Rockfire Resources PLC Rock assays confirm & expand Plateau gold targets (7905T)

TIDMROCK

RNS Number : 7905T

Rockfire Resources PLC

29 March 2021

29 March 2021

Rockfire Resources plc

("Rockfire" or the "Company")

Rock assays confirm and expand gold targets at Plateau

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to announce that high-grade rock assay results have expanded numerous targets at the Company's 100%-owned Plateau Gold Deposit in North Queensland, Australia .

Highlights:

-- Rock chip sampling, comprising 34 samples, and geological mapping have been completed over several high priority target areas surrounding Plateau.

-- Rock chip sampling at the "Northwest Breccia" at the Plateau gold deposit has returned high grade results up to 16.8 g/t Au and 50.4 g/t Ag.

-- Rock chip sampling at the "Northern Breccia", which lies 250 m north of the Eastern Breccia JORC gold resource, has returned results up to 1.89 g/t Au and 24.2 g/t Ag.

-- The "Northern Breccia" is also strongly anomalous in zinc, with one value of 0.66 % Zn returned, along with a further six rock samples returning zinc above 0.1 % Zn.

-- A preliminary scoping study for Plateau remains in progress, with initial recommendations expected shortly. The central purpose of the study is to identify additional work required to steer the project through a logical and systematic advanced exploration phase.

-- A high-resolution ground magnetic survey is currently in progress at Plateau. This survey covers the two JORC resources at the Central and Eastern Breccias, as well as the Northwest and Northeast Breccias.

   --    Work planned at Plateau over the next six months includes: 

-- A gravity survey to define deep targets at the Central Breccia.

-- Infill and extension drilling at both the Central and Eastern Breccias.

-- Exploration drilling at the Central and Eastern Breccias.

-- Soil sampling to define the extent of gold at the Northeast and Northwest Breccias.

-- Exploration drilling at the Northeast and Northwest Breccias.

The following link provides a map showing the location of each of the breccias in relation to the drilled JORC Resources at Plateau. http://www.rns-pdf.londonstockexchange.com/rns/7905T_1-2021-3-29.pdf

David Price, Chief Executive Officer of Rockfire, commented:

"Rockfire has commenced its on-site exploration for the 2021 field season with rock sampling and geological mapping to confirm targets close to Plateau. This work has confirmed historical high-grade rock samples and extended each target by around 100m in strike. These highly encouraging results provide opportunity to increase near-surface gold ounces at Plateau once drilling re-starts.

"Rocks strongly anomalous in gold have now been traced for more than 150 m length at the Northwest Breccia and appear to represent two parallel, linear structures. Historical rock sampling identified gold up to 2.49 g/t Au, however Rockfire's recent sampling has returned grades up to 16.8 g/t Au and 50.4 g/t Ag. This gold trend remains open to the east and west.

"The area approximately 250 m north of the Eastern Breccia gold JORC resource has historically returned anomalous gold-in-rocks up to 12.1 g/t Au. The zone hosting these high grades has been extended by recent Rockfire samples, which returned grades up to 1.9 g/t Au and 24 g/t Ag. The trend of anomalous rock samples is now more than 100 m in length and remains open to the east and west.

"We envisage the potential for two additional gold zones, similar to the Eastern Breccia, which has a JORC resource of 42,700 ounces of gold. Clearly, it is too early to predict this outcome, however the surficial geochemistry and geophysics are very similar. We will update the market as further exploration results become available, including results from our Preliminary Scoping Study at Plateau."

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 29, 2021 05:16 ET (09:16 GMT)