Drilling hits gold over 400m of strike length

By June 25, 2018 news

Rockfire Resources plc
(“Rockfire” or “the Company”)
Drilling hits gold over 400m of strike length

Rockfire Resources (LON: ROCK), is pleased to inform shareholders that its recent drilling at the Double Event Prospect in Queensland has intersected gold in 13 of 14 holes over a 400m distance. Most intersections have been within the top 25m vertically from surface.

Highlights:

  • 93% of drill holes intersected gold
  • Most gold intersections are within 25m vertically from surface
  • 1m @ 6.0 g/t Au and 30 g/t Ag
  • 4m @ 1.2 g/t Au and 4 g/t Ag
  • 3m @ 1.3g/t Au and 4 g/t Ag
  • 1m @ 4.8g/t Au and 8 g/t Ag
  • 2m @ 4.0 g/t Au and 9 g/t Ag
  • 3m @ 2.1 g/t Au and 4 g/t Ag

Chief Executive Officer of Rockfire Resources, David Price commented:

“To intersect near-surface gold in every hole bar one at Double Event is a great outcome. The system appears similar to the typical Charters Towers mineralisation style of narrow, sulphide-bearing quartz veins. Variation in gold grade along these veins is expected, however gold is being intersected consistently along the vein, which indicates the structure is persistent. The entire mineralised strike length of 3 km (+1.5 miles) at Double Event illustrates the potential for this prospect along strike but the next step is to determine if similar potential exists at depth.

The recent drilling tested only a 400m stretch of the total 3 km surface expression of the mineralisation in the form of old workings, high-grade rock samples and mapped quartz veins. Of particular importance to note is that most of the gold intersections occur within the top 25m from surface.

Management is pleased with the outcome of this reconnaissance drilling phase, which has demonstrated that gold is persistent, of a reasonable grade for open cut consideration and remains open in all directions. The next phase of exploration at Double Event will involve geophysics to accurately target high-temperature and high-grade “feeder zones” at depth.”

Discussion of Drilling Results

Reverse Circulation drilling undertaken in June 2018 has returned intercepts of gold and silver mineralisation at the Double Event Prospect, within the Lighthouse tenement, North Queensland. Results from all 14 holes drilled have now been received from the laboratory.

Assay results for all 14 holes drilled at Double Event in June 2018

Hole From To Interval Au Ag
Number (m) (m) (m) (g/t) (g/t)
BDE001 no significant assays
BDE002 25 26 1 6.00 30.1
BDE003 14 16 2 0.91 4.6
BDE004 24 28 4 1.20 4.0
BDE005 10 13 3 1.30 4.3
BDE006 41 43 2 2.51 4.7
BDE007 39 42 3 2.70 7.7
BDE008 21 23 2 0.50 1.5
BDE009 20 24 4 0.15 1.0
BDE010 14 18 4 0.50 1.0
BDE011 4 5 1 0.54 1.0
BDE012 3 4 1 0.45 0.9
BDE013 14 17 1 0.73 2.0
BDE014 23 26 3 2.10 3.7

Drilling was designed to test near-surface, multiple, parallel shear zones, where numerous historical workings are evident. Hydrothermal alteration surrounds the hanging wall (upper contact) of the shear zones and comprises intense sericite and moderate epidote and haematite alteration. The highest-grade gold intercepts are located in sulphide-rich quartz veins, with sulphides including arsenopyrite, pyrite, galena (Lead), and sphalerite (Zinc). Below is a link to a pdf image which shows the drill hole locations, as well as the results for gold and silver analysis.

http://www.rns-pdf.londonstockexchange.com/rns/3231S_1-2018-6-24.pdf

Drilling program statistics – Double Event Prospect, Lighthouse Project – June 2018.

Hole ID MGA E MGA N RL m Zone Azi mag Dip EOH m
BDE001 442327 7757866 368 55K 008 -55 27
BDE002 442368 7757851 369 55K 008 -55 78
BDE003 442410 7757853 370 55K 008 -55 33
BDE004 442433 7757844 371 55K 008 -55 42
BDE005 442467 7757830 371 55K 008 -60 54
BDE006 442482 7757825 369 55K 008 -60 50
BDE007 442501 7757822 369 55K 008 -60 60
BDE008 442524 7757817 368 55K 008 -55 57
BDE009 442543 7757816 367 55K 008 -60 70
BDE010 442559 7757813 365 55K 008 -60 70
BDE011 442585 7757817 365 55K 008 -60 60
BDE012 442620 7757806 363 55K 008 -60 37
BDE013 442659 7757788 360 55K 018 -60 40
BDE014 442698 7757775 358 55K 008 -60 36
            Total 714 m

What to expect next:

Rockfire’s technical team will develop initial 3D computer modelling of the mineralised vein system. Soil geochemistry will be completed along strike, to assist future drill targeting.

Gradient Array IP geophysics will be undertaken to see if any chargeable or resistive targets may exist in the vicinity of the veins at surface. Should targets be identified, then a series of dipole-dipole IP lines will follow to test for chargeable and resistive targets at depth. A ground magnetic survey will also be completed in order to highlight faults, offsets and geological disconformities.

A second phase of RC drilling will follow to test the 30m – 40m level below surface and beneath the drilling completed during this recent drill campaign.

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.

In quoting exploration targets, the potential quantity and grade is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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

   
Rockfire Resources plc

David Price, Chief Executive Officer

 

Cenkos Securities plc

Nominated Adviser & Broker,

Derrick Lee/Beth McKiernan

  info@rockfireresources.com

 

 

+44 131 220 6939