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LONDON (Alliance News) - Rockfire Resources PLC said Thursday it had acquired a copper deposit in Australia for AUD80,000 from Symbolic Resources Ltd through a cash-and-share deal.
Rockfire will own the entirety of the Copper Dome Porphyry Copper Deposit in Queensland after exercising an option to buy the site. The firm will pay Symbolic AUD30,000 in cash and pay the remaining AUD50,000 through the issue of 3.7 million shares at 0.731 pence each.
Shares in Rockfire were 2.1% lower at 0.71 pence on Thursday.
"Our management team is encouraged by the confirmatory work done by the Rockfire exploration team as part of our technical due diligence on Copper Dome," Rockfire Chief Executive Officer David Price said. "With coherent copper occurring around the rim of a mapped porphyry, as well as gold occupying the boundaries of two close-spaced porphyries, the geological setting shows excellent signs for gold and copper mineralisation."
Price added that the object of Rockfire was "to grow and expand the mineralisation at Copper Dome in conjunction with Copperhead (50 kilometres to the northeast) and to develop both porphyry projects simultaneously, with the aim of outlining very large tonnage copper resources."
Rockfire also said that recent rock samples have returned copper values of up to 23.4% copper and 3.2 grams per tonne of gold.
