Third gold target located at Marengo, Queensland

By July 18, 2018news

Rockfire Resources plc
(“Rockfire” or “the Company”)
Third gold target located at Marengo, Queensland

 The Board of Rockfire Resources (LON: ROCK), is pleased to update shareholders of on exploration activities in Queensland, Australia, where a third gold target has been identified at Marengo.

  • A third target, “Mt Marengo”, looks to be similar to One Mile Mountain identified at Marengo;
  • Geological mapping and rock chip sampling in progress;
  • Drilling of geophysical targets to be “fast-tracked”;
  • Structural mapping at Double Event is underway;
  • Additional high-resolution, drone-hosted aerial photography has been completed at Double Event and Marengo;
  • Rockfire’s new Chairman, Gordon Hart is on site to ensure all staff are fully familiar with site operational methodologies, technical due diligence and quality control procedures which the company has established.

Chief Executive Officer of Papua Mining, David Price commented:

 “Our exploration field activities are in full swing and our teams are busy on a number of fronts. Rock sampling, geological mapping and aerial photography are all adding to our understanding of both Double Event and Marengo. Based on recent field observations, multiple, quality targets are evident at Marengo, with a third target being identified approximately 3.5 kms to the northeast of One Mile Mountain. Our field work is encouraging management to fast-track drilling at Marengo to test high-quality geophysical targets as early as possible.”

 Rockfire’s technical team has recently identified a third target at Marengo which appears geologically similar to the One Mile Mountain Prospect. One Mile Mountain is composed of pale grey, medium-grained, weakly porphyrytic hornblende-biotite tonalite with mafic minerals which are extensively replaced by chlorite. The Mt Marengo target is similarly composed of grey, fine-medium-grained, weakly porphyrytic biotite-hornblende-quartz monzodiorite, with minor sphene.

 The geomorphological features at Mt Marengo are also very similar to those at One Mile Mountain Prospect. A reconnaissance gradient array IP survey is being planned for Mt Marengo, similar to that undertaken at One Mile Mountain, to identify chargeable or resistive responses which may lie beneath the topographic high feature.

 Meanwhile, rock sampling and mapping at Marengo has focussed on a secondary chargeable anomaly 400m northeast of One Mile Mountain which was highlighted by geophysics completed in June 2018. Hydrothermal alteration including intense epidote/hornblende alteration of a quartz monzonite has been identified in this area which is dominated by a high chargeable anomaly. A quartz/feldspar porphyry dyke has also been observed.

 Current mapping at Double Event is focussed on the western extremity of the 3km-long vein complex. Recent drilling tested the eastern extremity and returned consistent, near-surface gold including 4m @ 1.2 g/t Au, 3m @ 2.1 g/t Au and 3m @ 1.3 g/t Au within the top 20m from surface. The western extremity hosts extensive old workings and rock samples up to 61 g/t Au (2 oz/t). Workings and bonanza-grade rock samples up to 37 g/t Au continue further to the west and over the tenement boundary into Rockfire’s Kookaburra tenement application area.

 The Company will continue to inform the market on exploration progress as it completes the necessary preliminary work in preparation for further RC drilling at Double Event and for expediting an initial RC drilling program at Marengo.

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

 

Cenkos Securities plc

Nominated Adviser & Broker,

Derrick Lee/Beth McKiernan

  david@rockfireresources.com

 

 

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