REG - Rockfire Resources - BCH003 expands copper system at Copperhead

Rockfire ResourcesAnnouncement

20/01/2022 11:40

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RNS Number : 1229Z  Rockfire Resources PLC  20 January 2022

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 (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.

 

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