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(Alliance News) - Rockfire Resources PLC on Friday noted Sunshine Metals Ltd's "encouraging" drill results at the Lighthouse tenement in Queensland.
Rockfire is a London-based mineral exploration company. Sunshine is farming into Rockfire's Lighthouse tenement and has the option to earn a maximum 75% interest in the tenement by expenditure of AUD2.2 million over a three-year period.
Rockfire said drilling at the Lighthouse farm-in comprised of 11 reverse circulation drilling holes, totalling 1,167 metres. Testing took place across Cardigan Dam, Plateau and Horse Creek.
Drilling at Cardigan targeted two gossanous shear zones, Rockfire said, in which multiple anomalous gold zones were identified, which included a shallow intersection requiring a follow-up of three metres at 1.56 grams per tone of gold from 31 metres.
Plateau drilling assessed the northeast corner of the mineralised rhyolite pipe, where prospective breccia was intersected in three holes and returned one metre at 2.29 g/t of gold. Rockfire also said it was likely that meteorite was identified in an outcrop at Horse Creek, adding that the prospect remains prospective for Cu copper and gold.
Rockfire Chief Executive Officer said: "Sunshine is doing some sound exploration within the Lighthouse tenement and initial results of this calibre, particularly at Cardigan Dam, are very encouraging. Consistent, methodical exploration is required at a project like Lighthouse, and Sunshine is providing that well. Rockfire's directors and management are looking forward to the next round of drilling at Lighthouse and continue to wish Sunshine all the best in their exploration efforts."
Shares in Rockfire fell 4.3% to 0.30 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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