TIDMROCK
RNS Number : 8035T
Rockfire Resources PLC
29 November 2021
29 November 2021
Rockfire Resources plc
("Rockfire" or the "Company")
Assays confirm large 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 first diamond drill hole (BCH001) are now available
and signal an excellent result for the Company's inaugural drill
hole.
Highlights:
-- Hole BCH001 is mineralised with visible copper veins for most
of its length; testimony to the potential size of the deposit. A
lengthy interval of 501 m grading 0.14 % CuEq has been intersected,
with the drill hole finishing with visible copper in veins.
-- This extensive interval includes a stronger zone of 244 m @
0.20 % CuEq, as well as a more intense zone of 62 m @ 0.30 %
CuEq.
-- An assay of 2.28 % Cu was encountered at 423 m depth and an
assay of 0.50 % Cu was intersected only 6m from the end of the
hole.
-- The tonnage potential for Copperhead has been significantly
upgraded by extending copper mineralisation a further 200 m deeper
than historical drilling and management is of the opinion that
grade will improve at depth.
-- Alteration and visible copper mineralisation in this and
subsequent drill holes indicates that our drilling is occurring in
the upper, "Phyllic" levels of a large porphyry copper system
(please refer to the link below).
-- Drilling at Copperhead is now complete, with a total of 5
holes drilled as part of this initial campaign. Geotechnical and
geological logging of the core remains in progress.
-- Subject to weather conditions, the drill rig will move to
Plateau to test a deep gravity anomaly southeast of the Central
Breccia, down to 1,000 m depth.
A geological model showing the location of drilling in relation
to the high-grade copper target can be viewed by clicking on the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/8035T_1-2021-11-28.pdf
David Price, Chief Executive Officer of Rockfire, comments:
"This is an outstanding result for Rockfire. The first drill
hole into Copperhead for more than 50 years has hit visible copper
veins along its length, over 500 m downhole. In 1972, the core was
only sporadically sampled every 30 m along the length of the hole,
intersecting visible copper veins over its 300 m length. Our first
hole has been systematically sampled throughout its length, which
has successfully extended copper mineralisation an additional 200 m
deeper than previous drilling. This increases the tonnage of copper
mineralisation immensely.
"There are very few bulk-tonnage porphyry copper deposits in
Tier One jurisdictions globally. Our current drilling is in the
high-level, quartz-sericite-pyrite ("Phyllic") alteration zone,
sitting above the main porphyry source. Copperhead provides an
excellent, long-term growth project for Rockfire.
"Hole BCH001 was designed to verify historical drilling from
1972. Not only did it verify the original drilling, but extended
mineralisation materially. This bodes well for the bulk tonnage
potential for Copperhead and grades of up to 2.28 % Cu indicate the
ability of the system to generate higher-grade zones. This is an
important element of exploring porphyry copper deposits.
"The Company is awaiting assay results from holes BCH002 and
BCH003, which are both awaiting analysis at the laboratory. BCH004
and BCH005 are currently being geotechnically and geologically
logged and will be submitted when this important work is complete.
We look forward to providing the market with updated results as
they are received from the laboratory."
Hole
ID UTM E UTM N Zone RL (m) Azi (mag) Dip (deg) 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 at 25 November
2021
A B C
Metal Price
Grade (ppm) (US$) B Unit Factor C Unit
1 Cu 9,729.00 US$/t 1000000 ppm/t
2 Mo 18.90 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 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
John Depasquale (Corporate Finance)
Matt Butlin (Equity Sales)
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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END
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