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LONDON (Alliance News) - Rockfire Resources PLC on Friday announced it has found "high-grade" copper at the Copper Dome project in central Queensland, Australia.
Shares were 17% higher on Friday morning at a price of 0.85 pence each.
Rock samples returned maximum grades of 23% copper, 3.2 grammes of gold per tonne of ore, and 952 grammes of silver per tonne.
Of Rockfire's rock samples, 23% assayed above 0.5 grammes of gold per tonne, 5 grammes of silver per tonne, or 0.1% copper.
Chief Executive David Price commented: "These results from our maiden soil and rock sampling program at Copper Dome have exceeded our expectations.
"The coherent distribution of the copper-in-soil is encouraging for tonnage potential, whilst the copper grades in the soils are almost 80 times background levels."
"The rock samples have returned extremely high-grade copper and strongly elevated gold and silver in an area to the west of previous drilling. The correlation with topographic ridges provides potential for very high-grade, vein-hosted mineralization, as well as porphyry-style copper/gold targeted by the soil sampling," Price continued.
The plan is to now sample soil towards the south of the project to find out the extent of copper-in-soil anomalies. Rockfire will also expand soil sampling to new western areas.
