Last checked at 20 Jan 2022 11:36
20 January 2022
Rockfire Resources plc
("Rockfire" or the "Company")BCH003 expands copper system at Copperhead
Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to provide an update on its diamond drilling programme at the Company's 100%-owned Copperhead porphyry project ("Copperhead") in North Queensland, Australia. Assay results for the third diamond drill hole are now available.
Highlights:
· Hole BCH003 has returned 370 m @ 0.20 % CuEq. from 57 m, with copper veins observed throughout the entire 429 m long drill hole. The drill hole finished in copper-bearing veins.
· Within this broad zone, a higher-grade interval of 50 m @ 0.35 % CuEq. occurs from 259 m downhole depth, and a more intensely veined interval of 22 m @ 0.41 % CuEq. has been intersected from 271 m downhole depth.
· Copper mineralisation has been significantly expanded 100 m directly east of hole BCH001 and 200 m north of hole BCH002, resulting in another significant increase in the footprint of the drilled copper-bearing area.
· Alteration and visible copper mineralisation in each hole continues to indicate that the Company's drilling is occurring in the upper, "phyllic" levels of a large porphyry copper system.
David Price, Chief Executive Officer of Rockfire, comments:
"Hole BCH003 is the highest-grade hole drilled so far at Copperhead and seeing long intervals of 50 m above 0.3% CuEq. is encouraging. The grade variability is typical of large porphyry copper systems, but importantly, the footprint of copper mineralisation is expanding with each hole. This third hole significantly expands the volume, and therefore tonnage, of the deposit.
"The Company is awaiting assay results from holes BCH004 and BCH005. Hole BCH004 was drilled on the western side of an interpreted fault to explore for copper on the western side of the fault in an area not previously drilled.
"Hole BCH005 was drilled a further 100 m east of hole BCH003 but the hole diverted materially towards the east. Hole BCH005 core contains more pyrite than chalcopyrite and several intervals of core have been submitted for gold analysis. We look forward to providing the market with updated results as they are received from the laboratory, however, please note that assay results continue to face lengthy delays owing to an extreme backlog of samples in the laboratories."
Hole ID | UTM E | UTM N | Zone | RL (m) | Azi (mag) | Dip (°) | EOH (m) |
BCH001 | 635530 | 7728209 | 55 | 458 | 32 | -55 | 501.40 |
BCH002 | 635676 | 7728209 | 55 | 482 | 212 | -55 | 359.00 |
BCH003 | 635676 | 7728209 | 55 | 482 | 32 | -55 | 428.90 |
BCH004 | 635473 | 7728208 | 55 | 449 | 22 | -60 | 384.00 |
BCH005 | 635619 | 7728040 | 55 | 455 | 42 | -70 | 468.00 |
Copper Equivalent (CuEq) values have been calculated using the following methodology:
Owing to a lack of metallurgical test work at Copperhead, the processing metallurgical recoveries are unknown. Future work will include metallurgical testing to provide information on expected metallurgical recovery.
Copper equivalent metal prices as of 20 January 2022 | ||||||
A | B | C | ||||
Grade (ppm) | Metal Price (US$) | B Unit | Factor | C Unit | ||
1 | Cu | 9799 | US$/t | 1000000 | ppm/t | |
2 | Mo | 19.07 | US$/lb | 454 | ppm/lb | |
3 | Ag | 24.16 | US$/oz | 31.10348 | ppm/t | |
Copper equivalent formula | ||||||
Cu Eq = (1A x 1B/1C + 2A x 2B/2C + 3A x 3B/3C) / 1B x 1C | ||||||
Qualified Person Statement:
Information in this announcement that relates to exploration results is based on information compiled by Mr Edward Fry, the Exploration Manager of Rockfire Resources plc, who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Fry has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and a "Qualified Person" in accordance with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr Fry consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.
For further information on the Company, please visit www.rockfireresources.com or contact the following:
Rockfire Resources plc: | info@rockfireresources.com |
David Price, Chief Executive Officer |
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Allenby Capital Limited (Nominated Adviser & Broker) | Tel: +44 (0) 20 3328 5656 |
John Depasquale / George Payne (Corporate Finance) Matt Butlin / Kelly Gardner (Sales and Corporate Broking)
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Yellow Jersey | rockfire@yellowjerseypr.com |
Sarah Hollins / Henry Wilkinson | Tel: +44 (0) 20 3004 9512 |
Notes to Editors
Rockfire Resources plc (LON: ROCK) is an exploration company with a portfolio of 100%-owned near-surface gold and large-scale copper projects in Queensland, Australia. Each of the gold projects are located within 50 km of operating gold mines and the Company's copper projects lie within 250 km of Australia's largest copper refinery.
The Company's Plateau Gold Deposit is part of the Lighthouse Tenement and bears significant geological similarities to the nearby Mt Wright gold mine (45km to the northeast), where 1.5 million ounces of gold have been mined. More than 14,000 m have been drilled within the Lighthouse tenement.
Drilling to date at the Company's copper projects, Copperhead and Copper Dome (35 km and 85 km southwest of the town of Proserpine respectively), are indicative of large-scale porphyry targets. Both projects have been drilled by previous explorers but remain under-explored, leading the Board to believe that they demonstrate significant exploration upside potential.
Rockfire Resources has adopted a strategy of growth based on advancing exploration across its existing portfolio of projects, as well as the continual assessment of opportunities to acquire outstanding strategic mineral projects worldwide.
The Company is led by a highly skilled management team, with a proven track record in exploring and discovering projects.