REG - Rockfire Resources - Drilling & mining studies accelerated by Sunshine

Rockfire ResourcesAnnouncement

27/03/2025 07:30

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RNS Number : 4699C  Rockfire Resources PLC  27 March 2025

27 March 2025

Rockfire Resources plc

("Rockfire" or the "Company")

Plateau drilling and mining studies to be accelerated by Sunshine

Rockfire Resources plc (LON: ROCK), the base metal, critical mineral and
precious metal exploration company, is pleased to provide an update on
activities by ASX-listed (ASX:SHN) Sunshine Metals Limited ("Sunshine") at the
Plateau Gold Deposit ("Plateau") in Queensland, Australia.

 

On 5th January 2023, Rockfire entered into a Binding Agreement with Sunshine
to farm-in to Plateau and earn up to a 75% interest in the tenement. On
Sunshine achieving 75% ownership, Rockfire shall have the right to elect to
contribute 25% of on-going expenditure, or to convert to a 1.5% Net Smelter
Royalty (NSR).

 

Sunshine has today announced a successful Placement of AUD$3 million to
accelerate development of its near-surface gold resources in North Queensland,
including Plateau. You may view the original Sunshine announcement here:

 

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02929284-6A1257441&v=7bc42bd11d853ed5e8c28f2ffcd6a069ee5cd6b4
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02929284-6A1257441&v=7bc42bd11d853ed5e8c28f2ffcd6a069ee5cd6b4)

 

Highlights

 

·     The funds raised by Sunshine will be applied on accelerating
drilling, metallurgical test work and mining studies on the shallow oxide gold
Resources at Liontown and Plateau, and advanced targets at Tigertown and
Coronation.

·     Drilling is scheduled to commence in May at Plateau.

·     Sunshine's strategy is to identify shallow (<50m), oxide gold
resources for processing at potential, nearby toll treating mills during a
time of high gold prices.

·     Sunshine aims to rapidly evaluate the commercial potential of the
following deposits: Tigertown, Coronation, Liontown, and Plateau.

·     Plateau represents an advanced target with a near-surface, Inferred
Resource totalling 49koz Au at 2.0 g/t Au. To advance the Resource
classification, ~1,000m of drilling and metallurgical testing are required.
These activities are expected to commence in May 2025.

 

David Price, Chief Executive Officer of Rockfire, commented:

"It is welcome news that Sunshine has elected to fast-track Plateau towards
potential development alongside its other near-surface gold deposits within
the Ravenswood Consolidated Project. Core collected from the planned drilling
at Plateau is expected to be used for metallurgical test work purposes.
Rockfire shareholders can expect news flow from this drilling as results come
to hand, alongside news of the metallurgical test results."

 

"The price of gold has increased substantially over the last 6 months, and it
is prudent of Sunshine to make the most of these unprecedented high gold
prices. There are several operating gold processing facilities and several
processing plants under care and maintenance within a radius of 50km of
Plateau. Rockfire shareholders will be kept informed of progress at Plateau
through updates made by Rockfire RNS."

 

 

For further information on the Company, please
visit www.rockfireresources.com (http://www.rockfireresources.com/)  or
contact the following:

 

 Rockfire Resources plc:                                     info@rockfire.co.uk (mailto:info@rockfire.co.uk)
 David Price, Chief Executive Officer

 Allenby Capital Limited (Nominated Adviser & Broker):       Tel: +44 (0) 20 3328 5656
 John Depasquale / Dan Dearden-Williams (Corporate Finance)
 Guy McDougall / Matt Butlin (Sales and Corporate Broking)
 CMC Markets UK Plc (Joint Broker)                           +44 (0)20 3003 8632
 Douglas Crippen

 

 

Notes to Editors

 

Rockfire Resources plc (LON: ROCK) is a gold, base metal and critical mineral
exploration company, with a high-grade zinc/lead/silver/germanium deposit in
Greece and a portfolio of gold/copper/silver projects in Queensland Australia.

 

§ The Molaoi deposit in Greece has a JORC Inferred Mineral Resource of 15.0
million tonnes @ 7.26% Zn, 1.75% Pb and 39.50g/t Ag, for 1.5 million tonnes of
ZnEq. metal. This resource uses a 4% low-grade cut, and equates to 1.09
million tonnes of zinc, 260,000 tonnes of lead and 19.1 million ounces of
silver.

 

§ The Plateau deposit in Queensland has a JORC resource of 131,000 ounces of
gold and 800,000 ounces of silver, using a 0.5g/t Au cut off. 53,000 of these
ounces lie within the top 100m from surface. Plateau is subject to a farm-in
by ASX-listed Sunshine Metals Ltd (ASX:SHN).

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