27th Jan 2020 11:52
(Alliance News) - Rockfire Resources PLC said Monday it has intersected "broad" sulphide intervals at its wholly-owned Plateau gold deposit in north Queensland.
Shares in the gold and base-metal focused explorer were trading 9.8% higher in London at 1.18 pence each on Monday.
The company said it has completed reverse circulation drilling with a total program of 1,155 meters of drilling in six drill holes.
All drill holes encountered broad intervals of sulphides, including a zone of strong sulphides of up to 50%, encountered in one hole at a downhole depth of 84 meters, the company noted.
Although the drill program was expected to take approximately 15 days, it was completed ahead of schedule and within budget due to good drilling and ground conditions, Rockfire resources said.
David Price, chief executive officer, said: "It's encouraging to see sulphides once again being encountered over broad intervals. Although sulphide occurrence does not necessarily translate into gold occurrence, it is an encouraging sign for gold mineralisation."
"Drill samples will be delivered to the laboratory this coming week and the company will inform the market as results arrive back," Price said.
By Loreta Juodagalvyte; [email protected]
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