Marengo drilling results & exploration update

By October 19, 2018news

Rockfire Resources plc
(“ROCK” or “the Company”)
Marengo drilling results & exploration update

 The Board of Rockfire Resources plc (LON: ROCK) announces results from the Company’s inaugural RC drilling program at Marengo, Queensland. Results from shallow holes drilled beneath historical workings include:

  • 4m @ 2.1 g/t Au; including 1m @ 7.8 g/t Au and 3 g/t Ag (from 11m vertical);
  • 5m @ 0.5 g/t Au; including 1m @ 1.9 g/t Au and 1 g/t Ag (from 27m vertical);
  • 1m @ 1.2 g/t Au and 1 g/t Ag (from 18m vertical);
  • 1m @ 1.6 g/t Au (from 33m vertical);
  • The blind geophysical anomalies beneath and to the northeast of One Mile Mountain contain up to 1-2% pyrite, but host no significant gold or copper in the two holes drilled;
  • Future work at Marengo will focus on exploring the additional 16 historical workings at the Homeward Bound Prospect, as well as more than 30 prospects throughout the entire Marengo Goldfield;
  • A 19-hole RC drilling program at Double Event (Lighthouse) is planned for October/November;
  • An IP geophysical survey at Copperhead is planned for November;

 Chief Executive Officer of Rockfire, David Price commented:

 “The Homeward Bound Prospect comprises 17 historical gold shafts and pits. The recent drilling only tested beneath one of the old workings at Homeward Bound and intersected gold (+/- copper)-bearing veins at very shallow depths. The Marengo licence incorporates an entire goldfield and future work at Marengo will focus on the numerous historical workings, including more than 30 historical prospects within a 5 square km area.”

 “The blind, chargeable geophysical anomaly at One Mile Mountain and northeast of One Mile Mountain do not host significant gold or copper. Importantly, this conclusion has been reached rapidly and at minimal cost to the company. This enables our systematic exploration programs to zero-in on the most prospective targets and test them accordingly. Rockfire has a large portfolio of prospects and this strategy demonstrates our conviction that discovery is only delivered from the drill bit. We will continue to drill our targets in a systematic, thorough and swift manner.”

 “Our immediate focus is on a 19-hole drilling program at Double Event, which is expected to commence before the end of October. An IP geophysics survey at Copperhead, is expected to start in November. We look forward to providing further results to our shareholders as exploration progresses. “

Exploration Portfolio Update

 The Company’s on-going exploration programs at both Copperhead and Double Event are progressing well and drilling is expected to commence before the end of October at Double Event. This drilling will test the western limits of a 3km-long system of veins, as well as testing beneath successful drilling by Rockfire in June 2018 which intersected 3m @ 2.1g/t Au, 1m @ 6.0 g/t Au, 2m @ 2.5 g/t Au and 3m @ 2.7g/t Au, all within 35m from surface.

 Planned exploration at Copperhead includes an IP (Induced Polarisation) geophysical survey to test for the presence of sulphides at around 300m below surface for drill targeting. Historical drilling at Copperhead has intersected copper mineralisation in five drill holes – the deepest being a 300m deep diamond hole. A geophysical crew is expected to be mobilised to Copperhead in early-mid November 2018.

Hole

Sample

From

To

Interval

Au

Ag

Cu

Number

Number

(m)

(m)

(m)

ppm

ppm

ppm

BMA003

BMAS0410

15

16

1

<0.01

0.3

1290

BMA004

BMAS0460-3

13

17

4

2.10

0.9

205

Including

13

14

1

7.82

3.1

450

BMA006

BMAS0622

21

22

1

1.20

1.3

862

BMA006

BMAS0630

29

30

1

0.35

1.5

1205

BMA008

BMAS0761

19

20

1

0.26

1.0

1935

BMA008

BMAS0779-82

37

42

4

0.43

0.3

250

including

41

42

1

1.61

.04

60

BMA009

BMAS0830

33

34

1

0.16

2.3

1650

BMA009

BMAS0867

70

71

1

0.01

1.5

934

BMA010

BMAS0928-32

31

36

5

0.50

0.5

292

Including

33

34

1

1.90

1.1

414

Table showing results above 0.1 g/t Au, 1000ppm Cu or 1.0 g/t Ag

from 480 samples in the 2018 drilling at Marengo.

Hole ID

East UTM

North UTM

UTM Zone

Azi MGA

Dip °

RL (m)

EOH (m)

BMA001

609252

7755214

55 K

270

-55

152

245.00

BMA002

609328

7755506

55 K

000

-90

138

149.00

BMA003

608734

7754939

55 K

200

-57

150

52.00

BMA004

608753

7754932

55 K

200

-57

153

52.00

BMA005

610095

7755149

55 K

180

-60

135

100.00

BMA006

610007

7755035

55 K

210

-55

131

40.00

BMA007

610010

7755039

55 K

210

-70

130

101.00

BMA008

610024

7755033

55 K

210

-55

132

55.00

BMA009

610025

7755035

55 K

210

-70

132

100.00

BMA010

609990

7755044

55 K

210

-55

132

46.00

940.00

Table showing Marengo Reverse Circulation hole locations and collar information, September 2018

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.

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

Rockfire Resources PLC

David Price, Chief Executive Officer

 

Email: david@rockfireresources.com

 

Cenkos Securities plc

(Nominated Adviser & Joint Broker)

Derrick Lee / Beth McKiernan

 

Tel: +44 (0)131 220 6939

 

First Equity Limited

(Joint Broker)

Tel: +44 (0)20 7374 2212

Jason Robertson

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