Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to announce that the Company’s 100% owned Copperhead Cu-Mo-Ag Deposit in Queensland, Australia, has delivered a maiden JORC (2012) Mineral Resource of 120,000 tonnes of copper equivalent.
Highlights
· Mineral Resource of 64 million tonnes @ 0.19 % Cu EQ [1] for 120,000 tonnes of Cu Eq. in the Inferred category.
· The mineral resource remains open to the north, east, west and at depth, leaving scope for significant, further resource increases.
· This resource comprises five diamond drill holes drilled by Rockfire, which were designed to validate historical drilling results and to attain a JORC resource. Both aims have been comprehensively accomplished.
· The extent and tenor of mineralisation at Copperhead have yet to be fully tested. Copper mineralisation starts at surface and continues for at least 400 m vertically below surface.
· With continued exploration success and expansion of the resource, Copperhead demonstrates potential to form a low-cost, bulk-tonnage, open cut mining scenario.
· The copper price remains robust with the continued strong demand for electric vehicles and green energy, including wind turbines and solar panels.
· Copperhead is situated approximately 250 km by road from Australia’s largest copper smelter near Townsville.
An oblique cross section through the drilling at Copperhead can be viewed by following this link.
http://www.rns-pdf.londonstockexchange.com/rns/3641F_1-2022-3-20.pdf
David Price, Chief Executive Officer of Rockfire, commented:
“We are delighted to have delivered this maiden resource on time and within budget. It was a primary aim of the Company to realise a maiden copper resource at Copperhead and I congratulate the team on the dedication they have put into achieving this milestone. Rockfire has JORC gold resources, JORC silver resources and now a JORC copper resource in its portfolio, creating diverse material value across the Company’s project base.
“This maiden resource highlights the potential size of Copperhead, with each hole intersecting copper over varying intervals. Some of the impressive intervals encountered during the maiden drill programme include 501 m @ 0.14% CuEq., 357 m @ 0.11% CuEq., 185 m @ 0.20% CuEq. and 370 m @ 0.20% CuEq. Higher-grade copper values were encountered up to a peak of 2.28% Cu in individual, metre-long samples.
“This is a great start for Copperhead and more resources are expected to be discovered to the north, east, west and at depth. A northeast preferred structural orientation remains open, with highly anomalous soil samples vectoring towards a regional-scale gravity low. More than 3,000 copper-bearing veins have been measured in core, with many of the veins hosting sericite/muscovite alteration and quartz. This suggests drilling has occurred in the upper (quartz/sericite) levels of a classic porphyry system and above the porphyry source itself.
“Rockfire’s inaugural drilling programme at Copperhead was designed to validate the historical drilling from 1972. During our recent drilling, the extent of copper mineralisation was expanded beyond the historical drilling limits and grades were sampled and confirmed throughout the entirety of each hole, rather than selective and sporadic interval sampling, as was the methodology in 1972.
“Copperhead now shows promising signs of being a significant copper discovery. Rockfire has drilled five holes to achieve a maiden Inferred Resource and further drilling is expected to increase the footprint of mineralisation, providing increased tonnage to an already impressive 64.0 million tonnes. The eventual size of Copperhead is yet to be defined.
“Rockfire is in an enviable position of being well-funded and with cumulative JORC resources in Queensland of:
· 130,000 ounces of gold at Plateau
· 800,000 ounces of silver at Plateau
· 120,000 tonnes of copper equivalent at Copperhead (comprising 80,000 tonnes of copper, 9,000 tonnes of molybdenum and 1.1 million ounces of silver).
“Rockfire’s management is very pleased with the progress being made by the Company across its portfolio and we wish to thank all our shareholders for their continued support as we create and sustain further value in our projects. The continued addition of mineral resources to our Company builds value and ultimately shareholder wealth. I would like to emphasise that Rockfire has sufficient funding to maintain our current exploration momentum. We will continue to keep the market up to date as our work progresses.”
Qualified Person Statement:
Information in this announcement that relates to exploration results and the Mineral Resource Estimate is based on information compiled by Mr Edward Fry, the Exploration Manager of Rockfire Resources plc, who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Fry has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and a “Qualified Person” in accordance with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr Fry consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.
For further information on the Company, please visit www.rockfireresources.com or contact the following:
Rockfire Resources plc:
David Price, Chief Executive Officer
