LONDON (Alliance News) - Miner Rockfire Resources PLC said on Tuesday its technical team has found historical data for the Copperhead tenement in Australia which identifies a very strong induced polarisation anomaly.
The anomaly is four times stronger than that identified at the Marengo project in May, and appears to strengthen towards the west, signifying an extension to the Copperhead target of more than 500 metres.
As the Copperhead tenement boundary lies another five kilometres away fro the anomaly, there is abundant opportunity for Rockfire to grow the copper resource on the tenement.
Based on this data, Rockfire will proceed directly to dipole-dipole IP which will provide a third dimension to the geophysical understanding.
"The discovery of this old data saves an enormous amount of money and time for the company and provides excellent geophysical data. The data is of high quality and has been put into digital format from hand-drawn contours. Copperhead has 5 diamond drill holes which have all intersected broad copper values over several hundred metres depth. This historical IP data extends the target zone by at least a further 500m along strike towards the northwest," said Chief Executive Officer David Price.
Shares in Rockfire Resources were up 3.3% at 1.40 pence on Tuesday.
Rockfire Resources (ROCK)