Rockfire Resources (LON:ROCK) Geochemical study strengthens Mt Wright analogy

Rockfire Resources plc (AIM: ROCK), the gold and base-metal explorer, has completed further technical interpretation on the Company’s 100%-owned Plateau Gold Deposit (“Plateau”), part of the Lighthouse tenement in North Queensland, Australia.

With the Plateau Gold Deposit site currently under the influence of the wet season as expected, technical data analysis and comparison studies between Plateau and the nearby Mt Wright Gold Mine, 47km to the northeast of Plateau, are on-going. Results from this work continue to demonstrate that a significant deposit of gold has been intersected at Plateau.

Gregg Morrison of Klondike Exploration Services, the pre-eminent expert in North Queensland geology has analysed the results of the Company’s recent work and is assisting Rockfire’s geology team. Mr Morrison developed the multi-element geochemistry classification and zoning model which was used to characterise the Mt Wright Gold Mine and he has observed many similarities between Plateau and the early observations at Mt Wright, as detailed below.

· Broad gold zones (0.2 g/t Au to 0.5 g/t Au) in the top 200m from surface

· Broad lead/zinc/silver (Pb-Zn-Ag) anomalous halo

· Mineralisation is between 60 m and 80 m thick at both deposits

· Similar patterns evident from plotting geochemical ratio “z-scores”

· Breccia and rhyolite are the two main host rock types

· Both deposits are approximately 200 m – 250 m long

· Multiple rhyolite emplacement and multiple mineralising phases

· Alteration by sericite-pyrite-marcasite, with minor quartz-carbonate-sphalerite

· Multielement geochemical zonation is expected to assist high grade gold targeting at depth

· Similar resistivity and magnetic geophysical responses

A new long section showing mineralisation at Plateau can be viewed via the link below. This section shows the consistent and predictable nature of gold and silver mineralisation at Plateau. A target of higher-grade gold is anticipated at depth, based on the Mt Wright Gold Mine, which has had over 1.5 million ounces of gold mined. Importantly, the main gold zone at Mt Wright was discovered beneath a 250 m zone of broad gold averaging between 0.2 g/t Au and 0.5 g/t Au, similar to that being encountered at Plateau.

http://www.rns-pdf.londonstockexchange.com/rns/6631I_1-2020-4-2.pdf

David Price, Chief Executive Officer of Rockfire, commented:

“As we had planned for limited access to site during the wet season in North Queensland, the Company has continued to make progress with other, non-field-based activities; notably analysing the similarities between our Plateau Project and the Mt Wright Gold Mine.”

“The similarities continue to far outweigh the differences and we are extremely fortunate to be able to access Gregg’s experience and knowledge. It is exciting when someone with such intimate knowledge of Mt Wright is observing comparisons with Plateau; the elevated gold, silver and zinc encountered by Rockfire over hundreds of metres of drilling was also evident in the upper levels of Mt Wright prior to the discovery of the main gold zone.

“The multi-element model being developed for Plateau by Gregg and our Exploration Manager, is leading to some very exciting drill targets being defined. Management is looking forward to drilling again at Plateau as soon as practicable.”

Qualified Person Statement:

Information in this announcement that relates to exploration results 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.


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