LONDON (Alliance News) - Rockfire Resources PLC on Wednesday said its loss widened in 2018 on higher exploration costs as its considers the acquisition of the Copper Dome project in Queensland, Australia.
The gold and copper exploration company said its pretax loss widened in 2018 to GBP2.0 million from GBP380,388 the year before due to GBP1.4 million in impairment charges. These impairments were attributable to exploration costs.
The company did not generate any revenue in either year as it is currently focused on its exploration activities in Australia and Papua New Guinea.
Rockfire currently holds one exploration licence renewal application in PNG - which remains subject to ministerial approval - and six exploration permit for minerals in Queensland, Australia.
In a separate statement on Wednesday, the company said recent extension soil sampling at the Copper Dome project in Queensland, Australia, has returned strongly anomalous copper and gold results.
As part of the recent extension soil survey at Copper Dome, 108 soil samples were collected. This extended testing programme was developed to test south of strongly anomalous soil samples collected by Rockfire during March.
The copper anomaly has been extended south from the previous Rockfire survey by 500 metres, it said, with the anomaly remaining open towards the east and west.
Rockfire has an option to acquire the Copper Dome project and a decision to exercise is required by Thursday.
"These soil sample results are very pleasing. The copper appears to adhere to the margins of the mapped porphyry, whilst the gold forms an impressive east-west trend precisely at the contact point between the two porphyries as mapped," said Chief Executive David Price.
"The market will be updated on the board's decision whether the company will exercise the option," Price added.
Rockfire shares were trading 6.7% lower on Wednesday at 0.70 pence each.
Rockfire Resources (ROCK)