(Alliance News) - Rocfire Resources PLC said Tuesday that drilling to test a target at the Plateau gold deposit in Queensland Australia intersected broad and consistent gold assays, indicative of a large-scale gold deposit.
Rockfire shares more than doubled in London in response at 1.00 pence each on Tuesday.
The gold and base-metal focused explorer said gold mineralisation occurred almost continuously throughout a 215 meters deep drill hole, with 177 meters at 0.5 grams per tonne gold.
Rockfire believes that drilling Hole BPL025 intersected the upper levels of a large mineralised system.
The company anticipates gold grades to increase with depth at Plateau, as they do at the nearby Mt Wright gold mine owned by Resolute Mining Ltd.
Rockfire said it is now awaiting for the results from the remaining 13 drill holes.
David Price, chief executive officer, said: "Hole BPL025 was designated to drill down a sub-vertical pipe structure into the centre of a geophysical chargeable anomaly. This is the first indication that Plateau has grade continuity extending at depth and supports our belief that this deposit is much larger than previously demonstrated."
"With consistent gold, silver and zinc being encountered close to surface, we always believed that a large mineralised system was somewhere deeper down. This whole has demonstrated that mineralisation can be followed over long intervals," Price said.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Rockfire Resources (ROCK)