REG - Rockfire Resources - Mapping & rock sampling identifies new targets

Rockfire ResourcesAnnouncement

02/08/2022 07:15

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RNS Number : 5421U  Rockfire Resources PLC  02 August 2022

2 August 2022

Rockfire Resources plc

("Rockfire" or the "Company")

Mapping & rock sampling increases targets at Plateau

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration
company, is pleased to announce that ongoing mapping and rock sampling at the
Company's 100%-owned Plateau gold deposit in Queensland, Australia, has
identified multiple new targets close to the drilled JORC gold resources.

·    Drilling is being planned to test several structural corridors which
have been identified by rock sampling and mapping.

 

·    Numerous faults are believed to carry fluids rich in gold and are
interpreted as structural controls on gold mineralisation, including the
Central Breccia and Eastern Breccia resources.

 

·    A new structural interpretation has been completed, which highlights
areas where dilation and rotation of the rocks has occurred. This provides
open space within the rocks for heated and mineralised fluids to percolate
through and deposit gold, silver and other metals.

 

·    The additional targets lie outside the 208,000 ounces of gold already
drilled at Plateau, with future drilling to be designed to increase
near-surface, open cut gold resources.

 

·    17 rock samples collected during June 2022 outline two of the new
exploration targets, with results including 10.7 g/t Au, 3.2 g/t Au and 2.3
g/t Au.

 

·    29% of the samples returned results above 0.5 g/t Au, with more than
80% of results being above 0.1 g/t Au.

 

·    Each of these targets is defined by multiple exploration techniques,
including rock sampling, soil sampling, geological mapping and magnetic survey
results, providing increased confidence in the target quality.

 

An image showing the rock sampling results and structural controls at Plateau
can be viewed via the following link.
http://www.rns-pdf.londonstockexchange.com/rns/5421U_1-2022-8-2.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5421U_1-2022-8-2.pdf)

 

David Price, Chief Executive Officer of Rockfire commented,

"Rockfire continues to target additional near-surface, open-cut gold at
Plateau. Planned drilling is expected to expand shallow gold resources. Soil
sampling, rock sampling, geological mapping and geophysics confirm the
presence of additional gold targets close to the edges of an intruded breccia
(shattered rock), where the previously drilled 208,000 ounces of gold resource
is positioned.

"The new targets combined could add material ounces to the already-defined
gold resources. With five new targets showing similar surface grades and
dimensions to those in the two resource areas, it is realistic to target
multiples of the resources already drilled.

"53,000 ounces of gold are known to be within the top 70m from surface at
Plateau. At today's gold price of US$1,710 per ounce, the Rockfire team
believes there is great value in the resource already defined and intends to
build on the near-surface resources at Plateau. Taking the global geopolitical
tension into account, management also believes there is abundant scope for
improvement in the gold price over the next 12 months.

"The Company is sourcing a drilling rig for the planned work and we will
update the market with progress on our exploration at Plateau in due course."

 

Qualified Person Statement:

The technical information in this announcement 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 "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
 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 PR                                            rockfire@yellowjerseypr.com
 Sarah Hollins / Henry Wilkinson                             Tel: +44 (0) 20 3004 9512

 

Notes to Editors

Rockfire Resources plc (LON: ROCK) is a mineral exploration company with a
portfolio of 100%-owned gold and copper projects in Queensland Australia and a
high-grade zinc deposit in Greece.

 

§ The Plateau deposit in Queensland has a JORC resource of 208,000 ounces of
gold and 1.5 million ounces of silver.

 

§ The Copperhead deposit in Queensland has a JORC resource of 80,000 tonnes
of copper, 9,400 tonnes of molybdenum and 1.1 million ounces of silver.

 

§ The Molaoi deposit in Greece has a JORC resource of 210,000 tonnes of zinc,
39,000 tonnes of lead and 3.5 million ounces of silver.

 

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