RNS17 Feb 2021 09:28
Exploration Update
Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to provide the following update on the Company's 100%-owned exploration tenements in North Queensland, Australia.
Plateau Preliminary Scoping Study:
· Rockfire has commenced an early-stage scoping study to consider the economic potential for open-pit mining at the Plateau Gold Deposit ("Plateau").
· The central purpose of this study is to identify additional work required to progress the project through a logical and systematic pathway to development. One of the anticipated outcomes from the study is to highlight areas where additional drilling will be required.
· The scoping study will include conceptual open-pit mining scenarios, with treatment of the ore being processed off-site.
· The scoping study is expected to take approximately 4-6 weeks.
Copperhead 3D Magnetic Modelling:
· The December 2020 Copperhead aeromagnetic data has undergone Magnetic Inversion Modelling.
· A strongly magnetic body has been detected at Copperhead, which starts at approximately 450 m below surface. The high magnetic feature is approximately 4.5 km long and 1.5 km wide. The magnetic feature identified in the 3D model suggests a potential heat source for the copper-bearing fluids.
· The strong magnetism is positioned beneath soil samples containing highly anomalous copper (up to 0.5 % Cu) and directly beneath five mineralised diamond drill holes drilled in 1972.
· The five drill holes (300 m max. depth) were recorded in geological logs to be mineralised from top to bottom with visible copper sulphides (chalcopyrite) and iron sulphides (pyrite). Diamond drilling returned peak values of 2.8 % Cu, 12 g/t Ag and 1.5 % Mo, with the average of all samples collected being 0.25% Cu.
· In the coming months, the Company intends to expand soil sampling undertaken in 1972 to cover the aerial extent of the recently identified magnetic target towards the south and southeast.
An image showing the magnetic feature in cross section at Copperhead can be viewed via the following link.
http://www.rns-pdf.londonstockexchange.com/rns/4092P_1-2021-2-17.pdf