13th Aug 2018 09:16
LONDON (Alliance News) - Shares in Rockfire Resources PLC on Monday rose as the company said it has added significant acreage to its holdings in Australia.
Shares were 6.7% higher on Monday morning at 1.60 pence each, having earlier hit a high 1.76p, up more than 15%.
Rockfire has been granted the Kookaburra exploration permit in Queensland. The new Kookaburra permit surrounds Rockfire's existing Lighthouse tenement there.
The exploration permit lasts for five years over an area, Rockfire noted, which has produced over 20 million ounces of gold and has three other "multi-million" ounce producing gold mines.
Previous drilling found 12 metres at a grade of 2.7 grammes of gold per tonne of ore, and three metres at 5.1 g/t gold. Overall, it adds 232 square kilometres to Rockfire's portfolio.
Chief Executive David Price commented: "We have been looking forward to Kookaburra being granted, as this tenement adds significant upside to Double Event, with the western extension of the lode now under Rockfire control
"As an added bonus, Kookaburra includes an alluvial deep-lead, ancient river bed, with abundant workings along the length of the gold-bearing river gravels. Although notoriously difficult to attain JORC resources, the gold included in this ancient channel may provide a vector towards the source of the river-hosted gold."
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