LONDON (Alliance News) - Rockfire Resources PLC shares plunged Friday after the miner reported no "significant" gold or copper from its inaugural reverse circulation drilling at One Mile Mountain in its Marengo project in Queensland, Australia.
Shares in Rockfire Resources were down 27% in morning trading at 1.14 pence each.
"The blind, chargeable geophysical anomaly at One Mile Mountain and northeast of One Mile Mountain do not host significant gold or copper. Importantly, this conclusion has been reached rapidly and at minimal cost to the company," said David Price, chief executive officer.
The blind geophysical anomalies beneath and to the northeast of One Mile Mountain contain up to 1% to 2% pyrite but no "significant" gold or copper in the two holes drilled.
Rockfire said future work at Marengo will focus on exploring the additional 16 historical workings.
Price continued: "The Homeward Bound prospect comprises 17 historical gold shafts and pits. The recent drilling only tested beneath one of the old workings at Homeward Bound and intersected gold copper bearing veins at very shallow depths. The Marengo licence incorporates an entire goldfield and future work at Marengo will focus on the numerous historical workings, including more than 30 historical prospects within a 5 square kilometre area."
Another 19 hole reverse circulation drilling program is planned for October/November at the miner's Double Event prospect at its Lighthouse licence also in Queensland.
Rockfire said its on-going exploration programs at Copperhead, south of Marengo, and Double Event are "progressing well".
Rockfire Resources (ROCK)