Lighthouse exploration reveals new gold targets

RNS Number : 5122O

Rockfire Resources PLC

01 June 2020

 

1 June 2020

Rockfire Resources plc

("Rockfire" or the "Company")

Lighthouse exploration reveals new gold targets

Rockfire Resources plc (LON: ROCK), the gold and base metal-focused resource company, is pleased to announce rock sampling results from the Cardigan Dam Prospect ("Cardigan Dam") within the Company's 100%-owned Lighthouse tenement ("Lighthouse") in North Queensland, Australia. Lighthouse includes the Plateau Gold Deposit ("Plateau"), which is being actively explored by the Company.

Highlights:
 

· Rock samples return gold assays up to 23.4 g/t Au

· Cardigan Dam is 3.5 km southeast of Plateau

· 15 rocks were collected from Cardigan Dam, with 47% returning gold values above 0.5 g/t Au

· These rock samples lie 80 m north of the Company's May 2019 soil sampling programme

· The highest-grade rock samples include:

o  23.4 g/t Au

o    7.3 g/t Au

o    5.8 g/t Au

o    4.5 g/t Au

o    3.6 g/t Au

o    0.9 g/t Au

· Two rock samples returned anomalous copper values of 0.14 % and 0.11 % Cu

· Soil sampling will be extended to the north to cover the area defined by these rock samples

· Planning is well advanced to commence drilling at Plateau

A location map showing the rock samples is provided via the following link. The soil sampling survey completed by Rockfire in May 2019 is also shown on this image.

http://www.rns-pdf.londonstockexchange.com/rns/5122O_1-2020-6-1.pdf

David Price, Chief Executive Officer of Rockfire commented:

"As we expected, Lighthouse is proving to be significantly under-explored and the more we expand our geological knowledge, the more gold we are finding within the tenement. From these encouraging high-grade rock samples from Cardigan Dam, it is starting to appear as though the Lighthouse tenement may host multiple mineralised systems and that Plateau may just be one gold deposit within a cluster of mineralised gold systems.

 "Our focus remains very much on Plateau, where our on-going work includes semi-regional exploration which continues to produce outstanding gold results. Cardigan Dam, however, having proven to be hosting gold in the soils and rocks and being only 3.5 km from Plateau, presents a prime target for us.

"Our preparation for drilling at Plateau has continued with good progress. Landowner access and compensation agreements have been renewed, drilling quotes have been obtained from our drilling contractor, individual drill sites have been surveyed, access earthworks are complete and the planned drone-hosted photogrammetry flights have been flown and processed.

"Back in 2011, a high-definition aerial magnetic survey was flown over Plateau by previous explorers, the data from which was only partially processed at the time. Rockfire has therefore commissioned geophysical consultants to reprocess this high-quality magnetic data using 3D modelling. This important exploration step may assist with targeting for our anticipated drilling programme at Plateau.

"We will await the reinterpreted data prior to commencement of drilling. As our next drill campaign is testing at depths beyond 500m below surface, any additional information gained from this 3D magnetic reprocessing may result in a higher degree of confidence in targeting, particularly at depth. It is expected that the 3D modelling will be available within the next 10 to 15 days.

"We will continue to regularly inform the market of our progress."

Qualified Person Statement:

Information in this announcement that relates to exploration results is based on information compiled by Mr Edward Fry, the Exploration Manager of Rockfire Resources plc, who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Fry 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 Fry 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:	[e-mail]
David Price, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser & Broker)	Tel: [phone]
John Depasquale / Asha Chotai
Yellow Jersey	[e-mail]
Sarah Hollins / Henry Wilkinson / Emma Becirovic	Tel: [phone]

 

END

 

 

DRLVFLBBBQLBBBK