Rockfire shares tumble after it comes up short at Marengo project

(Sharecast News) - Rockfire Resources shares tumbled after the firm revealed that its inaugural reverse circulation drilling programme at its Marengo project in Queensland had failed to find significant gold or copper deposits.The AIM-listed explorer told investors on Friday that geophysical anomalies beneath and to the northeast of One Mile Mountain contained as much as 1-2% pyrite, but contained no significant gold or copper deposits in either of the two holes drilled.Rockfire stated it had uncovered gold grades of up to 7.8 grams per tonne from shallow holes in one section and also intersected 2.1g/t over 4 metres, 5 metres at 0.5 g/t and several other sections above 1g/t.The group said it intends future work at Marengo to focus on a further 16 historical workings at its Homeward Bound prospect and a 19-hole drill programme at its Double Event asset.Chief executive David Price, said: "The Homeward Bound Prospect comprises 17 historical gold shafts and pits.""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 km area."As of 1100 BST, Rockfire shares had plummeted 27.30% to 1.14p.