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8 holes the Yellow star is the first hole then 7
Red dots. Two holes from the first drill collar. If the assays are good I expect to see a second rig for a total of 12
12 is if they accelerate the drilling. I see what you are saying but I read that as 2 to 3 holes over the next 2 months. Rather than drilling will stop in November. The plan was defiantly 9 holes from 8 collars we should be on hole 5 by now
4 historic collars for five holes. An extra 4 in the current set up. Latest presentation slide showing planned drills.
Sorry, got mixed up with UFO. For ROCK, the last company presentation shows 7 planned holes (all diamond core). Ignore my last post.
The number of holes has been increased since DP decided to use reverse circulation instead of diamond cores to speed up the expansion drilling.
The 28 Sep RNS says 2 holes completed and then says: “Drilling remains in progress, with another 2-3 holes to be drilled over the coming months”.
Looks like 4-5 holes to me, hence my concern that it’s too limited. Where do you get 9-12 from?
Thanks Mike, that’s helpful. Do you have a source for the nine holes, of which four new?
MH there are four new holes for a total of nine drills. This will increase the area covered to something like 76,000 sq meters. If they get a second rig up there then they could do a total of 12 holes for 105,000 sq meters down to 500m for 116Mt at 0.45%. This is the Max Maiden resource I can see which is 522,000t Cu.
This is More than RMM and that is approx 10% of the total.
For the last 5 years all of Rockfires spikes to 2p were around there gold assets lighthouse/plateau - which now has a modest jorc resource of 208oz of gold and 1.5million ozs od silver within 100meters of the surface and scoping study showing potential revenues of 3-10mil per month. That’s what’s underpinned the sp the last years.
Copperdome is 5km long and 3kms wide and we’re drilling to 500meters - it’s the potential size of copperhead that makes this campaign significant. If they find commercial grade copper, it would be derisking and proving copperhead to be an asset valued in the billions and they years ahead while the world needs large copper discoveries. Size matters
“It is worth noting that the average grade of all copper produced from the USA, Canada, and Mexico between 2005 and 2017 varies between 0.25 - 0.40 % copper."
Drillhole BCH001, the first hole, was drilled to 501.40 m and copper-bearing veins have been recorded from 8.0 m to the end of hole. Chalcopyrite (copper sulphide) veins are still being recorded at 500.87 m.
The pictures of the copper we been hitting look great too.
From everything I’ve read here we are sat on two huge resources - copperhead and copper dome. Large amounts of copper and possibly gold too will be demonstrated leading, imo, to a massive sp increase. Yes money will be raised along the way, but at much higher sp than our current 9m market cap. Ggp, solg etc all raised money along the way - are their mcaps still 9m - no - have shareholders still made huge returns from the point of initial drill information- yes - so is this currently a great opportunity? Well I think so - gla
Once the previous exploration findings have been proved, then expansion drilling at Copperhead may happen in parallel with inaugural drilling at Copper Dome. We have about £1.2 million to cover that. I would be happy to see a placing for another £3 million if initial campaigns go as planned.
I would largely agree with that sharehead, including that in the long term the fact that we know there is copper at copperhead derisks the company. I was very bullish on Rock until I learned that the current campaign at Copperhead was going to be so limited. What worries me about such a limited campaign is that reproving what we basically already know, and then doing a placing to drill some more, may not exactly set the market on fire
I think it’s worth remembering that most “explorers” here on AIM have to do work to extract the assets over time, but that doesn’t stop the mcap increasing and sp spikes (and falls) as excitement as to what is being discovered builds. In that respect this is no different to all the other explorers other than we actually know the copper is there and it’s a case of just how big is the find. Given the global demand for copper and high copper prices that makes this all the more exciting for me
Cheers Prospector & Thank you for the Cu explanation on here v Havierion.
Please be aware though. At no point have I ever compared what is here to that GGP / NCM setup! I was, as said only musing on the grades I had seen on RMM v here etc.
The whole comparison to that GGP find was made by one of the strongly "enthusiast" guys repeatedly as point of fact...before in the end I green coffins his endless daily ramps...
As said in my comments to OMM. My fear here is that even if these lower grades are economic, as you very much clarified is possible. That even then, a shallower mine will take many years to setup, and that as I think Metal said. The drilling will need to go on as surely there is nothing like enough of it to sell on just yet.... So logically the SP may suffer dilution before it gains?
I hope that's incorrect. But it's easy to say... get a few decent grades and boom to the moon..
Some of my other shares I outlined have fabulous grades proven. But still struggle with finance etc, and that's held the price back regardless...
We shall see. But anyhow. Thanks for your mining detail.... the rerate.... well as we all know AIM is sometimes not logical. So on that premise 3p by Xmas hey... ;-)
I am totally open about this share. I bought it more or less alongside my first purchases into GGP as I said.
GGP I continued to buy and I outlined the good, and not so good fortune iv had there. See past posts.
ROCK I topped up again only once, and yes have a high avg. Not frightened to admit it. In 2 years as an investment its been v poor. Unless you are a day trader its made no money and constantly retraced.
It's been blighted by PnD types also on just these bbs.
So surely you can understand how some of the LTH feel.
At the moment I hold still some 2 million GGP. As I think that the deposit there will grow. Likely never hit the 1p to 38p rush. But should recover mid term I think. HZM with two tier 1 mines and finance finally going well. I have a lowish avg and high hopes for. RMM has the unusual Cu producing status. Good grades, and... a low mcap. Its had a terrible run. Still needs sorting financially and to a degree technically...So is still in doldrums. But... if patient, and I am, really like the resourse. Think that's also got legs too therfore.
So I may know nothing much about mining. But above is my logic... and in all those I hope you agree there is something going for them?
Here... I really don't know. You guys really talk it up. But so far the SP has done the same as it always has... this rerate you banged on about is still not to be seen..
Hope it comes, but even an open pit will take many years to come about I expect. So unless sale or JV. It could take a while... no?
Still holding. Still hoping. But todate of my stated 4 AIM miners. This has been the runt of the litter no arguments...
These porphyry copper systems are nothing like Havieron which is an IOCG system. For Rockfire, think in terms of low grade and large scale.Porphyry copper deposits are often very large. In contrast, Havieron is an extremely high grade gold / copper deposit - very different. As far as re-rates, it depends on how investors see the potential. It's speculative, but early signs are good. Of course Copper Dome is slightly different, still a porphyry anomaly, but may be slightly higher grade with gold too. I invested in GGP from mid 2016, and now I am here.
The issue here is not the copper (await assays, but hopefully decent/economic) but the capital and shareholder dynamics. They’re only drilling 5-6 holes at copperhead which is nowhere enough to approach any sort of monetisation of the project, hence even success will be followed by a placing. I know people hate that word but it’s inevitable. The only way it can be otherwise is if there is a sale or JV of the asset, but that clearly won’t happen off the back of 6 holes. As to shareholders, it’s still a bit rampy here (although not as bad as it was), which creates unrealistic expectations and therefore increased risk of major downswings. Just my views, obviously
Strummer the tele boys promised you a rerate which has failed to arrive, did make me laugh. I suspect your reticence here is a result of you buying on a spike a couple of years back, emboldened by your big win in GGP.
Fair play to you you have admitted you know little of the geology, but this in itself means you are in no position to judge anything except what has already happened. Over on my tele group we have the drill plan, drill order, historic drill area, current 8 hole programme area and even an extended extra 4 holes. From area and depth volumes and tonnages are easily calculated.
Thus we have a range of options for the maiden Jorc resource ranging from the current 8 hole programme up to a 4 hole expansion to a total of twelve holes.
Shareholders are welcome to join the chat, however they need to provide a screeenshot to be admitted.
I have spent a lot of time looking into every aspect of Rockfire, mostly the geological considerations and IMO we are a couple of weeks away from confirming we have discovered a very large copper moly deposit
Great. Stand corrected. As said no Geo. Was just basing it on the sample grades an existing mine like RMMs current one has peaked at. I believe they are now striking something over 1.5% to add to what they had already.
So, & as has been often ramped on here.... this is a bigger find than GGPs Havierion (???). Therefore kinda assumed that we would be aiming high perhaps....!?
If not needed. Then fine.
You got any timescales for the rerate based on the down to 500 open pit you imply then, and leaving aside the >500m possibilities.. As the rerate the Tele boys promised a few months back seems to be a bit slower in coming than we were advised...?
StrummerJones, you're are correct. You don't know anything. Why would you be looking for a 2% average grade for copper? The important factor here is the potential scale of the deposits. For context, look at Rio Tinto's Winu project.
You can see that the grades at Winu range from 0.45% to 0.68%. Rockfire may have similar grades, and potentially has two large copper discoveries. So far, only a tiny part of the one deposit is being explored down to 500m and is open in all directions. There could be higher grades at depth, but that is not required if there are consistent average grades over a large area down to 500m.
Yes it’s all to play for here - I have a good feeling- but let’s see the results - I think this will fly - but just my opinion
Atb to you too SH.
Proving up the asset, as you said, n RE ggp too is dispite all the BS, key.
Let's see the official grades, strike widths and depths here. Nevermind the ramping crew that has been so prevalent now and for 2 years hence! ...
I am no half baked Am Geo. But I do know 2% plus, at what, 150m strikes, and lower depths good Cu toonwill engage stronh interest now....
Let's see then.. I hold too RMM fyi. Which IMO, at good proven strong Cu, plus an already mineable presence
Has, n despite sh*t finance mgmt there .... generated a great play mid term IMO.
As said thoug, & from the Tele gang am sure.
..... I know Nuffing......
Hi Strummer- sorry, to add some context to my comments below I’d bought 2 million GGP at something like 0.007p (not sure if that’s too many zeros- but real cheap anyway) so the 2 million cost me somewhere around £2k from memory (it was a long time ago) had I had the strength of my convictions and held to the 40ps then they would have been worth £800k plus - but I sold out for a few 100% profit instead and then kicked myself after. I think Rock kinda reminds me of GGP back then - lots to of potential and given the global demand for copper- for me this is an exciting opportunity- atb
Feel your pain ive had some right shockers! Nmc and lekoil turned me right over barstewards
You know what Hoppo. It kinda haunted me for a while.
But I was dead lucky in the first place as I now rationalise it.
I had invested doing Okish on the main markets since 1984 alongside proper jobs. But GGP was literally my first venture on to AIM. Absolute truth...
Could BS you with. My tonnes of research told me would go ballistic.... that's cr*p. I was lucky after a tip from someone on a boring mainstream share etc.
Mind you me 2nd AIM punt was..... ROCK..... so easy come, easy go. Only reason still here is that after that did do a bit of digging... HZM for example I think will be good. Hold 10.5 Mill at 5.07p. But holding for bit more when finance phase 3 for the x2 tier one Ni mines lands etc.
But refused to belive ROCK was the lemon it proved.... maybe if the Tele boys are right can get me monies back... we shall see..