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Rockfire Resources (ROCK)

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Tuesday 18 December, 2018

Rockfire Resources

Outstanding gold target identified at Kookaburra

RNS Number : 8166K
Rockfire Resources PLC
18 December 2018
 

 

18 December 2018

 

Rockfire Resources plc

("ROCK" or "the Company")

Outstanding gold target identified at Kookaburra

 

Rockfire Resources plc (LON: ROCK) is pleased to announce that a review of historical drilling at the "Native Bee Prospect", within the "Kookaburra" exploration licence in Queensland Australia, has identified outstanding past drilling results. This new prospect provides Rockfire with further potential to delineate a large gold inventory, adding to the excellent potential offered by the nearby Plateau and Double Event Prospects (6 miles and 18 miles respectively), both within the adjacent "Lighthouse" licence.

 

 

·      Native Bee is 18 miles from the operational Pajingo Gold Mine processing facility

 

·      1990 drilling intercepts include:

 

  8 m @ 2.18 g/t Au (including 3m @ 5.13 g/t Au) from 26m vertical depth

16 m @ 2.14 g/t Au from 35m vertical depth

 

·      1989 trench intercepts include:

 

19 m @ 2.8 g/t Au

 

·      1989 rock samples include:

 

51.8 g/t Au

12.4 g/t Au

32.4 g/t Au

13.0 g/t Au

 

·      Rockfire owns the Kookaburra licence 100%

 

 

Chief Executive Officer of Rockfire, David Price commented:

 

"Our strategy of systematic appraisal of each of our numerous prospects has identified Native Bee as a high-priority exploration target within the Kookaburra licence. Pegging the Kookaburra tenement has proved to be a prudent, strategic move and is providing Rockfire with material growth opportunity. It is surprising that this prospect has been sitting dormant and unexplored for over 25 years".

"Historical drilling at Native bee has intersected potentially economic gold grades and widths close to surface. This fits nicely with Rockfires deliberate strategy of accumulation of near-surface gold resources within trucking distance of operational gold processing facilities. Native Bee lies 29km from the operating Pajingo Gold Mine processing facility".

"Rockfire will continue to appraise and rank each of its prospects in conjunction with on-going ground fieldwork. The Company intends to follow up these past significant results with detailed geological and structural mapping. In addition to the mapping, a gradient array IP geophysical and ground magnetic survey will be scheduled for the 2019 field season. Geophysics is expected to highlight the continuity of the sulphide-enriched zones at depth, in order to pinpoint accurate targets for drilling."

A drilling and geochemical prospect map can be viewed at the link below:

http://www.rns-pdf.londonstockexchange.com/rns/8166K_1-2018-12-18.pdf

 

Project Summary

The Native Bee prospect (on the Kookaburra licence), is located approximately 6 miles northeast of Plateau (situated on the Lighthouse licence). The prospect lies on a discrete 500m-wide magnetic high anomaly. The prospect has been primarily explored by Dalrymple Resources between 1988 - 1990. No significant exploration has occurred since that time.

Forty-four (44) RAB and RC holes have been drilled to a maximum vertical depth of 70m. This drilling returned best intervals of 8m @ 2.18 g/t Au, including 3m @ 5.13 g/t Au from 26m vertical depth, and 16m @ 2.14 g/t Au, from 35m vertical depth. Some of the best gold grades come from a sheared and veined, altered diorite, suggesting post-intrusion mineralisation. The Native Bee prospect is potentially a significant hydrothermal system.

Additional work completed at Native Bee by Dalrymple prior to 1990 includes stream sediment sampling, soil sampling, a ground magnetic survey and trenching. Additional work to follow up encouraging results is warranted and Rockfire is planning to commence work early in 2019.

 

Exploration potential

The exploration potential at Native Bee is considered to be very high. The company is targeting a medium- to large-scale, near surface gold resource.

High-temperature fluid pathways have been identified by Rockfire's technical team. Using a statistical evaluation of historical soil sampling data, this evaluation consisted of transforming the soil elemental data into z-scores (sample assay, minus the mean, divided by the standard deviation).  The highest z-score for each given sample is then recorded. As different elements have differing temperatures of precipitation, this allows an elemental heat map to be generated. The heat map identifies previously unidentified exploration target zones. This heat map is provided in the attached PDF link. 

The prospect hosts multiple gossanous hydrothermal and structural breccias, along with multiple mafic intrusions. Breccias have been mapped over a one-kilometre square area at surface. Large alteration zones have been recorded at surface and within the drill holes. The extensive alteration consists of epidote, sericite, carbonate, sulphide, clay, and silica flooding.

Other notable breccia/shear hosted systems in the Charters Towers district are the Mt Leyshon gold deposit (3.2 M oz Au), and the Mt Wright gold deposit (1.5 M oz Au). These mines are located within 30 miles from Native bee.

 

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.

 

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

 

Rockfire Resources PLC

David Price, Chief Executive Officer

 

Email: [email protected]

 

 

 

Cenkos Securities plc

(Nominated Adviser & Joint Broker)

Derrick Lee / Beth McKiernan

 

Tel: +44 (0)131 220 6939

 

First Equity Limited

(Joint Broker)

Tel: +44 (0)20 7374 2212

Jason Robertson

 

 


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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