Drilling intersects bonanza gold at Double Event

By November 19, 2018 news

Rockfire Resources plc
(“Rockfire” or “the Company”)
Drilling intersects bonanza gold at Double Event

Rockfire Resources (LON: ROCK), is delighted to inform shareholders that its recent drilling at the Double Event Prospect in Queensland has intersected bonanza grade gold up to 26.90 g/t Au. This drilling has defined a further 300m of mineralised strike at Double Event, which forms part of the Lighthouse tenement and opened up the Kookaburra Licence, which is now known to host potentially economic gold grades near surface.

 Highlights:

  • Gold was intersected in all but one hole, with the exceptional hole being terminated after drilling into an historical mining shaft at 18m depth;
  • Three holes containing gold were drilled over the Lighthouse boundary, inside the Kookaburra Licence, which results in a mineralised strike length exceeding 4.5km;
  • 5m @ 6.39 g/t Au (from 27m), including 3m @ 10.04 g/t Au, and including 1m @ 26.90 g/t Au;
  • 3m @ 2.94 g/t Au (from 15m);
  • 3m @ 1.87g/t Au (from 31m);
  • 2m @ 3.17g/t Au (from 13m);
  • 4m @ 1.81 g/t Au (from 16m);
  • 2m @ 1.47 g/t Au (from 21m);
  • The average vertical depth to gold intersection is 18m from surface;
  • The grades and widths encountered, signal real potential for the discovery of open pit resources.

Chief Executive Officer of Rockfire Resources, David Price commented:

“We are thrilled with these results, which starts to demonstrate the potential of the Double Event vein system. Having now drilled over the boundary into the Kookaburra licence, this opens up enormous potential within this tenement, which was only recently pegged by Rockfire. The Kookaburra licence has an additional 1.5km of the same vein system length to explore further to the west.”

“The most exciting aspect of this drilling, (aside from the high grade, near-surface gold), is discovering that this vein system is now over 4.5km in length, with two sections of 400m each now having been demonstrated to contain potentially economic grades and potentially mineable widths”.

“In 1987, Battle Mountain drilled 7 holes in the area recently drilled by Rockfire. These holes were disappointing, with only 29% of holes intersecting gold. Following detailed surface mapping, high-resolution ground magnetics and rock chip sampling by the Rockfire team, it was considered that the holes drilled in 1987 were drilled too far to the south and failed to adequately test the vein system. By siting the holes further to the north, and obtaining such pleasing gold intercepts, our geologists have demonstrated that meticulous, quality, geological mapping and conceptual thinking will find orebodies”.

Discussion of Drilling Results

Lighthouse lies within one of the most productive structural corridors on the east coast of Australia, hosting Pajingo (2.4Moz gold), Mt Leyshon (4Moz gold, 2.3Moz silver), Ravenswood (+4Moz gold) and Charters Towers (+7Moz gold). Rockfire is targeting another Mt Leyshon-style and size of deposit. Two operating CIP (carbon-in-pulp) gold processing plants are located within 50km of Double Event.

Reverse Circulation drilling undertaken in November 2018 on Rockfire’s 100%-owned Lighthouse tenement has returned intercepts of gold mineralisation at the Double Event Prospect, within the Lighthouse and Kookaburra tenements in North Queensland. Results from all 12 holes drilled have now been received from the laboratory.

Assay results above 0.1g/t Au for 12 holes drilled at Double Event in November 2018

Hole

Sample

From

To m

Interval

Gold

Number

Number

(m)

(m)

(m)

(g/t)

BDE015

BDERC313

31.00

32.00

1.00

2.18

BDE015

BDERC384

102.00

103.00

1.00

0.17

BDE016

BDERC414

13.00

14.00

1.00

5.71

BDE016

BDERC415

14.00

15.00

1.00

0.62

BDE017

BDERC454

14.00

15.00

1.00

0.24

BDE017

BDERC456

16.00

17.00

1.00

3.54

BDE017

BDERC457

17.00

18.00

1.00

0.92

BDE017

BDERC458

18.00

19.00

1.00

0.11

BDE017

BDERC459

19.00

20.00

1.00

0.14

BDE018

BDERC506

26.00

27.00

1.00

0.10

BDE019

BDERC565

15.00

16.00

1.00

5.34

BDE019

BDERC566

16.00

17.00

1.00

2.01

BDE019

BDERC567

17.00

18.00

1.00

1.46

BDE020

BDERC619

29.00

30.00

1.00

0.82

BDE020

BDERC620

30.00

31.00

1.00

1.23

BDE020

BDERC621

31.00

32.00

1.00

0.60

BDE020

BDERC622

32.00

33.00

1.00

0.11

BDE021

SHAFT

18.00

18.00

0.00

SHAFT

BDE022

BDERC684

32.00

34.00

2.00

0.31

BDE023

BDERC731

27.00

28.00

1.00

1.30

BDE023

BDERC732

28.00

29.00

1.00

26.90

BDE023

BDERC733

29.00

30.00

1.00

1.93

BDE023

BDERC734

30.00

31.00

1.00

0.51

BDE023

BDERC735

31.00

32.00

1.00

1.30

BDE024

BDERC772

16.00

17.00

1.00

0.31

BDE024

BDERC774

18.00

19.00

1.00

1.47

BDE024

BDERC775

19.00

20.00

1.00

0.36

BDE024

BDERC776

20.00

21.00

1.00

1.75

BDE024

BDERC777

21.00

22.00

1.00

0.15

BDE025

BDERC827

31.00

32.00

1.00

5.09

BDE025

BDERC828

32.00

33.00

1.00

0.21

BDE025

BDERC829

33.00

34.00

1.00

0.31

BDE026

BDERC869

21.00

22.00

1.00

2.54

BDE026

BDERC870

22.00

23.00

1.00

0.39

 Drilling was designed to test the western extension of near-surface, parallel, east-west shear zones, where numerous historical workings have been recorded. The western extension of Double Event was thought to continue to the west and over the boundary of the Lighthouse tenement onto the Kookaburra tenement. Rockfire applied for and was recently granted the Kookaburra licence, which has proved to be a strategic and important accumulation of ground. Gold extensions remain open in both directions east and west, as well as open and untested at depth.

Gold on both tenements is typically hosted by 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 analysis.

 http://www.rns-pdf.londonstockexchange.com/rns/7328H_1-2018-11-19.pdf

 RC Drilling at Double Event Prospect, Lighthouse and Kookaburra tenements, November 2018.

Hole ID

EAST

NORTH

RL (m)

Depth (m)

Azi Mag

Dip ⁰

BDE015

442501

7757818

377

118

10

-70

BDE016

440842

7758004

355

39

10

-55

BDE017

440880

7757995

357

40

10

-55

BDE018

440923

7757990

359

70

10

-55

BDE019

440965

7757998

361

40

10

-55

BDE020

441001

7757979

362

40

30

-55

BDE021

441043

7757977

361

22

10

-55

BDE022

441041

7757974

361

52

10

-70

BDE023

441058

7757971

360

52

10

-70

BDE024

441081

7757966

360

40

10

-55

BDE025

441080

7757964

361

52

10

-70

BDE026

441123

7757953

353

40

10

-55

 What to expect next:

These drilling results provide Rockfire with a high degree of confidence to commit to additional work. Plans for on-going exploration are being formulated, which will be designed to further define the extent of the bonanza-grade gold.

The area between the recent drilling and the eastern zone drilling completed in June 2018 by Rockfire is less well-defined by old workings and high grade rock samples. Ground magnetics suggests substantial faulting in this central zone of alteration. Rockfire will undertake soil sampling, an XRF survey and geological and structural mapping to define drilling targets.

West of the recent drilling and inside the Kookaburra licence will be subjected to similar, rigorous, ground-based exploration to define specific and accurate drilling targets. Old workings occur within the Kookaburra licence, as do very high grade rock chip samples up to 1 oz/t gold. Mapping, geophysics and XRF surveys will be completed on the Kookaburra licence prior to any futher drilling. This preparatory work will provide confidence in siting drill holes and target depths for future drilling. The Company will provide additional updates to the market regarding our extensive project portfolio.

 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

Chief Executive Officer

David Price

info@rockfireresources.com

Cenkos Securities plc

(Nominated Advisor and Joint Broker)

Derrick Lee/Beth McKiernan

+44 (0) 41312206939

First Equity Limited                         

(Joint Broker)                                                       

Jason Robertson

+44 (0) 20 7374 2212