Last checked at 19 Nov 2018 07:04
This announcement contains inside information
19 November 2018
Rockfire Resources plc
("Rockfire" or "the Company")
Drilling intersects bonanza gold at Double Event
Rockfire Resources (LON: ROCK), is delighted to inform shareholders that its recent drilling at the Double Event Prospect in Queensland has intersected bonanza grade gold up to 26.90 g/t Au. This drilling has defined a further 300m of mineralised strike at Double Event, which forms part of the Lighthouse tenement and opened up the Kookaburra Licence, which is now known to host potentially economic gold grades near surface.
Highlights:
· Gold was intersected in all but one hole, with the exceptional hole being terminated after drilling into an historical mining shaft at 18m depth;
· Three holes containing gold were drilled over the Lighthouse boundary, inside the Kookaburra Licence, which results in a mineralised strike length exceeding 4.5km;
· 5m @ 6.39 g/t Au (from 27m), including 3m @ 10.04 g/t Au, and including 1m @ 26.90 g/t Au;
· 3m @ 2.94 g/t Au (from 15m);
· 3m @ 1.87g/t Au (from 31m);
· 2m @ 3.17g/t Au (from 13m);
· 4m @ 1.81 g/t Au (from 16m);
· 2m @ 1.47 g/t Au (from 21m);
· The average vertical depth to gold intersection is 18m from surface;
· The grades and widths encountered, signal real potential for the discovery of open pit resources.
Chief Executive Officer of Rockfire Resources, David Price commented:
"We are thrilled with these results, which starts to demonstrate the potential of the Double Event vein system. Having now drilled over the boundary into the Kookaburra licence, this opens up enormous potential within this tenement, which was only recently pegged by Rockfire. The Kookaburra licence has an additional 1.5km of the same vein system length to explore further to the west."
"The most exciting aspect of this drilling, (aside from the high grade, near-surface gold), is discovering that this vein system is now over 4.5km in length, with two sections of 400m each now having been demonstrated to contain potentially economic grades and potentially mineable widths".
"In 1987, Battle Mountain drilled 7 holes in the area recently drilled by Rockfire. These holes were disappointing, with only 29% of holes intersecting gold. Following detailed surface mapping, high-resolution ground magnetics and rock chip sampling by the Rockfire team, it was considered that the holes drilled in 1987 were drilled too far to the south and failed to adequately test the vein system. By siting the holes further to the north, and obtaining such pleasing gold intercepts, our geologists have demonstrated that meticulous, quality, geological mapping and conceptual thinking will find orebodies".
Discussion of Drilling Results
Lighthouse lies within one of the most productive structural corridors on the east coast of Australia, hosting Pajingo (2.4Moz gold), Mt Leyshon (4Moz gold, 2.3Moz silver), Ravenswood (+4Moz gold) and Charters Towers (+7Moz gold). Rockfire is targeting another Mt Leyshon-style and size of deposit. Two operating CIP (carbon-in-pulp) gold processing plants are located within 50km of Double Event.
Reverse Circulation drilling undertaken in November 2018 on Rockfire's 100%-owned Lighthouse tenement has returned intercepts of gold mineralisation at the Double Event Prospect, within the Lighthouse and Kookaburra tenements in North Queensland. Results from all 12 holes drilled have now been received from the laboratory.
Assay results above 0.1g/t Au for 12 holes drilled at Double Event in November 2018
Hole | Sample | From | To m | Interval | Gold |
Number | Number | (m) | (m) | (m) | (g/t) |
BDE015 | BDERC313 | 31.00 | 32.00 | 1.00 | 2.18 |
BDE015 | BDERC384 | 102.00 | 103.00 | 1.00 | 0.17 |
BDE016 | BDERC414 | 13.00 | 14.00 | 1.00 | 5.71 |
BDE016 | BDERC415 | 14.00 | 15.00 | 1.00 | 0.62 |
BDE017 | BDERC454 | 14.00 | 15.00 | 1.00 | 0.24 |
BDE017 | BDERC456 | 16.00 | 17.00 | 1.00 | 3.54 |
BDE017 | BDERC457 | 17.00 | 18.00 | 1.00 | 0.92 |
BDE017 | BDERC458 | 18.00 | 19.00 | 1.00 | 0.11 |
BDE017 | BDERC459 | 19.00 | 20.00 | 1.00 | 0.14 |
BDE018 | BDERC506 | 26.00 | 27.00 | 1.00 | 0.10 |
BDE019 | BDERC565 | 15.00 | 16.00 | 1.00 | 5.34 |
BDE019 | BDERC566 | 16.00 | 17.00 | 1.00 | 2.01 |
BDE019 | BDERC567 | 17.00 | 18.00 | 1.00 | 1.46 |
BDE020 | BDERC619 | 29.00 | 30.00 | 1.00 | 0.82 |
BDE020 | BDERC620 | 30.00 | 31.00 | 1.00 | 1.23 |
BDE020 | BDERC621 | 31.00 | 32.00 | 1.00 | 0.60 |
BDE020 | BDERC622 | 32.00 | 33.00 | 1.00 | 0.11 |
BDE021 | SHAFT | 18.00 | 18.00 | 0.00 | SHAFT |
BDE022 | BDERC684 | 32.00 | 34.00 | 2.00 | 0.31 |
BDE023 | BDERC731 | 27.00 | 28.00 | 1.00 | 1.30 |
BDE023 | BDERC732 | 28.00 | 29.00 | 1.00 | 26.90 |
BDE023 | BDERC733 | 29.00 | 30.00 | 1.00 | 1.93 |
BDE023 | BDERC734 | 30.00 | 31.00 | 1.00 | 0.51 |
BDE023 | BDERC735 | 31.00 | 32.00 | 1.00 | 1.30 |
BDE024 | BDERC772 | 16.00 | 17.00 | 1.00 | 0.31 |
BDE024 | BDERC774 | 18.00 | 19.00 | 1.00 | 1.47 |
BDE024 | BDERC775 | 19.00 | 20.00 | 1.00 | 0.36 |
BDE024 | BDERC776 | 20.00 | 21.00 | 1.00 | 1.75 |
BDE024 | BDERC777 | 21.00 | 22.00 | 1.00 | 0.15 |
BDE025 | BDERC827 | 31.00 | 32.00 | 1.00 | 5.09 |
BDE025 | BDERC828 | 32.00 | 33.00 | 1.00 | 0.21 |
BDE025 | BDERC829 | 33.00 | 34.00 | 1.00 | 0.31 |
BDE026 | BDERC869 | 21.00 | 22.00 | 1.00 | 2.54 |
BDE026 | BDERC870 | 22.00 | 23.00 | 1.00 | 0.39 |
Drilling was designed to test the western extension of near-surface, parallel, east-west shear zones, where numerous historical workings have been recorded. The western extension of Double Event was thought to continue to the west and over the boundary of the Lighthouse tenement onto the Kookaburra tenement. Rockfire applied for and was recently granted the Kookaburra licence, which has proved to be a strategic and important accumulation of ground. Gold extensions remain open in both directions east and west, as well as open and untested at depth.
Gold on both tenements is typically hosted by sulphide-rich quartz veins, with sulphides including arsenopyrite, pyrite, galena (Lead), and sphalerite (Zinc). Below is a link to a pdf image which shows the drill hole locations, as well as the results for gold analysis.
http://www.rns-pdf.londonstockexchange.com/rns/7328H_1-2018-11-19.pdf
RC Drilling at Double Event Prospect, Lighthouse and Kookaburra tenements, November 2018.
Hole ID | EAST | NORTH | RL (m) | Depth (m) | Azi Mag | Dip ⁰ |
BDE015 | 442501 | 7757818 | 377 | 118 | 10 | -70 |
BDE016 | 440842 | 7758004 | 355 | 39 | 10 | -55 |
BDE017 | 440880 | 7757995 | 357 | 40 | 10 | -55 |
BDE018 | 440923 | 7757990 | 359 | 70 | 10 | -55 |
BDE019 | 440965 | 7757998 | 361 | 40 | 10 | -55 |
BDE020 | 441001 | 7757979 | 362 | 40 | 30 | -55 |
BDE021 | 441043 | 7757977 | 361 | 22 | 10 | -55 |
BDE022 | 441041 | 7757974 | 361 | 52 | 10 | -70 |
BDE023 | 441058 | 7757971 | 360 | 52 | 10 | -70 |
BDE024 | 441081 | 7757966 | 360 | 40 | 10 | -55 |
BDE025 | 441080 | 7757964 | 361 | 52 | 10 | -70 |
BDE026 | 441123 | 7757953 | 353 | 40 | 10 | -55 |
What to expect next:
These drilling results provide Rockfire with a high degree of confidence to commit to additional work. Plans for on-going exploration are being formulated, which will be designed to further define the extent of the bonanza-grade gold.
The area between the recent drilling and the eastern zone drilling completed in June 2018 by Rockfire is less well-defined by old workings and high grade rock samples. Ground magnetics suggests substantial faulting in this central zone of alteration. Rockfire will undertake soil sampling, an XRF survey and geological and structural mapping to define drilling targets.
West of the recent drilling and inside the Kookaburra licence will be subjected to similar, rigorous, ground-based exploration to define specific and accurate drilling targets. Old workings occur within the Kookaburra licence, as do very high grade rock chip samples up to 1 oz/t gold. Mapping, geophysics and XRF surveys will be completed on the Kookaburra licence prior to any futher drilling. This preparatory work will provide confidence in siting drill holes and target depths for future drilling. The Company will provide additional updates to the market regarding our extensive project portfolio.
Competent Person Statement:
Information in this announcement that relates to exploration results is based on information compiled by Mr David Price, a Director of Rockfire Resources plc, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Price 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 under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr Price consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.
In quoting exploration targets, the potential quantity and grade is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
For further information on the Company please visit www.rockfireresources.com or contact the following:
Rockfire Resources plc |
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Chief Executive Officer |
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David Price | info@rockfireresources.com |
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Cenkos Securities plc |
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(Nominated Advisor and Joint Broker) |
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Derrick Lee/Beth McKiernan | +44 (0) 41312206939 |
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First Equity Limited |
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(Joint Broker) | |
Jason Robertson | +44 (0) 20 7374 2212 |