New area of mineralisation adjacent to Plateau

RNS Number : 0239L

Rockfire Resources PLC

28 April 2020

 

28 April 2020

Rockfire Resources plc

("Rockfire" or the "Company")

New area of mineralisation found adjacent to Plateau

Rockfire Resources plc (LON: ROCK), the gold and base metal-focused resource company, is pleased to announce results from its January 2020 rock sampling programme. Results have identified a gold-copper-nickel-cobalt-platinum-palladium anomaly located only 2 km north of the Company's Plateau Gold Deposit ("Plateau"), part of the Lighthouse tenement in North Queensland, Australia.

The new anomaly, named "Split Rock", is likely to enhance the prospectivity of the immediate vicinity of Plateau. Split Rock shares access tracks with Plateau, enabling minimal mobilisation of rigs between the two prospects.

The Company's technical team has found that these highly anomalous rock samples are associated with anomalous results from historical stream and soil sampling from 1982. The Company believes that Split Rock represents an ultramafic-hosted anomaly which may have been overlooked by previous explorers.

Highlights:

· Rock samples have returned peak values of:

o  1.0 % Ni (nickel)

o  0.2 % Cu (copper)

o  510 ppm Co (cobalt)

o  0.8 g/t Pt (platinum)

o  0.5 g/t Pd (palladium)

o  0.1 g/t Au (gold)

· These results represent the highest nickel and cobalt assays from within the Company's Lighthouse tenement to date.

· Split Rock is the only prospect within the Lighthouse tenement to be analysed for platinum and palladium to date.

· Historical stream sediment sampling by Penarroya Australia Pty Ltd in 1982 outlined a distinct, circular copper-in-stream anomaly, which led Rockfire's geologists to start sampling in the Split Rock area.

· Historical soil sampling by Ramelius Resources Ltd in 2012 at an adjacent prospect also covered Split Rock.

· Historical rock sampling by City Resources Ltd was carried out approximately 100m west of Rockfire's sampling program. These samples returned results including 0.3 g/t Au, 3.5 g/t Au and 0.3 % Cu but were never analysed for cobalt, nickel, platinum or palladium.

· A high-response aeromagnetic anomaly may represent the target zone at Split Rock.

· Rockfire's field season has now commenced. A field crew has arrived on site to undertake mapping, rock sampling and drone-hosted photogrammetry. Planned drill hole sites at Plateau will be pegged in preparation for drilling.

A location map showing the results of Rockfire's rock sampling is provided via the following link.

http://www.rns-pdf.londonstockexchange.com/rns/0239L_1-2020-4-27.pdf

David Price, Chief Executive Officer of Rockfire commented:

"This is the first time any ultramafic/mafic intrusions have been sampled at surface within our tenements. The identification of rocks which bear highly anomalous nickel, cobalt, gold, platinum, and palladium potentially represents a whole new mineralised system, only 2 km from Plateau. The geology at Split Rock and Plateau is completely different, as are the mineralogy and geochemistry. While this appears to be a separate and distinct mineralised system, we are pleased to note the shared access roads for Split Rock and Plateau, allowing us to minimise mobilisation of rigs between the two prospects.

" Our exploration to date at Split Rock consists of only a handful of rock samples. High-quality, historical stream sediment sampling led our exploration team into the Split Rock area, and more work is planned. However, the Company will not be diverting its focus away from Plateau, which is far more advanced and deserves the lion's share of our attention and budget.

"The next exploration step for Split Rock is to complete a moving loop electromagnetic survey over the prospect, which is expected to highlight zones of massive sulphides. The identification of any electromagnetic anomalies would become high priority drill targets.

"In the meantime, our exploration field season has now commenced, with a field crew arriving on site at Plateau this week. The objective of this program will be to complete a drone-hosted photogrammetry flight over the prospect, as well as pegging sites in preparation for drilling at Plateau. The market will be informed of our progress and potential start date for drilling."

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]

 

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