TIDMROCK
RNS Number : 8166K
Rockfire Resources PLC
18 December 2018
18 December 2018
Rockfire Resources plc
("ROCK" or "the Company")
Outstanding gold target identified at Kookaburra
Rockfire Resources plc (LON: ROCK) is pleased to announce that a
review of historical drilling at the "Native Bee Prospect", within
the "Kookaburra" exploration licence in Queensland Australia, has
identified outstanding past drilling results. This new prospect
provides Rockfire with further potential to delineate a large gold
inventory, adding to the excellent potential offered by the nearby
Plateau and Double Event Prospects (6 miles and 18 miles
respectively), both within the adjacent "Lighthouse" licence.
-- Native Bee is 18 miles from the operational Pajingo Gold Mine processing facility
-- 1990 drilling intercepts include:
8 m @ 2.18 g/t Au (including 3m @ 5.13 g/t Au) from 26m vertical
depth
16 m @ 2.14 g/t Au from 35m vertical depth
-- 1989 trench intercepts include:
19 m @ 2.8 g/t Au
-- 1989 rock samples include:
51.8 g/t Au
12.4 g/t Au
32.4 g/t Au
13.0 g/t Au
-- Rockfire owns the Kookaburra licence 100%
Chief Executive Officer of Rockfire, David Price commented:
"Our strategy of systematic appraisal of each of our numerous
prospects has identified Native Bee as a high-priority exploration
target within the Kookaburra licence. Pegging the Kookaburra
tenement has proved to be a prudent, strategic move and is
providing Rockfire with material growth opportunity. It is
surprising that this prospect has been sitting dormant and
unexplored for over 25 years".
"Historical drilling at Native bee has intersected potentially
economic gold grades and widths close to surface. This fits nicely
with Rockfires deliberate strategy of accumulation of near-surface
gold resources within trucking distance of operational gold
processing facilities. Native Bee lies 29km from the operating
Pajingo Gold Mine processing facility".
"Rockfire will continue to appraise and rank each of its
prospects in conjunction with on-going ground fieldwork. The
Company intends to follow up these past significant results with
detailed geological and structural mapping. In addition to the
mapping, a gradient array IP geophysical and ground magnetic survey
will be scheduled for the 2019 field season. Geophysics is expected
to highlight the continuity of the sulphide-enriched zones at
depth, in order to pinpoint accurate targets for drilling."
A drilling and geochemical prospect map can be viewed at the
link below:
http://www.rns-pdf.londonstockexchange.com/rns/8166K_1-2018-12-18.pdf
Project Summary
The Native Bee prospect (on the Kookaburra licence), is located
approximately 6 miles northeast of Plateau (situated on the
Lighthouse licence). The prospect lies on a discrete 500m-wide
magnetic high anomaly. The prospect has been primarily explored by
Dalrymple Resources between 1988 - 1990. No significant exploration
has occurred since that time.
Forty-four (44) RAB and RC holes have been drilled to a maximum
vertical depth of 70m. This drilling returned best intervals of 8m
@ 2.18 g/t Au, including 3m @ 5.13 g/t Au from 26m vertical depth,
and 16m @ 2.14 g/t Au, from 35m vertical depth. Some of the best
gold grades come from a sheared and veined, altered diorite,
suggesting post-intrusion mineralisation. The Native Bee prospect
is potentially a significant hydrothermal system.
Additional work completed at Native Bee by Dalrymple prior to
1990 includes stream sediment sampling, soil sampling, a ground
magnetic survey and trenching. Additional work to follow up
encouraging results is warranted and Rockfire is planning to
commence work early in 2019.
Exploration potential
The exploration potential at Native Bee is considered to be very
high. The company is targeting a medium- to large-scale, near
surface gold resource.
High-temperature fluid pathways have been identified by
Rockfire's technical team. Using a statistical evaluation of
historical soil sampling data, this evaluation consisted of
transforming the soil elemental data into z-scores (sample assay,
minus the mean, divided by the standard deviation). The highest
z-score for each given sample is then recorded. As different
elements have differing temperatures of precipitation, this allows
an elemental heat map to be generated. The heat map identifies
previously unidentified exploration target zones. This heat map is
provided in the attached PDF link.
The prospect hosts multiple gossanous hydrothermal and
structural breccias, along with multiple mafic intrusions. Breccias
have been mapped over a one-kilometre square area at surface. Large
alteration zones have been recorded at surface and within the drill
holes. The extensive alteration consists of epidote, sericite,
carbonate, sulphide, clay, and silica flooding.
Other notable breccia/shear hosted systems in the Charters
Towers district are the Mt Leyshon gold deposit (3.2 M oz Au), and
the Mt Wright gold deposit (1.5 M oz Au). These mines are located
within 30 miles from Native bee.
Competent Person Statement:
Information in this announcement that relates to exploration
results is based on information compiled by Mr David Price, a
Director of Rockfire Resources plc, who is a Fellow of the
Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Price
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 under the AIM Rules - Note for Mining and Oil & Gas
Companies. Mr Price 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 Email: david@rockfireresources.com
David Price, Chief Executive Officer
Cenkos Securities plc Tel: +44 (0)131 220 6939
(Nominated Adviser & Joint Broker)
Derrick Lee / Beth McKiernan
First Equity Limited Tel: +44 (0)20 7374 2212
(Joint Broker)
Jason Robertson
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contact rns@lseg.com or visit www.rns.com.
END
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