9th Sep 2020 12:05
(Alliance News) - Rockfire Resources PLC on Wednesday said it continues development of its Australian assets as its loss narrowed in the first half of 2020.
The gold & base metal exploration company reported pretax loss of GBP274,098 for the six months to the end of June compared to GBP290,021 reported a year earlier, as administrative expenses reduced.
The company did not generate any revenue in either year as it is currently focused on exploration activities on its 100%-owned licences in Queensland, Australia.
Rockfire Resources said its activities during the half-year were focused on the Plateau gold deposit, which lies within the Lighthouse tenement and is situated 17 kilometres east of the operating Pajingo gold mine.
Exploration by the company at Plateau has identified a gold mineralising system. Recent, post-period exploration has intersected various types of sulphides, with the observation of pyrrhotite being made for the first time in drilling at Plateau.
Going forward, Rockfire said its phase 2 diamond drilling programme is nearing completion, which is designed to drill six holes to 500 metres from surface to test for a high-grade gold core to the mineralising system. Drilling results are pending.
AIM-listed Rockfire Resources shares were trading 1.1% higher in London on Wednesday at 1.14 pence each.
By Evelina Grecenko; [email protected]
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