pdf image which shows the drill hole locations, as well as the results for gold and silver analysis.

http://www.rns-pdf.londonstockexchange.com/rns/3231S_1-2018-6-24.pdf

Drilling program statistics - Double Event Prospect, Lighthouse Project - June 2018.

Hole ID	MGA E	MGA N	RL m	Zone	Azi mag	Dip	EOH m
BDE001	442327	7757866	368	55K	008	-55	27
BDE002	442368	7757851	369	55K	008	-55	78
BDE003	442410	7757853	370	55K	008	-55	33
BDE004	442433	7757844	371	55K	008	-55	42
BDE005	442467	7757830	371	55K	008	-60	54
BDE006	442482	7757825	369	55K	008	-60	50
BDE007	442501	7757822	369	55K	008	-60	60
BDE008	442524	7757817	368	55K	008	-55	57
BDE009	442543	7757816	367	55K	008	-60	70
BDE010	442559	7757813	365	55K	008	-60	70
BDE011	442585	7757817	365	55K	008	-60	60
BDE012	442620	7757806	363	55K	008	-60	37
BDE013	442659	7757788	360	55K	018	-60	40
BDE014	442698	7757775	358	55K	008	-60	36
						Total	714 m

What to expect next:

Rockfire's technical team will develop initial 3D computer modelling of the mineralised vein system. Soil geochemistry will be completed along strike, to assist future drill targeting.

Gradient Array IP geophysics will be undertaken to see if any chargeable or resistive targets may exist in the vicinity of the veins at surface. Should targets be identified, then a series of dipole-dipole IP lines will follow to test for chargeable and resistive targets at depth. A ground magnetic survey will also be completed in order to highlight faults, offsets and geological disconformities.

A second phase of RC drilling will follow to test the 30m - 40m level below surface and beneath the drilling completed during this recent drill campaign.

Competent 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.

In quoting exploration targets, the potential quantity and grade is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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

Rockfire Resources plc David Price, Chief Executive Officer Cenkos Securities plc Nominated Adviser & Broker, Derrick Lee/Beth McKiernan	[e-mail] [phone]

 

END

 

 

DRLLFFILRIISFIT