Rockfire Resources - Exploration Update

2 December 2020

Rockfire Resources plc

("Rockfire" or the "Company")

Exploration Update

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to provide an update on field and related exploration activity for its portfolio of 100%-owned exploration projects in North Queensland, Australia.

Highlights:

·    Geological and mineralisation modelling is in progress to update the JORC resource at the Plateau gold deposit ("Plateau"), within the Lighthouse tenement. This process will define resources for the broad, low-grade halo to the system, as well as the higher-grade gold component identified in drilling. Resources will be estimated for both the East Breccia and the Central Breccia, separated by 135 m, which is vastly under-explored. In 2019, Rockfire estimated a maiden JORC resource of 1,147,330 t @ 1.10 g/t Au for a total of 40,400 ounces of gold at Plateau.   It is expected that the resource update will be released in the New Year and prior to the end of February 2021.

·    Structural and geological data obtained from diamond drilling between July and October 2020 at Plateau has been digitised, collated, and incorporated into the geological and mineralisation database, and provided to Rockfire's structural consultants. The Company's consultants will model Plateau using fluid pathways, including faults, shears and veins measured in drill core to preferentially align drilling assay results. Rockfire is targeting the main source of large-tonnage, low-grade gold drilled so far at Plateau.

·    A gravity survey at Plateau, which was scheduled for the 2020 calendar year will now be undertaken in 2021, due to the unavailability of contractor equipment.

·    A detailed soil sampling programme comprising 212 soil samples has been completed at Bell Rock gold prospect (formerly Cardigan Dam"), also within the Lighthouse tenement. Soil sampling, completed by Rockfire in May 2019, returned strong gold-in-soil assays up to 205 ppb Au (0.2 g/t Au) and rock samples, collected in May 2020, returned gold results up to 23.4 g/t Au.  The soil sampling completed in 2020 has extended soil sampling north of the 2019 soil programme. Assay results are awaited and should be available before the end of January 2021.

·    Detailed soil sampling has also been completed over the northern half of the Jeddah gold prospect ("Jeddah"), also within the Lighthouse tenement. A total of 210 samples have been collected so far. Jeddah lies 2 km southwest of Plateau and continuous rock samples, collected by Rockfire in May 2018, returned 10 m @ 1.68 g/t Au, 8 m @ 1.23 g/t Au and 5 m @ 1.35 g/t Au. Samples will soon be delivered to the laboratory and assay results are awaited. Results are expected prior to the end of January 2021.

·    Our planned helicopter-supported aeromagnetic survey is now underway at the Copperhead porphyry copper deposit ("Copperhead"). Copperhead has a 2 km x 3 km copper-in-soil anomaly, providing a very large tonnage target. There is an historical (non-JORC) mineral content estimate calculated from drilling in 1972 of 87,500 tonnes of copper. The survey currently being flown will aid in defining structural orientations, which is expected to highlight preferential fluid pathways for higher-grade copper. The outcomes from this survey, expected before the end of December 2020, will provide an optimum drilling direction for planned diamond drilling in 2021.

·    The Company is planning to seek expressions of interest from parties to establish a Farm-In and Joint Venture for the Marengo Project ("Marengo"). Marengo remains prospective, however, Rockfire management wishes to focus financial and human resources on Lighthouse, Copperhead and Copper Dome. Rockfire will seek to advance Marengo by bringing in a capable partner to explore on behalf of Rockfire.

An image showing the relative location of the two breccias at Plateau can be viewed via the following link. http://www.rns-pdf.londonstockexchange.com/rns/2796H_1-2020-12-2.pdf

David Price, Chief Executive Officer of Rockfire, commented:

"The Company remains strongly focused on organic exploration success and, as usual, Rockfire is extremely busy with its exploration efforts, with a large amount of on-going work across our various projects.

"Our programmes to advance Plateau and our regional prospects are underway and proceeding well. It is pleasing to have such high-quality exploration data available to us which was obtained from our diamond drilling at Plateau. This data will be used as the input to our resource update, as well as being used by our structural consultants to direct future drilling towards the higher grades of gold.

"Our resource modelling is well underway, which will result in an update of the JORC resources at Plateau. This work is also expected to identify areas requiring infill and step-out drilling for further resource expansion.

"While the Company's focus remains heavily on the advancement of Plateau, as previously outlined, we intend to continue to further progress our other assets in North Queensland simultaneously. These programmes will continue through to early next year and we look forward to updating the market of our developments in due course." 

For further information on the Company, please visit www.rockfireresources.com or contact the following: