Drilling intersects bonanza gold at Double Event

This announcement contains inside information

 

19 November 2018

Rockfire Resources plc

("Rockfire" or "the Company")

Drilling intersects bonanza gold at Double Event

Rockfire Resources (LON: ROCK), is delighted to inform shareholders that its recent drilling at the Double Event Prospect in Queensland has intersected bonanza grade gold up to 26.90 g/t Au. This drilling has defined a further 300m of mineralised strike at Double Event, which forms part of the Lighthouse tenement and opened up the Kookaburra Licence, which is now known to host potentially economic gold grades near surface.

 

Highlights:

·      Gold was intersected in all but one hole, with the exceptional hole being terminated after drilling into an historical mining shaft at 18m depth;

 

·      Three holes containing gold were drilled over the Lighthouse boundary, inside the Kookaburra Licence, which results in a mineralised strike length exceeding 4.5km;

 

·      5m @ 6.39 g/t Au (from 27m), including 3m @ 10.04 g/t Au, and including 1m @ 26.90 g/t Au;

 

·      3m @ 2.94 g/t Au (from 15m);

 

·      3m @ 1.87g/t Au (from 31m);

 

·      2m @ 3.17g/t Au (from 13m);

 

·      4m @ 1.81 g/t Au (from 16m);

 

·      2m @ 1.47 g/t Au (from 21m);

 

·      The average vertical depth to gold intersection is 18m from surface;

 

·      The grades and widths encountered, signal real potential for the discovery of open pit resources.

 

 

Chief Executive Officer of Rockfire Resources, David Price commented:

"We are thrilled with these results, which starts to demonstrate the potential of the Double Event vein system. Having now drilled over the boundary into the Kookaburra licence, this opens up enormous potential within this tenement, which was only recently pegged by Rockfire. The Kookaburra licence has an additional 1.5km of the same vein system length to explore further to the west."

"The most exciting aspect of this drilling, (aside from the high grade, near-surface gold), is discovering that this vein system is now over 4.5km in length, with two sections of 400m each now having been demonstrated to contain potentially economic grades and potentially mineable widths".

"In 1987, Battle Mountain drilled 7 holes in the area recently drilled by Rockfire. These holes were disappointing, with only 29% of holes intersecting gold. Following detailed surface mapping, high-resolution ground magnetics and rock chip sampling by the Rockfire team, it was considered that the holes drilled in 1987 were drilled too far to the south and failed to adequately test the vein system. By siting the holes further to the north, and obtaining such pleasing gold intercepts, our geologists have demonstrated that meticulous, quality, geological mapping and conceptual thinking will find orebodies".

 

Discussion of Drilling Results

Lighthouse lies within one of the most productive structural corridors on the east coast of Australia, hosting Pajingo (2.4Moz gold), Mt Leyshon (4Moz gold, 2.3Moz silver), Ravenswood (+4Moz gold) and Charters Towers (+7Moz gold). Rockfire is targeting another Mt Leyshon-style and size of deposit. Two operating CIP (carbon-in-pulp) gold processing plants are located within 50km of Double Event.

Reverse Circulation drilling undertaken in November 2018 on Rockfire's 100%-owned Lighthouse tenement has returned intercepts of gold mineralisation at the Double Event Prospect, within the Lighthouse and Kookaburra tenements in North Queensland. Results from all 12 holes drilled have now been received from the laboratory.

Assay results above 0.1g/t Au for 12 holes drilled at Double Event in November 2018

Hole	Sample	From	To m	Interval	Gold
Number	Number	(m)	(m)	(m)	(g/t)
BDE015	BDERC313	31.00	32.00	1.00	2.18
BDE015	BDERC384	102.00	103.00	1.00	0.17
BDE016	BDERC414	13.00	14.00	1.00	5.71
BDE016	BDERC415	14.00	15.00	1.00	0.62
BDE017	BDERC454	14.00	15.00	1.00	0.24
BDE017	BDERC456	16.00	17.00	1.00	3.54
BDE017	BDERC457	17.00	18.00	1.00	0.92
BDE017	BDERC458	18.00	19.00	1.00	0.11
BDE017	BDERC459	19.00	20.00	1.00	0.14
BDE018	BDERC506	26.00	27.00	1.00	0.10
BDE019	BDERC565	15.00	16.00	1.00	5.34
BDE019	BDERC566	16.00	17.00	1.00	2.01
BDE019	BDERC567	17.00	18.00	1.00	1.46
BDE020	BDERC619	29.00	30.00	1.00	0.82
BDE020	BDERC620	30.00	31.00	1.00	1.23
BDE020	BDERC621	31.00	32.00	1.00	0.60
BDE020	BDERC622	32.00	33.00	1.00	0.11
BDE021	SHAFT	18.00	18.00	0.00	SHAFT
BDE022	BDERC684	32.00	34.00	2.00	0.31
BDE023	BDERC731	27.00	28.00	1.00	1.30
BDE023	BDERC732	28.00	29.00	1.00	26.90
BDE023	BDERC733	29.00	30.00	1.00	1.93
BDE023	BDERC734	30.00	31.00	1.00	0.51
BDE023	BDERC735	31.00	32.00	1.00	1.30
BDE024	BDERC772	16.00	17.00	1.00	0.31
BDE024	BDERC774	18.00	19.00	1.00	1.47
BDE024	BDERC775	19.00	20.00	1.00	0.36
BDE024	BDERC776	20.00	21.00	1.00	1.75
BDE024	BDERC777	21.00	22.00	1.00	0.15
BDE025	BDERC827	31.00	32.00	1.00	5.09
BDE025	BDERC828	32.00	33.00	1.00	0.21
BDE025	BDERC829	33.00	34.00	1.00	0.31
BDE026	BDERC869	21.00	22.00	1.00	2.54
BDE026	BDERC870	22.00	23.00	1.00	0.39

 

Drilling was designed to test the western extension of near-surface, parallel, east-west shear zones, where numerous historical workings have been recorded. The western extension of Double Event was thought to continue to the west and over the boundary of the Lighthouse tenement onto the Kookaburra tenement. Rockfire applied for and was recently granted the Kookaburra licence, which has proved to be a strategic and important accumulation of ground. Gold extensions remain open in both directions east and west, as well as open and untested at depth.

Gold on both tenements is typically hosted by sulphide-rich quartz veins, with sulphides including arsenopyrite, pyrite, galena (Lead), and sphalerite (Zinc). Below is a link to a pdf image which shows the drill hole locations, as well as the results for gold analysis.

 

http://www.rns-pdf.londonstockexchange.com/rns/7328H_1-2018-11-19.pdf

 

RC Drilling at Double Event Prospect, Lighthouse and Kookaburra tenements, November 2018.

Hole ID	EAST	NORTH	RL (m)	Depth (m)	Azi Mag	Dip ⁰
BDE015	442501	7757818	377	118	10	-70
BDE016	440842	7758004	355	39	10	-55
BDE017	440880	7757995	357	40	10	-55
BDE018	440923	7757990	359	70	10	-55
BDE019	440965	7757998	361	40	10	-55
BDE020	441001	7757979	362	40	30	-55
BDE021	441043	7757977	361	22	10	-55
BDE022	441041	7757974	361	52	10	-70
BDE023	441058	7757971	360	52	10	-70
BDE024	441081	7757966	360	40	10	-55
BDE025	441080	7757964	361	52	10	-70
BDE026	441123	7757953	353	40	10	-55

 

What to expect next:

These drilling results provide Rockfire with a high degree of confidence to commit to additional work. Plans for on-going exploration are being formulated, which will be designed to further define the extent of the bonanza-grade gold.

The area between the recent drilling and the eastern zone drilling completed in June 2018 by Rockfire is less well-defined by old workings and high grade rock samples. Ground magnetics suggests substantial faulting in this central zone of alteration. Rockfire will undertake soil sampling, an XRF survey and geological and structural mapping to define drilling targets.

West of the recent drilling and inside the Kookaburra licence will be subjected to similar, rigorous, ground-based exploration to define specific and accurate drilling targets. Old workings occur within the Kookaburra licence, as do very high grade rock chip samples up to 1 oz/t gold. Mapping, geophysics and XRF surveys will be completed on the Kookaburra licence prior to any futher drilling. This preparatory work will provide confidence in siting drill holes and target depths for future drilling. The Company will provide additional updates to the market regarding our extensive project portfolio.

 

Competent Person Statement:

Information in this announcement that relates to exploration results is based on information compiled by Mr David Price, a Director of Rockfire Resources plc, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Price 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 under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr Price consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

In quoting exploration targets, the potential quantity and grade is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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

Rockfire Resources plc
Chief Executive Officer
David Price	[email protected]
Cenkos Securities plc
(Nominated Advisor and Joint Broker)
Derrick Lee/Beth McKiernan	+44 (0) 41312206939
First Equity Limited
(Joint Broker)
Jason Robertson	+44 (0) 20 7374 2212