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Whatās about to get startedā¦.
After nearly 50 years with no significant exploration at Copper Dome, Rockfire is planning to drill these new targets. With confirmed copper and gold close to surface directly above the targets and well-defined high magnetic targets at depth, these factors bode well for discovery.
Exciting times
News flow should be coming very soon which hopefully will drive new sp highs
* copper prices near all time highs
For a company ready to drill, funded, drilling a resource that is already proven to exist, copper in massive and growing demand, copper prices in massive demand and mcap around Ā£9m is a GIFT IMO - I still believe the higher end of the 250% to 450% increase in mcap (and therefore sp) should be achieved in quite a short period of time. Where else are such returns currently on offer ? Exciting times. Gla
should be over 1p this week ,also we are in stronger position with cash in hand
Not wishing to Jinx things but the SP has held fairly well, only a minor step back. Although I was taken off guard I was glad of the top up opportunity.
When I took an initial position it was very speculative, so I didn't put much in, when it appeared to have legs I wished I had been able to add... so thus far it has worked out well for me. Having researched the assets and ROCK in more detail I feel more comfortable with this as an investment not just a speculative punt.
Dont get me wrong, plenty of risk, but certainly good upside here.
I was also v surprised but taking a bigger picture look itās actually very good news.
This will now not be a lightweight drill program and they will be sinking many more holes. Also great to have an ii on board and cash in the bank.
Bring it on I say.
The additional capital from this Placing will enable sustained drilling at our Copperhead and Copper Dome porphyry projects in Queensland and provides the company with opportunity to expand our exploration at either or both projects, as required. Our planned, inaugural drilling at Copperhead continues to advance, with all drill pads now complete. Sufficient water for drilling has been sourced and a drilling contract has now been signed for an imminent start to drilling."
I was surprised and frustrated that there was an additional placing after we were told all campaigns were fully funded - we fell from 10 - 8 million Mcap but now have a II on board, funds to expand the drill campaigns at both copper assets with the first to start "imminently" to quote the Monday RNS -
The discrepancy between the 8million Mcap Vs reconfirming what was previously found to be worth 750mil+ and then to continue to expand into the rest of the 97.5% of the orebody is rediculous with the copper already proven to be there + copperdome which all historic drill holes ended in copper, just to so a magnetic survey and find out we just need to drill deeper to hit the two significantly large targets ( 0.23% Cu for 88meter even while missing by 200meters) + plataue which after 5+ years of development is close to generating profit + merengo currently available for JV partners
Chances of success couldn't get higher at copperhead as we already know it's there with previous grades up to 2.8% Cu , with also high likelihood of success at copperdome - ROCK won't be valued anywhere near 8million after both copper campaigns
Dyor to confirm the above, ATB
Rockfire is aiming to define a large-tonnage copper deposit. Porphyry copper deposits globally typically demonstrate the following characteristics, which are also being observed at Copperhead:
Ā· Kilometre-scale geochemical footprint and geophysical signature
Ā· Grade ranging from 0.35 % Cu (Genoveva, Chile) to 1.39 % Cu (Grasberg, Indonesia)
Ā· Strongly influenced by faulting and fracturing
Ā· Associated with other elements (silver and molybdenum in the case of Copperhead)
Ā· Lengthy intervals of visible copper minerals in drill core
Ā· Well-developed alteration assemblages
Ā· Sheeted "D-veins" (late-stage, sheeted, mineralised, quartz-sulphide veins)
Watch the video presentation - at 29 minutes in āweāve found copper, we know itās thereā copper was found ever 30meter to 300meters depth in all historic drill holes - creating the 555million in ground value at the time - since copper has risen 70%+ and molybdenum 100%+ now worth 750million + for 2.5% or the target vs 8million mcap
The excitement at kav is due to 50ish ppm soil samples - we have 500+ - again from the video presentation ( āyour struggle to find a better balls eye that thatā)
+ copperdome - plateau - and merengo
Itās based on the below, which I think is not at all unreasonable:
250% to 450% upside?
So given the accelerated drilling could speed up transformational newsā¦.
250% upside (after a placing) is a still tiny Ā£22m mcap
450% upside (after placing) is a (more realistic?) Ā£40m mcap
If news really really great then we could be in excess of the above
Gla
KEEP DREAMING
David Price, Chief Executive of Rockfire, said:Ā "This is a significant development for Rockfire, these new funds strengthen our balance sheet and will facilitate an expansion and acceleration of our drilling programme at a time when both the gold and copper prices remain at historically high levels. The additional capital from this Placing will enable sustained drilling at our Copperhead and Copper Dome porphyry projects in Queensland and provides the company with opportunity to expand our exploration at either or both projects, as required. Our planned, inaugural drilling at Copperhead continues to advance, with all drill pads now complete. Sufficient water for drilling has been sourced and a drilling contract has now been signed for an imminent start to drilling."
Ā
Morning all - drilling contact has been signed for a imminent start to drilling
Yesterday was frustrating as we was told that we already had the funds for all drilling - but now we have an institutional investor on board and funds for sustained drilling and the opportunity to expand afterward at either of Both
So drilling to start "imminently" to reconfirm the previous findings at copperhead valued at 555m at the time - now 750million+ for 2.5% of the target - and with proven copper ever 30meters to 300meters depth I agree it's unlikely were miss, and with technology 50years further advanced likely were recover higher grades.
8ish million market valuation
+ Plataue expansion RNS still due
Additional funds for copperdome
I personally wasn't too bothered yesterday with the drop from 10million Mcap to 8million as 8million is clearly undervalued and will eclipsed by drilling and reconfirming the previous copper found.
Fresh eyes
Have a good day all
It fell back due to the placing- but at a market cap of Ā£9m, news due and another Ā£1 million banked thereās lots here to look forward too IMO
Strummer we already got 208,000 of gold with a discovery cost of Ā£6.
How would you like to see 10 to 15 hole on Copperhead and the same on Cooperdome
Here's a suggestion for the uber pumpers on here...
Why not wait till we see the modern Cu drilling depths, grades and intersects. Then we can have a sensible discussion on the value.
Rather than endlessly repeating data that may or may not be proven up now from 1972....
It's just a bit tedious reading the same pump repeated especially now the price has dropped from the recent 1.2p to 0.85p...
We know as LTH that the guys have their 25%, and are angling for more. But really.... can you have a bit of decorum, and let us now see what our past 5.9 million quid has bought via the drill bit and not the P&D....
Too much to ask?
Nice Ā£27k buy
Ā· At a current copper price of Ā£4,535 per tonne, this represents an in-ground value of Ā£555m*; - copper has risen 70%+ molybdenum has risen 100%+
Ā· The estimated tonnage only includes a small drilled portion (approximately 5%) of a large surface geochemical anomaly which is 3km x 2km in area and mineralisation remains open in all directions
And that the target has doubled since making the 5% drilled portion 2.5%
https://www.lse.co.uk/rns/ROCK/magnetics-doubles-copper-target-at-copperhead-4trms3azztd61my.html
Exactly- massive- and the timing of their BUY - just before potentially transformational news isnāt lost on me
sharehead that was big confidence by investor
Also the II would have undertaken (I assume) some detailed due diligence- to then take a Ā£1 million investment off the back of that to me says they were REALLY HAPPY with what they were shown - this could be the cusp of a full rerate I hope - gla
Good Sign is you can still sell just over 0.85 even all buys showing as sell...
How often on AIM have we seen great news released soon after arrival of a big investor- this could BOUNCE very quickly IMO. Gla
Bought in... thought this would drop to 80 but holding well even ALL buys in RED... should bounce back...
So given the accelerated drilling could speed up transformational newsā¦.
250% upside (after a placing) is a still tiny Ā£22m mcap
450% upside (after placing) is a (more realistic?) Ā£40m mcap
If news really really great then we could be in excess of the above
Hence Iāve topped up today
Gla