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Rockfire Resources says third gold target identified at Marengo exploration project in Queensland

Published: 04:13 18 Jul 2018 EDT

Gold mine
Rockfire said geological mapping and rock chip sampling is in progress at Marengo, with drilling of geophysical targets to be "fast-tracked"

Rockfire Resources PLC (LON:ROCK), has revealed that a third gold target has been identified at its Marengo exploration project in Queensland, Australia.

The AIM-listed group – formerly known as Papua Mining - said the third target, "Mt Marengo", looks to be similar to One Mile Mountain already identified at Marengo.

READ: Rockfire Resources shares jump as it unveils historical estimate for Copperhead project

The firm said geological mapping and rock chip sampling is in progress at Marengo, with drilling of geophysical targets to be "fast-tracked".

It also pointed out that structural mapping at Double Event is underway, and additional high-resolution, drone-hosted aerial photography has been completed at Double Event and Marengo.

Rockfire said its new chairman, Gordon Hart is on site to ensure all staff are fully familiar with site operational methodologies, technical due diligence and quality control procedures which the company has established.

David Price, Rockfire’s chief executive officer commented: "Our exploration field activities are in full swing and our teams are busy on a number of fronts. Rock sampling, geological mapping and aerial photography are all adding to our understanding of both Double Event and Marengo.

“Based on recent field observations, multiple, quality targets are evident at Marengo, with a third target being identified approximately 3.5 kms to the northeast of One Mile Mountain.”

The CEO concluded: “Our field work is encouraging management to fast-track drilling at Marengo to test high-quality geophysical targets as early as possible."

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