Rockfire Resources PLC High-grade gold results expand Bell Rock prospect (0945U)

TIDMROCK

RNS Number : 0945U

Rockfire Resources PLC

31 March 2021

31 March 2021

Rockfire Resources plc

("Rockfire" or the "Company")

High-grade gold results expand Bell Rock prospect

New Copper prospect confirmed at Lighthouse

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to provide the following exploration update on the Company's 100%-owned Lighthouse tenement in North Queensland, Australia .

Lighthouse - Bell Rock Gold Prospect:

-- Ten rock chip samples taken from Bell Rock (3.5 km southeast of Plateau) have returned high-grade gold results, including 9.9 g/t, 5.2 g/t, 5.0 g/t and 4.1 g/t Au.

-- Previous sampling by Rockfire in May 2020 returned gold-in-rock results up to 23.4 g/t Au and the recent sampling has extended this anomalism by a further 100 m in length, resulting in a total target length of 350 m.

-- Soil sampling has since been completed to extend the anomalism towards the northeast and assay results are pending.

-- High-resolution ground magnetics are currently underway at Bell Rock to highlight faults and other structures and to define drilling targets.

Lighthouse - Otway Copper Prospect:

-- Ten rock chip samples from a new copper prospect, "Otway", which lies approximately 4.5 km northwest of Plateau, have returned highly anomalous results, including 0.25 % Cu and 0.28 % Co.

-- One rock sample has an elevated nickel value of 817 ppm Ni, whilst two other rock samples contain nickel above 100 pm Ni. There is an early suggestion that the mineralising system could potentially be a Cu, Ni, Co target, however further work is required to confirm this concept.

-- Future work planned at Otway will include soil sampling to determine the extent of the mineralisation away from the mapped rock outcrops.

The following link provides a map showing the location of each of the prospects in relation to the Plateau Gold Deposit. http://www.rns-pdf.londonstockexchange.com/rns/0945U_1-2021-3-31.pdf

David Price, Chief Executive Officer of Rockfire, commented:

"The receipt of multiple, highly encouraging rock sample results from Bell Rock, including one sample of 9.9 g/t Au and 21 g/t Ag is an exciting advancement of the prospect. The target remains open to the east and west and extension of the soil grid towards the northeast has recently been completed. Results are awaited from this soil sampling work.

"A new copper prospect within the Lighthouse tenement, called "Otway", was identified from structural interpretation by Rockfire's geologists. This prospect lies approximately 4.5 km northwest of Plateau and has anomalous copper in historical stream sediment sample results. During Rockfire's first exploration visit to conduct mapping and sampling, one rock sample returned 0.25 % copper and a highly unexpected result of 0.28 % cobalt. Three other rock samples returned elevated copper above 300 ppm Cu. Further work is needed to understand the geology of this early-stage prospect.

"Rockfire is rapidly advancing its exploration at the Lighthouse tenement and results from our field season will be announced as work progresses."

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 a "Qualified Person" in accordance with the AIM Rules Guidance 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     Tel: [phone] 
  Adviser & Broker)                      5656 
 John Depasquale (Corporate Finance) 
  Matt Butlin / Guy McDougall (Equity 
  Sales) 
 
 Yellow Jersey                          [e-mail] 
 Sarah Hollins / Henry Wilkinson        Tel: [phone] 
                                         9512 
 

Notes to Editors

Rockfire Resources plc (LON: ROCK) is an exploration company with a portfolio of 100%-owned near-surface gold and large-scale copper projects in Queensland, Australia. Each of the gold projects are located within 50 km of operating gold mines and the Company's copper projects lie within 250 km of Australia's largest copper refinery.

The Company's flagship project, the Plateau Gold Deposit, is part of the Lighthouse Tenement, and bears significant geological similarities to the nearby Mt Wright gold mine (45km to the northeast), where 1.5 million ounces of gold have been mined. More than 14,000 m have been drilled within the Lighthouse tenement.

Drilling to date at the Company's copper projects, Copperhead and Copper Dome (35 km and 85 km southwest of the town of Proserpine respectively), are indicative of large-scale porphyry targets. Both projects have been drilled by previous explorers but remain under-explored, leading the Board to believe that they demonstrate significant exploration upside potential.

Rockfire Resources has adopted a strategy of growth based on advancing exploration across its existing portfolio of projects, as well as the continual assessment of opportunities to acquire outstanding strategic mineral projects worldwide.

The Company is led by a highly skilled management team, with a proven track record in exploring and discovering projects.

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March 31, 2021 02:41 ET (06:41 GMT)