ROCK Rockfire Resources Plc

TIDMROCK

RNS Number : 6137W

Rockfire Resources PLC

19 August 2020

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

19 August 2020

Rockfire Resources plc

("Rockfire" or the "Company")

Near-surface gold extended eastwards at Plateau

Rockfire Resources plc (LON: ROCK) the gold and base metal exploration company, is pleased to announce that Reverse Circulation ("RC") drilling, which was completed in June 2020, has extended the footprint of gold mineralisation at the Company's 100%-owned Plateau Gold Deposit ("Plateau"), part of the Lighthouse tenement in North Queensland, Australia. Mineralisation continues to adhere to the Mt Wright model in the upper levels of the mineralising system.

Highlights:

-- Gold mineralisation has been extended another 60 m east of all previous drilling within the top 200 m from surface. Gold remains open towards the east and at depth.

-- A shallow, infill drill hole (BPL035) has intersected 82 m @ 0.4 g/t Au (from surface). Highlights from this interval include:

o 6 m @ 2.9 g/t Au (from 59 m), from within:

o 9 m @ 2.2 g/t Au (from 56 m), from within:

o 23 m @ 1.0 g/t Au (from 43 m), from within:

o 40 m @ 0.7 g/t Au (from 25 m)

-- Hole BPL035 also intersected strong silver results including 10 m @ 22.4 g/t Ag (from 55 m), which includes 6 m @ 32.4 g/t Ag ( 1.0 oz/t silver ).

-- BPL036 is the most easterly hole drilled so far and has extended mineralisation another 60 m to the east, demonstrating that the gold mineralising system remains active at shallow levels. This hole has intersected 135 m @ 0.2 g/t Au (from 103 m), including 5 m @ 1.0 g/t Au (from 145 m).

-- Another in-fill hole (BPL037) has returned an extensive interval of 103 m @ 0.3 g/t Au from 29 m. Highlights from this hole include:

o 4 m @ 1.0 g/t Au (from 29 m),

o 6 m @ 1.0 g/t Au (from 108 m),

o 4 m @ 1.0 g/t Au (from 129 m),

o 5 m @ 1.5 g/t Au (from 188 m), and

o 4 m @ 1.0 g/t Au (from 234 m)

-- Hole BPL037 also intersected elevated silver results, including 85 m @ 5.0 g/t Ag (from 28 m) which includes 5 m @ 15.5 g/t Ag (from 108 m) and 5 m @ 12.8 g/t Ag (from 79 m).

-- Zones where visible sulphides above 20% have been observed during logging of the drill chips have returned the best grades (e.g. 6 m @ 2.9 g/t Au in Hole BPL035).

-- These results are the last from five shallow in-fill and extension RC holes drilled in June 2020. A table detailing the drill collars is provided below.

-- The current diamond drilling programme targeting down to approx. 500 m vertical depth is still proceeding on time and within budget, and an update on this exploration will be provided in the coming weeks.

An image showing a Long Section through the Plateau gold deposit is provided via the following link. This image shows the position of the most recent drill holes and the results from each hole.

http://www.rns-pdf.londonstockexchange.com/rns/6137W_1-2020-8-19.pdf

David Price, Chief Executive Officer of Rockfire commented:

"These infill holes are in line with our expectations for grade and width in the top 200 m from surface and continue to indicate a very extensive gold mineralising system at depth. These latest results extend the mineralised envelope another 60 m to the east, opening up the opportunity to find more gold at depth towards the east."

"The silver results indicate that we are in the upper levels of the mineralising system and form a very important part of the mineralogical model we are developing. With the price of silver improving, the silver at Plateau may contribute to the economics as a by-product, should gold production eventuate."

"These five shallow holes will all contribute to our mineralisation model which will be used to estimate a resource upgrade, expected towards the end of the calendar year. In the meantime, our deeper drilling at levels around 500 m below surface is continuing both on time and within budget. I look forward to updating the market of our progress in the coming weeks."

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 or contact the following:

 
 Rockfire Resources plc:                      info@rockfireresources.com 
 David Price, Chief Executive Officer 
 
 Allenby Capital Limited (Nominated           Tel: +44 (0) 20 3328 
  Adviser & Broker)                            5656 
 Corporate Finance: John Depasquale 
  / Asha Chotai 
  Equity Sales: Matt Butlin / Guy McDougall 
 
 Yellow Jersey                                rockfire@yellowjerseypr.com 
 Sarah Hollins / Henry Wilkinson / Faye       Tel: +44 (0) 20 3004 
  Calow                                        9512 
 

Table of drilling statistics for June 2020 RC drilling at the Plateau Gold Deposit, North Queensland

 
 
  Hole                                      Depth 
   ID       East UTM   North UTM   RL m      RC m   Dip   Azi UTM 
  BPL032      459844     7740386   315.52     130   -90         0 
           ---------  ----------  -------  ------  ----  -------- 
  BPL034      459895     7740422   320.18     167   -60       180 
           ---------  ----------  -------  ------  ----  -------- 
  BPL035      459928     7740431   320.77     149   -60       180 
           ---------  ----------  -------  ------  ----  -------- 
  BPL036      459993     7740480      322     239   -70       147 
           ---------  ----------  -------  ------  ----  -------- 
  BPL037      459968     7740459      322     257   -70       180 
           ---------  ----------  -------  ------  ----  -------- 
 
 

About the Plateau Gold Deposit

The Plateau Gold Deposit is located approximately 50 km southeast from the gold mining centre of Charters Towers in Queensland, Australia. Plateau is near two operating gold mines, the +3 M oz Pajingo Gold Mine (17 km west) and the +10 M oz Ravenswood/Mt Wright Gold operations (47 km north-east).

Plateau is a breccia/rhyolite hosted gold system, comprising similar geology and mineralisation to that seen at the nearby Mt Wright gold mine. Rockfire is targeting a gold system similar to Mt Wright.

At surface, Plateau hosts gossanous and jasperlitic veins and gold-bearing breccias. The breccias lie at the margin of a rhyolite intrusive complex, with gold hosted by veined and brecciated rhyolite.

Previous Rockfire drilling at Plateau

2017 - November

Rockfire's first RC drilling programme was designed to infill and extend near-surface gold mineralisation. Results from this programme include:

   --    Hole BPL002 - 22 m @ 1.9 g/t Au 
   --    Hole BPL004 - 10 m @ 1.4 g/t Au 
   --    Hole BPL007 -   5 m @ 1.0 g/t Au 
   --    Hole BPL008 - 10 m @ 1.9 g/t Au 

2019 - October

Rockfire's second RC drilling programme was designed to infill and extend near-surface gold mineralisation, to test a newly identified mineralised zone, and to drill into a deep IP anomaly. Results from this programme include:

   --    Hole BPL012 -   12 m @ 2.5 g/t Au 
   --    Hole BPL013 -   16 m @ 1.7 g/t Au 
   --    Hole BPL014 -   14 m @ 1.2 g/t Au 
   --    Hole BPL015 -   12 m @ 1.3 g/t Au 
   --    Hole BPL016 -     5 m @ 1.3 g/t Au 
   --    Hole BPL018 -   15 m @ 1.1 g/t Au 
   --    Hole BPL019 -   10 m @ 2.0 g/t Au 
   --    Hole BPL020 -   30 m @ 1.2 g/t Au 
   --    Hole BPL021 -   18 m @ 1.3 g/t Au 
   --    Hole BPL022 -   22 m @ 1.0 g/t Au 
   --    Hole BPL025 - 177 m @ 0.5 g/t Au 

2020 - January

Rockfire's third RC drilling programme was designed to extend the broad gold mineralisation identified in hole BPL025 towards the east, and to test new IP anomalies. Results from this programme include:

   --    Hole BPL026 - 154 m @ 0.2 g/t Au (finished in gold mineralisation) 
   --    Hole BPL027 - 171 m @ 0.4 g/t Au 
   --    Hole BPL028 - 10 m @ 0.3 g/t Au (finished in gold mineralisation) 
   --    Hole BPL029 - 8 m @ 1.0 g/t Au 
   --    Hole BPL030 - 171 m @ 0.4 g/t Au 
   --    Hole BPL031 - 8 m @ 1.1 g/t Au 

2020 - June

Rockfire's fourth RC drilling programme was designed to infill and extend (within the top 200m) the broad gold mineralisation identified during the January 2020 RC drilling programme. Results for this programme are partially included in an RNS dated 3 August 2020, with this announcement containing the outstanding results.

2020 - July

Rockfire's fifth drilling programme and the Company's first diamond drilling programme is currently underway and is designed to extend the broad gold mineralisation down to depth of c. 500 m.

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August 19, 2020 08:14 ET (12:14 GMT)