(Alliance News) - Rockfire Resources PLC on Thursday posted a maiden JORC resource of more than 50,000 ounces of near-surface gold at its Lighthouse tenements in Australia.
Shares in Rockfire were up 7.9% at 0.70 pence in afternoon trading.
The inferred resource for the tenements, which are wholly owned by Rockfire and are located in Queensland, was 1.3 million tonnes at 1.2 grammes of gold per tonne of ore for 51,000 total ounces of gold.
The discovery cost is AUD13 or GBP7.50 per resource ounce of gold and the resource includes drilling at the Double Event and Plateau prospects, located 30 kilometres apart.
The next Lighthouse tenement expansion resource target is 2.7 million to 4.8 million tonnes at a grade of 1.2 grammes of gold per tonne of ore and 1.6 grammes per tonne.
Rockfire Chief Executive David Price said: "Our maiden JORC resource at Lighthouse provides a solid resource base to underpin the company valuation. Rockfire is rapidly defining and expanding its asset base, with this JORC Inferred gold resource at Lighthouse adding to and complementing the historical 122,600 tonnes of copper owned 100% by Rockfire at the Copperhead project."
"Rockfire is on an exciting and rapid growth curve and we are looking forward to further expansion of our copper and gold resources with continued exploration success. This result from our maiden resource at Lighthouse demonstrates and measures our exploration success to date and provides a sound platform for continued growth of the company's asset base."
Rockfire (ROCK)