(Alliance News) - Rockfire Resources PLC said Tuesday it has completed the reprocessing of historical geophysical data from the Plateau gold deposit in Queensland, Australia.
The historical data is an induced polarisation survey conducted in 1985, and was reprocessed using more modern computing methods.
Results from the reprocessed data revealed multiple, high chargeability zones that occur over a distance of 500 metres.
The strongest response of all starts at around 70 metres below surface and extends to depth.
Rockfire will test the chargeable responses during its current drilling program, with a single 200 metre drill hole planned for the centre of one of the chargeable responses.
"An induced polarisation survey was conducted in 1985, and using modern processing techniques, Rockfire has identified multiple, strong chargeable responses in excess of 35 millivolts per volt," said Chief Executive Officer David Price.
"One of these geophysical targets lies adjacent to a drill hole drilled by Rockfire in 2017 which intersected 22 metres at 1.90 grams per tonne of gold. Our current drilling program will include one hole which will drill down into the centre of this IP target to test for gold mineralisation down to 200 metres below surface," Price added.
Shares in Rockfire Resources were up 3.6% at 0.285 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Rockfire (ROCK)