Exploration Update

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

7 September 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 diamond drilling activities at the Plateau Gold Deposit ("Plateau") and progress on geophysical surveys planned for Copperhead and Copper Dome, all 100%-owned by Rockfire in North Queensland, Australia.

Highlights:

·    Five diamond drill holes have been completed to date, with the sixth hole expected to be completed within the coming weeks.

·    A variety of sulphides are observed in all the drill holes, with percentages varying from trace amounts to levels exceeding 40% of the rock.

·    Rocks being encountered at levels approaching 500 m vertical depth are strongly altered and strongly mineralised with sulphides within the breccia system.

·    Core samples from two diamond drill holes have been submitted to the laboratory, with assay results back from the first hole, being an extension of an existing reverse circulation ("RC") hole. Results for the remaining five drill holes are awaited and will be announced once they are received from the laboratory.

·    BPL028 was an RC hole drilled in January 2020 at the eastern extremity of the gold zone. This hole ended with 1.7 g/t Au in the very last sample at the bottom of the hole at 251 m depth. BPL028 has been extended deeper with a diamond tail and has encountered more broad, low grade gold mineralisation, including an additional 110.54 m @ 0.2 g/t Au (from 337 m) and including an interval of 47.62 m @ 0.3 g/t Au (from 367 m).

·    Individual narrow intervals in hole BPL028 peak at 3.43 g/t Au and 5.03 g/t Au at vertical depths of 263 m and 377 m respectively.  This hole indicates that the gold mineralising system remains active, open and prospective at depths approaching 400 m from surface.

·    Drill hole BPL028 also encountered elevated silver and zinc intervals, including:

§ 86.57m @ 5.5 g/t Ag (from 361.41 m) including 6.09 m @ 16.5 g/t Ag (from 388.66 m).

§ The peak silver value is 52.7 g/t Ag.

§ 196 m @ 0.50 % Zn (from 250 m), including 19.23 m @ 1.05 % Zn from 381.73.

§ The peak zinc value is 4.32 % Zn.

·    Drill hole BPL033 was designed primarily to provide confirmation of the dip of the rhyolite/andesite contact at depth and was drilled from south to north i.e. in the opposite direction to all other holes. The hole intersected several unexpected sulphide-rich shear zones, which are interpreted to be splaying off the main breccia complex. The hole also confirmed that our principle drilling direction from north to south is correct and valid.

·    Exploration work at our other projects continues simultaneously and quotes have now been received from the preferred contractor responsible for helicopter-supported magnetic surveys currently being planned for the Company's two porphyry copper projects, Copperhead and Copper Dome. These surveys are scheduled to commence in the coming months.

A detailed photo of some of the sulphides being intersected in core is provided in the following link. This photo is from hole BPL040 at a depth of 624.60 m. Assay results are awaited. 

http://www.rns-pdf.londonstockexchange.com/rns/2423Y_1-2020-9-7.pdf

David Price, Chief Executive Officer of Rockfire commented:

"Our Phase 2 drilling programme at Plateau is progressing well and a lot of new information is being collected with each drill hole. Interestingly, each drill hole has intersected very different styles of sulphide mineralisation; some dominated by pyrite, others dominated by sphalerite (zinc) and pyrrhotite (a magnetic sulphide) and some containing a mix of various sulphides."

"Our first diamond drill hole, BPL028, was an opportunity to extend an RC hole which finished at
251 m in elevated gold mineralisation (1.7 g/t Au). The extension intersected further broad, low-grade gold and elevated silver and zinc. Individual narrow intervals of higher-grade gold (5.03 g/t Au) were encountered at depth. The hole is strongly altered and strongly mineralised by sulphides, indicating that the system remains highly active at depths of around 400 m below surface. This hole has expanded the low-grade mineralised envelope and provided encouragement that higher grades (above 5.0g/t Au), although narrow, are still being encountered at depth."

"Our initial schedule of six holes within our Phase 2 drilling programme is nearing completion. The drilling rig is expected to be released upon completion of Phase 2, allowing time for detailed data collection, return of assay results and modelling to assist planning for Phase 3 drilling. Phase 3 is expected to test down to 750 m vertical depth, assuming success from the Phase 2 programme."

"Rockfire is also preparing for a helicopter-supported aeromagnetic survey over both the Copperhead and Copper Dome porphyry copper projects. At this point in time, the geophysical contractor is anticipating a start to our surveys in the coming months."

"The Company is awaiting the results from our current Phase 2 diamond drilling and we look forward to updating the market as our results are received."

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

Qualified Person Statement:

 Information in this announcement that relates to exploration results is based on information compiled by Mr Edward Fry, the Exploration Manager of Rockfire Resources plc, who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Fry 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 a "Qualified Person" in accordance with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr Fry consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.