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Rockfire Resources continues to make progress across Australian exploration portfolio

Last updated: 08:20 18 Jul 2018 EDT, First published: 04:20 25 Jan 2018 EST

Gold bars
Rockfire has significant exposure to gold exploration

Rockfire Resources (LON:ROCK) has three significant exploration areas in Australia, Lighthouse, Marengo, and Copperhead. Lighthouse and Marengo are prospective for gold. Marengo is prospective for copper. 

Most recently, Rockfire has identified a new gold target at Marengo, taking the total to three. 

"Our fieldwork is encouraging management to fast-track drilling," said Rockfire chief David Price. 

Large copper target at Copperhead

A recent review of earlier work at Copperhead has revealed that total copper contained in the ground could be 56,000 tonnes.

This review includes an assessment by the US geological survey which is a significant endorsement given that the estimate is based on data that predates the JORC reporting methodology. 

Strong results from Plateau

Earlier in the year, Rockfire's first drilling at the Plateau prospect in Australia reinforced its view that the prospect is geologically similar to the nearby Mt Wright gold mine.

Plateau is in the vicinity of a number of major gold deposits such as Mt Leyshon, Pajingo, Mt Wright and Ravenswood, said David Price, chief executive, and it is seeing similar geological, geochemical and geophysical characteristics to those operations.

"The consistently wide intervals of multi-element mineralisation being encountered at Plateau indicate another breccia complex similar to the 1.5mln ounce Mt Wright mine may exist at Plateau," he said in January. 

Price added that the drill results had returned wide zones of mineralisation.

“The gold results including 22m at 1.9g/t Au are very exciting, as are the broad elevated intervals of other elements."

Notable grades of silver, zinc and copper were all recorded.

“We believe we are starting to see early signs of a significant project," said Price.

READ: Papua Mining selects Queensland as place to rebuild with BGM buy

He added that it was important to note the main lode mineralisation at Mt Wright was not intersected until 160m below the surface and extended down to 1,200m below the surface.

The deepest hole in Papua’s drill programme only went down to 250m.

Next steps will be the acquisition of available geophysical data, more geological modelling and mapping, sampling and structural analysis.

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