2nd Sep 2019 12:55
(Alliance News) - Rockfire Resources PLC on Monday reported that it widened its first half loss following a rise in administrative costs.
In the six months to June 30, the group posted a pretax loss of GBP290,021, solely attributed to administrative expenses rising slightly due to increased personnel and exploration costs.
During the interim period, the exploration company acquired the Copper Dome Porphyry Copper Deposit in Queensland, Australia from Symbolic Resources Ltd for AUD80,000, roughly GBP44,450.
The company also highlighted that soil and rock sampling conducted on the Double Event prospect, also in Queensland, returned strong gold anomalism. Double Event is part of the Lighthouse Project which received an inferred resource estimate of 1.3 million tonnes at 1.2 grams of gold per tonne of ore for 51,000 ounces in July.
The company withdrew from all exploration activity in Papua New Guinea following a decision from the Minister of Mining to not renew Rockfire's licence for the Nakru project. The company is now solely focused on its copper and gold projects in Australia.
Shares in Rockfire were 8.2% lower at 0.50 pence each in London on Monday afternoon.
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