12th Dec 2019 14:26
(Alliance News) - Rockfire Resources PLC said Thursday the recent drilling results from its 100%-owned Plateau gold deposit in Queensland, Australia are "pleasing"
Rockfire intercepted "another excellent" interval at the project, and said the new mineralised zone forms part of the "large" gold system encountered in BPL025.
At hole BPL015, Rockfire intercepted 7 metres at 2.3 grammes per tonne gold within a broader interval of 12 metres at 1.3 grammes per tonne gold. From surface, the result was 29 metres at 0.63 grammes per tonne. The new assay result also included an intercept of 1 metres at 7.8 grammes per tonne gold at BPL015.
BPL016 returned a "similarly pleasing" 5 metres at 1.3 grammes per tonne gold from 14 metres depth.
"It is extremely pleasing to have four holes drilled into a new target, with all four holes returning potentially economic gold grades and potentially mineable widths, so close to surface," said Chief Executive David Price.
The company believes these new holes confirm the total mineralised length of the discovery at the Central Breccia to over 150 metres, with gold mineralisation open in all directions.
Price continued: "These results build on the recently discovered Central Breccia zone, which was identified by the Rockfire exploration team during mapping and sampling. The results from these holes demonstrate the strength of the near surface gold mineralisation, which is still open in all directions. The Central Breccia is a priority target for further exploration."
Rockfire noted these results are not included in its resource estimate of 41,000 ounces of gold.
"These holes are interpreted to represent the near-surface expression of what we believe to be a large gold system encountered at depth in hole BPL025. Importantly, the four exploration holes into the Central Breccia extends the mineralised target zone by another 150 metres towards the east. The Central Breccia lies above a recently demonstrated geophysical resistivity and chargeable anomaly, providing Rockfire with a very large target for future gold exploration," Price added.
Rockfire is waiting on results from a further nine holes, drilled in October. The results are expected in the next two weeks.
Shares in Rockfire Resources were down 6.5% in London on Thursday afternoon at 1.80 pence each.
By Paul McGowan; [email protected]
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