RNS18 Jul 2018 09:30
Third gold target located at Marengo, Queensland
Wed, 18th Jul 2018 08:26
RNS Number : 0065V
Rockfire Resources PLC
18 July 2018
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This announcement contains inside information
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18 July 2018
Rockfire Resources plc
("Rockfire" or "the Company")
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Third gold target located at Marengo, Queensland
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The Board of Rockfire Resources (LON: ROCK), is pleased to update shareholders of on exploration activities in Queensland, Australia, where a third gold target has been identified at Marengo.
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·    A third target, "Mt Marengo", looks to be similar to One Mile Mountain identified at Marengo;
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·    Geological mapping and rock chip sampling in progress;
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·    Drilling of geophysical targets to be "fast-tracked";
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·    Structural mapping at Double Event is underway;
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·    Additional high-resolution, drone-hosted aerial photography has been completed at Double Event and Marengo;
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·    Rockfire's new Chairman, Gordon Hart is on site to ensure all staff are fully familiar with site operational methodologies, technical due diligence and quality control procedures which the company has established.
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Chief Executive Officer of Papua Mining, David Price commented:
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"Our exploration field activities are in full swing and our teams are busy on a number of fronts. Rock sampling, geological mapping and aerial photography are all adding to our understanding of both Double Event and Marengo. Based on recent field observations, multiple, quality targets are evident at Marengo, with a third target being identified approximately 3.5 kms to the northeast of One Mile Mountain. Our field work is encouraging management to fast-track drilling at Marengo to test high-quality geophysical targets as early as possible."
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Rockfire's technical team has recently identified a third target at Marengo which appears geologically similar to the One Mile Mountain Prospect. One Mile Mountain is composed of pale grey, medium-grained, weakly porphyrytic hornblende-biotite tonalite with mafic minerals which are extensively replaced by chlorite. The Mt Marengo target is similarly composed of grey, fine-medium-grained, weakly porphyrytic biotite-hornblende-quartz monzodiorite, with minor sphene.
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The geomorphological features at Mt Marengo are also very similar to those at One Mile Mountain Prospect. A reconnaissance gradient array IP survey is being planned for Mt Marengo, similar to that undertaken at One Mile Mountain, to identify chargeable or resistive responses which may lie beneath the topographic high feature.
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Meanwhile, rock sampling and mapping at Marengo has focussed on a secondary chargeable anomaly 400m northeast of One Mile Mountain which was highlighted by geophysics completed in June 2018. Hydrothermal alteration including intense epidote/hornblende alteration of a quartz monzonite has been identified