Rockfire Resources - Update on Papua New Guinea Prospects
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
("ROCK", "Rockfire" or "the Company")
Update on Papua New Guinea Prospects
Chief Executive Officer of Rockfire,
"Over the years, considerable work has been done at Mt. Visi, including 776 metres of diamond drilling in five holes. With best results being 71m @ 0.04% Cu, the Company considers the on-going costs of further exploration in difficult, rugged terrain to be well outside Rockfire's risk/reward profile at this stage of its growth."
"In line with our well-established strategy, Rockfire will continue to appraise and rank each of its prospects using the best available data. Rockfire's exploration decisions will continue to be results-driven and we look forward to updating investors in the near future on our progress as we seek to build on the exploration success of 2018."
The Mt. Visi prospect consists of two exploration licences (EL2051 and EL2322) on the island of New Britain. Between
The highest-grade copper and gold encountered at Mt. Visi in drilling was an interval of 71m analysed in hole V22DDH004 between 49m and 120m downhole, with the total intercept averaging 0.038% Cu and 0.04g/t Au.
Having drilled 5 diamond holes and considering the associated considerable expense, the Directors believe that results of this magnitude do not warrant additional expenditure. Given the extreme terrain, the lack of economic results and the anticipated high cost of on-going exploration, the Rockfire Directors have decided that the two Mt. Visi licences should be relinquished with immediate effect.
For further information on the Company, please visit www.rockfireresources.com or contact the following:
Email: [email protected]
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Tel: +44 (0) 20 3328 5656
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Tel: +44 (0)20 7374 2212
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This information is provided by RNS, the news service of the
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