TIDMROCK
RNS Number : 6553K
Rockfire Resources PLC
06 January 2021
06 January 2021
Rockfire Resources plc
("Rockfire" or the "Company")
Magnetics doubles copper target at Copperhead
Rockfire Resources plc (LON: ROCK), the gold and base metal
exploration company, is pleased to announce that the Company's
recent helicopter geophysical survey has doubled the footprint of
potential copper mineralisation at its 100%-owned Copperhead
porphyry project in North Queensland, Australia ("Copperhead").
Highlights:
-- A helicopter magnetic survey completed in December 2020 has
doubled the copper target area at Copperhead.
-- The copper target is now defined by a minimum area of 5 km east-west x 3 km north-south.
-- Faults and fractures are clearly defined and correlate well
with known copper mineralisation already discovered in streams,
soils, and drilling completed by Carpentaria Exploration in
1972.
-- The drilling in 1972 tested an area less than 0.6% of the expanded target area.
-- The Copperhead target remains open in all directions.
-- The price of copper has increased substantially from US$4,617
per tonne in March 2020 to US$7,964 per tonne in December 2020; an
increase of 72.5% in the last 9 months.
-- Planned work at Copperhead over the next six months includes
detailed prospect-scale mapping and soil/rock sampling within the
expanded target area, with subsequent drilling.
An image showing the magnetic signature and the increased target
area can be viewed via the following link.
http://www.rns-pdf.londonstockexchange.com/rns/6553K_1-2021-1-5.pdf
David Price, Chief Executive Officer of Rockfire, commented:
"The result of the magnetic survey is a very exciting
development for Copperhead. Rockfire's determination to identify
large mineral deposits is starting to bear fruit and a doubling of
the Copperhead footprint is an exceptional outcome from our
exploration efforts.
Only a tiny portion of the geochemical and geophysical anomalism
has been tested by drilling, and results from that drilling are
extremely encouraging. Visible copper minerals were observed
throughout the drill holes; two of which were 300 m long.
Copperhead is increasingly becoming a high-value project for
Rockfire and more work is therefore planned to advance the project.
This geophysical survey has highlighted additional, large-scale
targets, defined fault patterns, and identified a preferential
direction for future drilling. In summary, this programme has
achieved much more than we anticipated and has been very rewarding
for the Company.
We will continue to inform the market of our progress on all
activities, including on-going work to update gold resources at our
nearby Plateau Gold Deposit, also in Queensland ."
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 / Asha Chotai (Corporate
Finance)
Matt Butlin / Guy McDougall (Equity
Sales)
Yellow Jersey rockfire@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004
9512
About the Copperhead porphyry copper project
Copperhead is an under-explored porphyry deposit, which has the
potential to become a large-scale, porphyry Cu-Mo-Ag deposit. Five
diamond drill holes were drilled at Copperhead in 1972 by
Carpentaria Exploration (later to become Mount Isa Mines
Exploration) to a maximum depth of 300 m.
Each of the five holes encountered visible chalcopyrite and
molybdenite mineralisation along much of their lengths. Two of
these holes are 300m long, indicating a very large mineralised
system. Only a tiny portion (about 0.6%) of a large surface
geophysical anomaly has been drilled and copper mineralisation
remains open in all directions.
Under its historical name of "Julivon Creek", Copperhead is
included in the "Global Mineral Resource Assessment" published by
the United States Geological Survey (USGS) in its "Porphyry Copper
Assessment of Eastern Australia" Technical Paper dated 2014. This
paper quotes that fracturing at Copperhead is locally strong. The
major sulphide minerals are pyrite and chalcopyrite, with minor
molybdenite. Phyllic and propylitic alteration products are common,
but potassic alteration products are rare. This suggests that the
main parts of the system have yet to be encountered.
Copperhead has a pre-JORC, historical mineral content estimate,
which was calculated in 1972 by Carpentaria Exploration. This
estimate is based on sporadic sampling of core, with a single metre
sample collected every 30 m downhole. Of 1,003 m drilled, only 61
individual metre-wide samples were collected and assayed at the
time.
Subsequent sampling of the Carpentaria core by Costain Australia
took place in 1988. An additional 31 samples were collected and the
weighted average grade of combined drilling assays from both
sampling campaigns increased.
Rockfire is aiming to define a large-tonnage copper deposit.
Porphyry copper deposits globally typically demonstrate the
following characteristics, which are also being observed at
Copperhead:
-- Kilometre-scale geochemical footprint and geophysical signature
-- Grade ranging from 0.35 % Cu (Genoveva, Chile) to 1.39 % Cu (Grasberg, Indonesia)
-- Strongly influenced by faulting and fracturing
-- Associated with other elements (silver and molybdenum in the case of Copperhead)
-- Lengthy intervals of visible copper minerals in drill core
-- Well-developed alteration assemblages
-- Sheeted "D-veins" (late-stage, sheeted, mineralised, quartz-sulphide veins)
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