REG - Rockfire Resources - BCH002 expands copper system at Copperhead

Rockfire ResourcesAnnouncement

22/12/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211222:nRSV4184Wa&default-theme=true

RNS Number : 4184W  Rockfire Resources PLC  22 December 2021

22 December 2021

Rockfire Resources plc

("Rockfire" or the "Company")

BCH002 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 second diamond drill hole are now
available.

Highlights:

·    Hole BCH002 is mineralised with visible copper veins for most of its
length, with two distinct zones identified in the hole.

 

·    The length of the drill hole has returned 357 m grading 0.11 % CuEq.,
with the drill hole finishing with visible copper in veins.

 

·    Within this broad zone, an upper interval of 48 m @ 0.21 % CuEq.
occurs from 139 m downhole depth and a second interval of 32 m @ 0.20 % CuEq.
exists from 236 m downhole depth.

 

·    A peak assay of 1.06 % CuEq. was encountered.

 

·    This second drill hole expands copper mineralisation 150 m towards
the east and 150 m towards the south of hole BCH001, thereby increasing the
footprint of the drilled area significantly.

 

·    Similar to hole BCH001, alteration and visible copper mineralisation
in this hole suggests that our drilling is occurring in the upper, "Phyllic"
levels of a large porphyry copper system.

 

·    Drill core from hole BCH004 is now at the laboratory and assay
results are pending. Hole BCH004 was drilled as an exploratory hole to the
west of a regional fault to determine if copper mineralisation can be found on
the western side of this bounding fault.

 

·    The Company is awaiting assay results from holes BCH003 and BCH004,
with BCH005 expected to be submitted for analysis shortly.

 

·    Weather conditions have prevented the drill rig moving to Plateau
prior to the Christmas/New Year period, but management remains confident that
this drilling will commence early in the New Year.

 

 

A plan showing the location of drill holes BCH001 and BCH002 can be viewed by
clicking on the following
link:  http://www.rns-pdf.londonstockexchange.com/rns/4184W_1-2021-12-21.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4184W_1-2021-12-21.pdf)

 

David Price, Chief Executive Officer of Rockfire, comments:

"This drillhole continues to build our confidence in the potential for the
discovery of a large-scale copper deposit. Although grade remains relatively
low, the system continues to expand with each hole drilled. BCH002 was drilled
towards the south - the opposite direction to hole BCH001. This direction was
chosen to confirm that drilling to the north-northeast is appropriate and the
structures measured in hole BCH002 confirm the original drilling direction is
optimum.

"The visual indications of copper being present in hole BCH002 were not as
prolific as the visible veins in hole BCH001. The continuation of grade over
350 m drilled length was greater than expected from observations. This may
indicate fine-grained sulphides which are not easily recognised in veins or
disseminations.

"Hole BCH002 remains in the high-level, quartz-sericite-pyrite ("Phyllic")
alteration zone, sitting above a potential main porphyry source.

"The Company is awaiting assay results from holes BCH003 and BCH004, which are
both awaiting analysis at the laboratory. BCH005 is nearing the completion of
geotechnical and geological logging and will be submitted within the next
week. 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 of 16 December 2021

            A                B                                   C
            Grade (ppm)      Metal Price (US$)  B Unit           Factor           C Unit
 1          Cu               9285.00            US$/t            1000000          ppm/t
 2          Mo               18.59              US$/lb           454              ppm/lb
 3          Ag               22.14              US$/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 / George Payne (Corporate Finance)

 Matt Butlin / Kelly Gardner (Sales and Corporate Broking)

 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLTBBBTMTATTAB