Drilling expands gold system at Plateau

06 October 2020

Rockfire Resources plc

("Rockfire" or the "Company")

Drilling continues to expand gold system at Plateau

Rockfire Resources plc (LON: ROCK) the gold and base metal exploration company, is pleased to provide an update on diamond drilling activities, including a second drill hole which has returned a very long interval of gold, including high-grade gold values, at the 100%-owned Plateau gold deposit ("Plateau") in North Queensland, Australia.

Highlights:

·    Results from the second drill hole of a series of six holes have now been received. Hole BPL038 has returned the largest gold intersection so far at Plateau, with mineralisation over the entire sampled interval of 341.3 m @ 0.2 g/t Au (68.26 grams x metre interval).

·    Every hole drilled so far at Plateau has intersected varying grades of gold mineralisation, and often over vast intervals. The extent of the mineralisation is particularly pleasing for the Company and provides further evidence that the Plateau gold deposit is an exceptionally large mineralised system.

·    Intervals of high-grade gold are being intersected in hole BPL038, including 0.7m @ 10.8 g/t Au at 341.3m. This indicates that the geochemical setting remains favourable for the discovery of a high-grade gold source.

·    8.0 m @ 1.7 g/t Au has been encountered at 322.6 m vertical depth and 25.02 m @ 0.65 g/t Au from 333.98 m.

·    Hole BPL038 did not penetrate to the planned depth of 500m below surface owing to a change in dip angle of the main brecciated contact. At the location of hole BPL038, the 400 m - 500 m targeted level remains untested.

·    The rocks are strongly altered and strongly mineralised with sulphides, confirming the extent of the mineralising system and providing continued encouragement for a high-grade component to the breccia system still to be discovered, either at depth or laterally.

·    Drill hole BPL038 also encountered elevated silver and zinc intervals. Importantly, silver and zinc are typically located in the outer halo surrounding the central core of mineralisation.

§ A peak silver value of 24.7 g/t Ag (at 389.44 m).

§ A peak zinc value of 2.38 % Zn (at 341.00 m).

·    Additional mineralised zones within hole BPL038 include:

§ 9 m @ 0.5 g/t Au (from 52 m)

§ 17 m @ 0.7 g/t Au (from 135 m)

§ 67.32 m @ 0.3 g/t Au (from 303.26 m)

·    Core samples from our remaining exploration drilling have now been delivered to the laboratory. A total of six diamond drill holes have been drilled, including two holes to a depth of 502.10 m and 655.20 m depth. Results for these four remaining drill holes are awaited.

A long section showing the intersection pierce points of each hole is provided via the following link.

http://www.rns-pdf.londonstockexchange.com/rns/2108B_1-2020-10-6.pdf

David Price, Chief Executive Officer of Rockfire commented:

"The very long intervals of gold mineralisation, the abundance of sulphides, higher-grade gold intervals and the very strong alteration continue to encourage our team and indicate potential for a high-grade gold source still to be discovered."

"Large gold deposits are seldom found in the first few rounds of drilling. It pleases me to see such long intervals of gold still being encountered within this large mineralising system, and management therefore remains confident of intersecting a high-grade source."

"These encouraging results demonstrate that higher grade gold is being encountered at levels around 350m from surface. Owing to a change in the dip of the breccia contact from almost vertical, to a moderate-steep dip to the north, the anticipated target depth of 400m - 500m depth, as determined by the Mt Wright model, remains untested at the location of BPL038."

"We now have all of the samples from the remaining four drill holes submitted to the laboratory and I look forward to updating the market of the results as they are received."

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

Drill hole Summary Table

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.