Rockfire Resources PLC Plateau Gold Deposit Exploration Update (0745G)

TIDMROCK

RNS Number : 0745G

Rockfire Resources PLC

13 March 2020

13 March 2020

Rockfire Resources plc

("Rockfire" or the "Company")

Plateau Gold Deposit Exploration Update

Rockfire Resources plc (AIM: ROCK), the gold and base-metal explorer, is pleased to announce that long intervals of anomalous silver (Ag), zinc (Zn) and lead (Pb) have been intersected in drilling at the Company's 100%-owned Plateau Gold Deposit, part of the Lighthouse tenement, in North Queensland, Australia. This analysis is from the drilling programme completed in January 2020 and is further supporting evidence that the Plateau Gold Deposit is a significantly large mineralising system.

Silver assays up to almost one and a half ounces per tonne (43.9 g/t Ag) over a 6 m section of drilling, including 1 m @ 113 g/t Ag represent some of the highest silver grades encountered so far at Plateau.

Silver results

   --    26 m @ 13.3 g/t Ag in hole BPL031 (from 74 m), including: 
   --    15 m @ 21.3 g/t Ag (from 47 m) and 
   --    6 m @ 43.9 g/t Ag (from 85 m) and 
   --    1 m @ 113 g/t Ag (from 85 m) . 
   --    203 m @ 3.68 g/t Ag in hole BPL027 (from 0 m): including: 
   --    11 m @ 21.5 g/t Ag (from 145 m); and 
   --    7 m @ 17.46 g/t Ag (from 178 m). 
   --    254 m @ 2.0 g/t Ag in hole BPL026 (from 87 m) including: 
   --    20 m @ 4.5 g/t Ag (from 89 m). 
   --    83 m @ 3.05 g/t Ag in hole BPL029 (from 20 m), including: 
   --    16 m @ 5.4 g/t Ag (from 47 m) and 
   --    9 m @ 5.08 g/t Ag (from 82 m). 
   --    62 m @ 2.5 g/t Ag in hole BPL030 (from 2 m), including: 
   --    6 m @ 10.7 g/t Ag (from 55 m). 
   --    45 m @ 1.61 g/t Ag in hole BPL028 (from 120 m), and: 
   --    7 m @ 17.46 g/t Ag (from 178 m). 
   --    A drill hole drilled 150 m away by Newcrest Mining in 2007 intersected 300 m @ 2.2 g/t Ag. 

Zinc results

   --    10 m @ 1.72 % Zn in hole BPL031 (from 73 m). 
   --    126 m @ 0.31 % Zn in hole BPL026 (from 96 m) including: 
   --    6 m @ 1.05 % Zn (from 102 m). 
   --    79 m @ 0.32 % Zn in hole BPL027 (from 121 m): including: 
   --    27 m @ 0.5 % Zn (from 135 m). 
   --    43 m @ 0.35 % Zn in hole BPL028 (from 192 m): including: 
   --    11 m @ 0.6 % Zn (from 220 m). 
   --    46 m @ 0.35 % Zn in hole BPL029 (from 59 m). 
   --    30 m @ 0.22 % Zn in hole BPL030 (from 114 m): including: 
   --    14 m @ 0.5 % Zn (from 196 m). 

David Price, Chief Executive Officer of Rockfire, commented:

"The mineralised system at Plateau continues to provide encouragement for a significant deposit at depth. The anomalous base metal values being observed within the top 200 m from surface are characteristic of the upper levels of an IRGS (Intrusion-Related Gold System).

Similar, long intervals of anomalous base metals were also observed in the higher levels of the Mt Wright Gold Mine , hosting over 1.5 million ounces of gold. This reaffirms our belief that Plateau continues to demonstrate characteristics similar to Mt Wright, which lies 47 km to the northeast of Plateau.

Rockfire is in the process of conducting a geochemical interpretation of the multi-element data, in order to delineate vectors towards high-grade gold targets. Quotes for the planned CSAMT (Controlled-source Audio-frequency Magnetotellurics) geophysical survey are also currently being sourced.

In addition to the work at Plateau, and as part of the Company's multi-project strategy, our exploration team are actively planning our next phase of exploration at the Copper Dome copper-gold porphyry deposit and we look forward to updating the market with news to this regard in due course."

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 / Asha Chotai 
                                         ---------------------------- 
 
 Yellow Jersey                            [e-mail] 
                                         ---------------------------- 
 Sarah Hollins / Henry Wilkinson / Emma   Tel: [phone] 
  Becirovic                                9512 
                                         ---------------------------- 
 

About the Plateau Gold Deposit

The Plateau Gold Deposit is located in Queensland Australia, approximately 50 km southeast from the gold mining centre of Charters Towers. Plateau lies 17 km east of the operating Pajingo Gold Mine (+ 3 M oz Au), and 47 km southwest of the +10 M oz Au Ravenswood gold mining operations, including Mt Wright. Plateau is a breccia-hosted gold system, comprising similar geology and mineralisation to that seen at Mt Wright. Rockfire is targeting another Mt Wright-style and size of deposit.

At surface, Plateau hosts gossanous and jasperlitic veins and gold-bearing breccia at the margin of a felsic (rhyolite) plug. The deposit is under-explored but historical drilling has returned intervals of high-grade gold from a distinct circular magnetic feature. This feature is partly demagnetised and truncated by a linear northeast fault with associated polymict breccia, gossan and chalcedonic and jasperoidal silica flooding.

Previous drilling campaigns have intersected encouraging drilling intersections including 89 m @ 1.57 g/t Au from 61 m (hole PL102), 11 m @ 2.0 g/t Au from 44 m (hole PLP127) and 22 m @ 1.9 g/t Au from 39 m (BPL002).

A single, deep diamond hole drilled by Newcrest Mining in 2007 intersected 300 m @ 2.2 g/t Ag (hole PLDD06001), which highlights the potential size of the mineralised system at depth. This hole provides clear evidence that a large mineralised gold +/-silver system exists deeper below current drilling levels.

In October 2019, Rockfire drilled a 217 m deep reverse circulation hole which intersected 177 m @ 0.5 g/t Au. Drilling in January 2020, the results of which are included in this RNS was successful in extending the outline of what is believed to be a very large gold mineralised system.

Plateau Exploration History

In 1985, Esso Australia Ltd drilled 876 m of core drilling (in 3 holes), 350 m of percussion drilling (in 4 holes) and 126 m of pre-collar drilling for a total of 1,352 m. Impressive drilling results were encountered close to surface, including: 3 m @ 4.87 g/t Au, 3 m @ 3.38 g/t Au, 89 m @ 1.57 g/t Au, 5 m @ 2.77 g/t Au, and 40 m @ 1.37 g/t Au. A total of 1,260 m of trenching was undertaken during the 1985 field season with results including 40 m @ 1.37 g/t Au (Trench 3700 E). Esso also sampled the surface rocks at Plateau, which returned a 116 g/t Au assay.

In 1988, City Resources Ltd drilled 30 reverse circulation drill holes for 1,670 m at Plateau. Values up to 16 g/t Au were intersected in drilling which tested gold mineralisation down to 60 m vertical depth. Best results from this drilling include: 8 m @ 3.03 g/t Au, 10 m @ 5.01 g/t Au, 14 m @ 2.44 g/t Au, 6 m @ 3.20 g/t Au, and 4 m @ 4.79 g/t Au.

In 2007, Newcrest Mining Limited drilled a single 853.7 m deep diamond drill hole (PLDD06001). This hole was designed to test mineralization at depth beneath the shallow mineralisation at Plateau. PLDD06001 intersected 300 m @ 2.2 g/t Ag but only low-grade gold. The drill hole intersected breccia between 150 m and 520 m below surface, confirming that the breccia is much larger than the surface expression suggests. This hole is now thought to have intersected the very edge of the projected mineralised lode, but likely too far to the west to encounter significant gold. A second hole was planned by Newcrest further to the east but this hole was never drilled.

In late 2017, Rockfire Resources plc drilled 11 drill holes (BPL001 to BPL011) for 2,111 m of reverse circulation drilling. This drilling successfully encountered 10 m @ 1.9 g/t Au, 22 m @ 1.86 g/t Au and 10 m @ 1.37 g/t Au. Significant silver was also encountered including 43 m @ 4 g/t Ag.

In October 2019, Rockfire Resources plc drilled a further 14 drill holes (BPL012 to BPL025). This drilling encountered 177 m @ 0.5 g/t Au and 187 m @ 6.3 g/t Ag. This was the first drill program to encounter such broad zones of gold and silver mineralisation. Extension drilling at East Plateau intersected 30 m @ 1.2 g/t Au, 22 m @ 1.0 g/t Au, 5 m @ 4.8 g/t Au and 4 m @ 4.2 g/t Au. Drilling at a newly discovered "Central Breccia Zone" returned grades of 6 m @ 4.1 g/t Au, 12 m @ 1.2 g/t Au, 7 m @ 2.3 g/t Au and 5 m @ 1.3 g/t Au.

A third round of drilling in January 2020 by Rockfire Resources plc (BPL026 - BPL031) encountered significant, broad intervals of gold in multiple drill holes. Results included 171 m @ 0.4 g/t Au (from 26 m), including 39 m @ 1.0 g/t Au, 170 m @ 0.4 g/t Au (from 37 m) including 19 m @ 1.0 g/t Au and 154 m @ 0.2 g/t Au (from 97 m), including 46 m @ 0.3 g/t Au.

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 [e-mail] or visit www.rns.com.

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March 13, 2020 05:01 ET (09:01 GMT)