REG - Rockfire Resources - Assays confirm large copper system at Copperhead

Rockfire ResourcesAnnouncement

29/11/2021 07:00

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RNS Number : 8035T  Rockfire Resources PLC  29 November 2021

29 November 2021

Rockfire Resources plc

("Rockfire" or the "Company")

Assays confirm large 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 first diamond drill hole (BCH001)
are now available and signal an excellent result for the Company's inaugural
drill hole.

Highlights:

·    Hole BCH001 is mineralised with visible copper veins for most of its
length; testimony to the potential size of the deposit. A lengthy interval of
501 m grading 0.14 % CuEq has been intersected, with the drill hole finishing
with visible copper in veins.

 

·    This extensive interval includes a stronger zone of 244 m @ 0.20 %
CuEq, as well as a more intense zone of 62 m @ 0.30 % CuEq.

 

·    An assay of 2.28 % Cu was encountered at 423 m depth and an assay of
0.50 % Cu was intersected only 6m from the end of the hole.

 

·    The tonnage potential for Copperhead has been significantly upgraded
by extending copper mineralisation a further 200 m deeper than historical
drilling and management is of the opinion that grade will improve at depth.

 

·    Alteration and visible copper mineralisation in this and subsequent
drill holes indicates that our drilling is occurring in the upper, "Phyllic"
levels of a large porphyry copper system (please refer to the link below).

 

·    Drilling at Copperhead is now complete, with a total of 5 holes
drilled as part of this initial campaign. Geotechnical and geological logging
of the core remains in progress.

 

·    Subject to weather conditions, the drill rig will move to Plateau to
test a deep gravity anomaly southeast of the Central Breccia, down to 1,000 m
depth.

 

 

A geological model showing the location of drilling in relation to the
high-grade copper target can be viewed by clicking on the following link:

http://www.rns-pdf.londonstockexchange.com/rns/8035T_1-2021-11-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8035T_1-2021-11-28.pdf)

 

 

David Price, Chief Executive Officer of Rockfire, comments:

"This is an outstanding result for Rockfire. The first drill hole into
Copperhead for more than 50 years has hit visible copper veins along its
length, over 500 m downhole. In 1972, the core was only sporadically sampled
every 30 m along the length of the hole, intersecting visible copper veins
over its 300 m length. Our first hole has been systematically sampled
throughout its length, which has successfully extended copper mineralisation
an additional 200 m deeper than previous drilling. This increases the tonnage
of copper mineralisation immensely.

"There are very few bulk-tonnage porphyry copper deposits in Tier One
jurisdictions globally. Our current drilling is in the high-level,
quartz-sericite-pyrite ("Phyllic") alteration zone, sitting above the main
porphyry source. Copperhead provides an excellent, long-term growth project
for Rockfire.

"Hole BCH001 was designed to verify historical drilling from 1972. Not only
did it verify the original drilling, but extended mineralisation materially.
This bodes well for the bulk tonnage potential for Copperhead and grades of up
to 2.28 % Cu indicate the ability of the system to generate higher-grade
zones. This is an important element of exploring porphyry copper deposits.

 

"The Company is awaiting assay results from holes BCH002 and BCH003, which are
both awaiting analysis at the laboratory. BCH004 and BCH005 are currently
being geotechnically and geologically logged and will be submitted when this
important work is complete. We look forward to providing the market with
updated results as they are received from the laboratory."

 

 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 at 25 November 2021
            A                B                                   C
            Grade (ppm)      Metal Price (US$)  B Unit           Factor           C Unit
 1          Cu               9,729.00           US$/t            1000000          ppm/t
 2          Mo               18.90              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 (http://www.rockfireresources.com/)  or
contact the following:

 Rockfire Resources plc:                                   info@rockfireresources.com (mailto:info@rockfireresources.com)
 David Price, Chief Executive Officer

 Allenby Capital Limited (Nominated Adviser & Broker)      Tel: +44 (0) 20 3328 5656
 John Depasquale (Corporate Finance)

 Matt Butlin (Equity Sales)

 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.

 

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