31st Jul 2018 14:16
LONDON (Alliance News) - Rockfire Resources PLC shares spiked Tuesday as the company's geologists completed a magnetic ground survey at Marengo in Australia that identified a strong zone of iron-rich alteration.
Shares in Rockfire Resources were up 24% at 1.86 pence each.
The magnetic signature is interpreted as iron-sulphide - which often presents in proximity to intrusion-related gold/copper deposits, according to Rockfire.
A more than 50 line-kilometres of ground magnetic data has been collected. Rockfire say alteration, sulphides, breccia and pegmatites have been observed during the geological mapping.
The alteration surrounds the intrusion at One Mile Mountain in Queensland.
Chief Executive Officer David Price said: "The magnetic survey at Marengo has returned a surprising, but very pleasing semi-circular pattern. Initially, our team was expecting more linear patterns to reflect the prevailing geological northwest trend. When the semi-circular pattern started to form in the magnetic data, our team began to realise that what they were seeing is likely to represent an alteration zone around the mapped intrusion at One Mile Mountain."
"This pattern, together with a chargeable response beneath the mountain itself, a circular resistive anomaly around the mountain, strong magnetic signatures correlating roughly with the resistive anomaly, high-grade rock samples at surface and numerous historical workings is starting to produce a most compelling model for potentially significant mineralisation. Planning for reverse circulation drilling is underway."
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