Rockfire Resources (LSE:ROCK)
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RNS Number : 5865E

Rockfire Resources PLC

19 October 2018

This announcement contains inside information

19 October 2018

Rockfire Resources plc

("ROCK" or "the Company")

Marengo drilling results & exploration update

The Board of Rockfire Resources plc (LON: ROCK) announces results from the Company's inaugural RC drilling program at Marengo, Queensland. Results from shallow holes drilled beneath historical workings include:

   --      4m @ 2.1 g/t Au; including 1m @ 7.8 g/t Au and 3 g/t Ag (from 11m vertical); 
   --      5m @ 0.5 g/t Au; including 1m @ 1.9 g/t Au and 1 g/t Ag (from 27m vertical); 
   --      1m @ 1.2 g/t Au and 1 g/t Ag (from 18m vertical); 
   --      1m @ 1.6 g/t Au (from 33m vertical); 

-- The blind geophysical anomalies beneath and to the northeast of One Mile Mountain contain up to 1-2% pyrite, but host no significant gold or copper in the two holes drilled;

-- Future work at Marengo will focus on exploring the additional 16 historical workings at the Homeward Bound Prospect, as well as more than 30 prospects throughout the entire Marengo Goldfield;

   --      A 19-hole RC drilling program at Double Event (Lighthouse) is planned for October/November; 
   --      An IP geophysical survey at Copperhead is planned for November; 

Chief Executive Officer of Rockfire, David Price commented:

"The Homeward Bound Prospect comprises 17 historical gold shafts and pits. The recent drilling only tested beneath one of the old workings at Homeward Bound and intersected gold (+/- copper)-bearing veins at very shallow depths. The Marengo licence incorporates an entire goldfield and future work at Marengo will focus on the numerous historical workings, including more than 30 historical prospects within a 5 square km area."

"The blind, chargeable geophysical anomaly at One Mile Mountain and northeast of One Mile Mountain do not host significant gold or copper. Importantly, this conclusion has been reached rapidly and at minimal cost to the company. This enables our systematic exploration programs to zero-in on the most prospective targets and test them accordingly. Rockfire has a large portfolio of prospects and this strategy demonstrates our conviction that discovery is only delivered from the drill bit. We will continue to drill our targets in a systematic, thorough and swift manner."

"Our immediate focus is on a 19-hole drilling program at Double Event, which is expected to commence before the end of October. An IP geophysics survey at Copperhead, is expected to start in November. We look forward to providing further results to our shareholders as exploration progresses. "

Exploration Portfolio Update

The Company's on-going exploration programs at both Copperhead and Double Event are progressing well and drilling is expected to commence before the end of October at Double Event. This drilling will test the western limits of a 3km-long system of veins, as well as testing beneath successful drilling by Rockfire in June 2018 which intersected 3m @ 2.1g/t Au, 1m @ 6.0 g/t Au, 2m @ 2.5 g/t Au and 3m @ 2.7g/t Au, all within 35m from surface.

Planned exploration at Copperhead includes an IP (Induced Polarisation) geophysical survey to test for the presence of sulphides at around 300m below surface for drill targeting. Historical drilling at Copperhead has intersected copper mineralisation in five drill holes - the deepest being a 300m deep diamond hole. A geophysical crew is expected to be mobilised to Copperhead in early-mid November 2018.

 
 Hole      Sample         From    To   Interval      Au    Ag     Cu 
 Number    Number          (m)   (m)        (m)     ppm   ppm    ppm 
========  =============  =====  ====  =========  ======  ====  ===== 
 BMA003    BMAS0410         15    16          1   <0.01   0.3   1290 
 BMA004    BMAS0460-3       13    17          4    2.10   0.9    205 
  Including                 13    14          1    7.82   3.1    450 
 BMA006    BMAS0622         21    22          1    1.20   1.3    862 
 BMA006    BMAS0630         29    30          1    0.35   1.5   1205 
 BMA008    BMAS0761         19    20          1    0.26   1.0   1935 
 BMA008    BMAS0779-82      37    42          4    0.43   0.3    250 
  including                 41    42          1    1.61   .04     60 
 BMA009    BMAS0830         33    34          1    0.16   2.3   1650 
 BMA009    BMAS0867         70    71          1    0.01   1.5    934 
 BMA010    BMAS0928-32      31    36          5    0.50   0.5    292 
  Including                 33    34          1    1.90   1.1    414 
 ----------------------  -----  ----  ---------  ------  ----  ----- 
 

Table showing results above 0.1 g/t Au, 1000ppm Cu or 1.0 g/t Ag

from 480 samples in the 2018 drilling at Marengo.

 
 Hole        East     North 
  ID          UTM       UTM   UTM Zone   Azi MGA   Dip deg   RL (m)   EOH (m) 
========  =======  ========  =========  ========  ========  =======  ======== 
 BMA001    609252   7755214       55 K       270       -55      152    245.00 
 BMA002    609328   7755506       55 K       000       -90      138    149.00 
 BMA003    608734   7754939       55 K       200       -57      150     52.00 
 BMA004    608753   7754932       55 K       200       -57      153     52.00 
 BMA005    610095   7755149       55 K       180       -60      135    100.00 
 BMA006    610007   7755035       55 K       210       -55      131     40.00 
 BMA007    610010   7755039       55 K       210       -70      130    101.00 
 BMA008    610024   7755033       55 K       210       -55      132     55.00 
 BMA009    610025   7755035       55 K       210       -70      132    100.00 
 BMA010    609990   7755044       55 K       210       -55      132     46.00 
                                                                     -------- 
                                                                       940.00 
--------  -------  --------  ---------  --------  --------  -------  -------- 
 

Table showing Marengo Reverse Circulation hole locations and collar information, September 2018

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                 Email: david@rockfireresources.com 
 David Price, Chief Executive Officer 
 
Cenkos Securities plc                  Tel: +44 (0)131 220 6939 
 (Nominated Adviser & Joint Broker) 
 Derrick Lee / Beth McKiernan 
First Equity Limited                   Tel: +44 (0)20 7374 2212 
 (Joint Broker) 
Jason Robertson 
 

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END

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October 19, 2018 02:37 ET (06:37 GMT)