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(Alliance News) - Rockfire Resources PLC on Tuesday said the second drill hole at its Plateau gold deposit in north Queensland, Australia, returned the largest gold intersection so far.
Shares in Rockfire were up 37% at 1.20 pence in London in morning trading.
Results from the second drill hole, BPL038, "returned a very long interval of gold" with mineralisation for the entire sampled internal being 341.3 metres at 0.2 grams of gold per tonne of ore.
"Every hole drilled so far at Plateau has intersected varying grades of gold mineralisation, and often over vast intervals. The extent of the mineralisation is particularly pleasing for the company and provides further evidence that the Plateau gold deposit is an exceptionally large mineralised system," the gold and base metal exploration company said.
Intersected intervals in BPL038 includes 0.7 metres at 10.8 grams per tonne at 341.3 metes, indicating that the geochemical setting is still favourable for discovering a high-grade gold source.
Other results include 8.0 metres at 1.7 grams per tonne at 322.6 metre vertical depth and 25.02 metres at 0.65 grams per tonne. Drill hole BPL038 also encountered elevated silver and zinc internals, returning a peak silver value of 24.7 grams per tonne and peak zinc value of 2.38% zinc.
Hole BPL038 did not penetrate to the 500 metes planned debt due to a change in the dip angle of the main brecciated contact, meaning the 400 metres to 500 metre targeted level has not been tested yet.
Chief Executive David Price said: "Large gold deposits are seldom found in the first few rounds of drilling. It pleases me to see such long intervals of gold still being encountered within this large mineralising system, and management therefore remains confident of intersecting a high-grade source.
"These encouraging results demonstrate that higher grade gold is being encountered at levels around 350 metres from surface. Owing to a change in the dip of the breccia contact from almost vertical, to a moderate-steep dip to the north, the anticipated target depth of 400 metre - 500 metre depth, as determined by the Mt Wright model, remains untested at the location of BPL038."
By Anna Farley; annafarley@alliancenews.com
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