Rockfire Resources PLC Exercise of Option to Acquire Copper Dome (9633Z)
May 23 2019 - 2:34AM
UK Regulatory
TIDMROCK
RNS Number : 9633Z
Rockfire Resources PLC
23 May 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
23 May 2019
Rockfire Resources plc
("ROCK", "Rockfire" or "the Company")
Rockfire Exercises Option to Acquire Copper Dome
Rockfire Resources plc (LON: ROCK), the gold and base
metal-focused resource company, is pleased to announce that the
board has exercised the option to acquire (the "Option") the Copper
Dome Porphyry Copper Deposit ("Copper Dome") in Queensland,
Australia. The commencement of the Option Period was announced to
the market on 26 November 2018.
-- Rockfire will own 100% of Copper Dome;
-- Copper Dome is a potentially large-scale mineralised system only 50km from Copperhead;
-- The prospect is vastly under-explored;
-- Recent soil sampling has identified coherent, strong gold and copper anomalism;
-- Recent rock samples have returned copper values up to 23.4% Cu and gold to 3.2g/t Au;
-- Previous diamond drilling in 1972 intersections include;
Ø 15.24m @ 0.88 % Cu (including 4.58m @ 2.28 % Cu) from 161m downhole depth
Ø 12.20m @ 0.61 % Cu (including 3.05m @ 1.24 % Cu) from 54m downhole depth
Ø 24.38m @ 0.27 % Cu (including 7.4m @ 0.43% Cu) from 225m downhole depth
Ø Percussion hole PH001 - 38m @ 0.13 % Cu (from 17m downhole depth)
-- Mineralisation outcrops at surface, providing low-cost,
near-surface exploration, resulting in lower anticipated
exploration costs.
David Price, Chief Executive Officer of Rockfire commented;
"Our management team is encouraged by the confirmatory work done
by the Rockfire exploration team as part of our technical due
diligence on Copper Dome. With coherent copper occurring around the
rim of a mapped porphyry, as well as gold occupying the boundaries
of two close-spaced porphyries, the geological setting shows
excellent signs for gold and copper mineralisation."
"Now that Rockfire owns Copper Dome, your company is in a unique
position of controlling two potentially large-scale porphyry copper
projects in its portfolio, both of which are considered worthy of
inclusion in the Porphyry Copper Assessment published by the US
Geological Survey. The Company's intention is to expand our
exploration into geophysics, including ground magnetics and
gradient array IP. These two geophysical techniques are expected to
identify clear targets in and around the geochemical anomalies,
which will lead towards drilling."
"The Company's objective is to grow and expand the
mineralisation at Copper Dome in conjunction with Copperhead (50km
to the northeast) and to develop both porphyry projects
simultaneously, with the aim of outlining very large tonnage copper
resources."
Details of the Exercise
1. Rockfire has exercised the Option, and will pay Symbolic
Resources Pty Ltd A$30,000 (GBP16,300) cash and;
2. Rockfire will issue Symbolic Resources Pty Ltd 3,720,454
Ordinary Shares in the Company, being the equivalent of A$50,000
(GBP27,200) worth of Rockfire fully paid ordinary shares at an
issue price of GBP0.00731, being the volume weighted average
closing price of ROCK ordinary shares for the 5-days prior to the
Decision to Exercise.
At the conclusion of these two steps, Rockfire shall have 100%
ownership of the Copper Dome Exploration Permit to Mine
(EPM26160).
Admission and Total Voting Rights
Application will be made for the admission of 3,720,454 new
ordinary shares to trading on AIM and is expected to occur on or
around 30 May 2019 ("Admission"). On Admission, the Company's
issued ordinary share capital will consist of 435,886,277 ordinary
shares with one voting right each. The Company does not hold any
ordinary shares in treasury. Therefore, the total number of
ordinary shares and voting rights in the Company will be
435,886,277. From Admission, this figure may be used by
Shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
For further information on the Company, please visit
www.rockfireresources.com or contact the following:
Rockfire Resources plc Email: info@rockfireresources.com
David Price, Chief Executive
Officer
Allenby Capital Limited (Nominated Tel: +44 (0) 20 33 285
Adviser) 656
John Depasquale/ Asha Chotai
Tel: +44 (0) 20 73 742
First Equity Limited (Joint Broker) 212
Jason Robertson
Tel: +44 (0) 1 483 413
SI Capital (Joint Broker) 500
Nick Emerson
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END
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