Drilling confirms gold beyond 600 m at Plateau

5 November 2020

Rockfire Resources plc

("Rockfire" or the "Company")

Drilling confirms gold beyond 600 m at Plateau

Rockfire Resources plc (LON: ROCK) the gold and base metal exploration company, is pleased to announce the results of four additional diamond drill holes from the July to September 2020 drilling campaign at the 100%-owned Plateau gold deposit ("Plateau") in North Queensland, Australia.

A cross section showing the drilled gold mineralisation extending at depth is provided via the following link.

http://www.rns-pdf.londonstockexchange.com/rns/2969E_1-2020-11-4.pdf

Highlights:

·    Gold continues to be intersected in each hole at Plateau, including, for the first time, below 600 m from surface. Higher-grade gold hits (+5 g/t Au) are being encountered more regularly and more frequent intervals of +1.0 g/t gold are being drilled below 400 m depth.

·    A high-grade gold interval of 0.74 m @ 16.9 g/t Au (half an ounce per tonne) has been intersected in diamond hole BPL026, lying within a strong zone of 4.5 m @ 3.0 g/t Au at
380.26 m. This interval lies to the south and outside of the initial gold target zone. BPL026 also extended gold mineralisation in the previously reported BPL026 pre-collar to a total mineralised zone of 162.92 m @ 0.2 g/t Au.

·    Hole BPL041 has returned the highest-grade silver ever recorded at Plateau, with an interval of 18.86 m @ 29.7 g/t Ag (1.0 ounce/tonne), including 1.26 m @ 408 g/t silver (13.1 ounces/tonne) from 67.74 m.

·    Hole BPL041 has returned an excellent gold interval of 17.0 m @ 1.2 g/t Au, including a high-grade hit of 1 m @ 9.2 g/t Au at 409.0 m below surface. This interval is hosted within a very broad gold zone of 142.63 m @ 0.3 g/t Au from 269.00 m depth.

·    Hole BPL033 was drilled in the opposite direction to all other holes (from south to north), to confirm the dip of the mineralised contact and was not expected to return any gold values. This hole did, however, intersect 0.52 m @ 3.5 g/t Au at 542.13 m depth. This is within a wider interval of 6.45 m @ 0.5 g/t Au, which is interpreted to be splaying off the main gold zone at depth. Such intersections potentially add further ounces to the global JORC resource at Plateau.

·    Hole BPL033 also intersected high-grade silver, with an interval of 5.39 m @ 31.02 g/t Ag, including 1.35 m @ 70.9 g/t Ag (2.3 ounces/tonne).

·    For the first time at Plateau, drilling has returned an elevated copper interval of 7.98 m @ 0.25 % Cu, 18 g/t Ag, and 0.3 g/t Au in hole BPL040 from 622 m depth. Hole BPL040 is the deepest hole drilled by Rockfire.

·    Hole BPL040 also intersected high-grade silver, with an interval of 2.98 m @ 35.2 g/t Ag.

·    Hole BPL040 has returned multiple gold intervals, including 3.03 m @ 1.2 g/t Au, intersected more than 600 m below surface. Additional individual intervals include 0.62 m @ 2.25 g/t Au, from 629.36 m and 0.41 m @ 2.50 g/t Au from 639.25 m deep. These intervals are located within a zone of 44.44 m @ 0.2 g/t Au from 609.00 m deep. A second mineralised zone higher in the hole returned 38.00 m @ 0.2 g/t Au from 465.00 m depth.

·    The +2.0 g/t Au drilled at these depths and the multiple intervals provide evidence that the mineralising system remains active and the main source of the gold is yet to be discovered. The presence of very high-grade silver and the appearance of copper are promising changes, indicative of the main source being at depth.

·    The mineralogy indicates that Plateau has been subjected to multiple mineralising pulses, which is considered an essential ingredient for most high-grade gold deposits. The ratios of various minerals highlight important pathways towards more gold mineralisation being identified. The drilling at Plateau has not yet intersected the main zone and is all within the margins of the gold system. Strong potential remains for high-grade gold to be encountered with further drilling.

·    Next steps at Plateau will include:

§ Investigation of the high-grade gold which lies outside our initial gold target area, thereby broadening the scope and economic potential of Plateau

§ Development of the new mineralisation model as input to a JORC resource update

§ A gravity survey to determine potential for deep-seated anomalies.

·    Over the coming months, work will also continue at the Company's Jeddah, Bell Rock, Copperhead and Rollston River prospects - all in North Queensland.

David Price, Chief Executive Officer of Rockfire, commented:

"As more holes are drilled at Plateau, it is very pleasing to see more frequent intervals of stronger grades (+1.0 g/t Au) being intersected and more occurrences of high grade gold (+5.0 g/t Au) being encountered. The interval of 4.5 m @ 3.0 g/t Au at 380 m depth, which lies outside our target zone, indicates the potential for additional targets at depth and will be followed up with drilling.

"An intercept of 2.5 g/t Au at 639 m in hole BPL040 is also very encouraging as it demonstrates, for the first time, that the gold system remains active and mineralised with gold at depths beyond 600m from surface. Higher grades, up to 16.9 g/t Au, are being intersected west of the position of this hole, indicative of the variability of gold grades in these systems. More drilling is required to drill out the higher grades at these depths. To assist this drilling, a gravity survey is being planned to provide additional information about the underlying source of gold and is a comparatively inexpensive means of determining potential vectors towards a main source.

"This drilling programme has only strengthened our belief in the potential of the deposit we are exploring. The Company is excited in our pursuit as we better understand this mineralised system. Accordingly, an expanded mineralisation model will be developed to feed into an updated JORC resource at Plateau, which will incorporate drilling from the last three campaigns.

"While the Company's focus remains heavily on the progression of Plateau, the Board remains motivated to advance its other assets and, as such, is scheduling work at Jeddah (gold), Bell Rock (gold), Copperhead (copper) and Rollston River (zinc). Our on-going work programme will advance each of our prospects within our expansive portfolio; all in North Queensland. We look forward to providing regular updates from Plateau and our wider portfolio over the coming months."

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.