Copper and molybdenum-bearing veins encountered in all four holes drilled
Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to provide an update on its diamond drilling programme currently underway at the Company’s 100%-owned Copperhead porphyry project (“Copperhead”) in North Queensland, Australia.
· More than 1200 veins containing chalcopyrite (copper) have been recorded in core from the first three holes.
· Veins bearing copper and molybdenum sulphides have been encountered in all four holes completed to date.
· Individual copper-bearing veins range in width from 1 mm to 2.5 cm and occur up to 6 veins per metre.
· Classic quartz/sericite/pyrite (phyllic) alteration is associated with the copper-bearing veins in all holes, indicative of the upper levels of a porphyry system.
· Geology and veining in the drill cores indicate that drilling is occurring within the upper levels above a large porphyry copper system. This is consistent with an opinion obtained from an expert in porphyry copper deposits regarding our current drilling.
· The entire lengths of hole BCH001 (501.40 m) and BCH002 (359.0 m) have been submitted to the laboratory for analysis and results are pending.
· Core logging is well advanced on hole BCH003. Logging of the core involves the measurement of an extreme number of copper-bearing veins. These measurements are essential in locating the source of the copper.
· As a result of our increasing knowledge of the deposit, the fifth cored drill hole (BCH005), which is currently in progress will be the deepest hole drilled into the system to date.
· On-going drilling is targeting the discovery of the main porphyry source as the Company drills deeper into the mountain.
Several photographs of chalcopyrite-bearing veins from the Copperhead drill core can be viewed by following the link provided. http://www.rns-pdf.londonstockexchange.com/rns/8125Q_1-2021-10-31.pdf
David Price, Chief Executive Officer of Rockfire, comments:
“It is promising to see the vast quantity of quartz/sericite/pyrite/chalcopyrite veins in the core. These are critical components of porphyry geochemistry, indicating that the drilling is occurring within the upper levels of a large porphyry system. Copper being encountered in the drill holes has risen from depth, through fractures, from a large, mineralised porphyry lying beneath the current drilling depth.
“Until now, the core has been dominated by frequent quartz/sericite/pyrite/chalcopyrite (phyllic) veins in the first three drill holes. Hole BCH004 shows an increase in potassic alteration, including K-feldspar clay alteration, and zones of magnetite alteration. This is an excellent change in alteration and geochemistry which allows us to develop zonation models and provides the technical team with vectors towards potentially higher-grade parts of the porphyry system.
“With each hole drilled, our knowledge of the Copperhead porphyry system is increasing. Structural recordings of copper and molybdenum-bearing veins are providing information and vectors for planned future holes. We will continue to keep the market informed of our ongoing drilling.”
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.
For further information on the Company, please visit www.rockfireresources.com or contact the following:
Rockfire Resources plc:
David Price, Chief Executive Officer
Notes to Editors
Rockfire Resources plc (LON: ROCK) is an exploration company with a portfolio of 100%-owned near-surface gold and large-scale copper projects in Queensland, Australia. Each of the gold projects are located within 50 km of operating gold mines and the Company’s copper projects lie within 250 km of Australia’s largest copper refinery.
The Company’s Plateau Gold Deposit is part of the Lighthouse Tenement and bears significant geological similarities to the nearby Mt Wright gold mine (45km to the northeast), where 1.5 million ounces of gold have been mined. More than 14,000 m have been drilled within the Lighthouse tenement.
Drilling to date at the Company’s copper projects, Copperhead and Copper Dome (35 km and 85 km southwest of the town of Proserpine respectively), are indicative of large-scale porphyry targets. Both projects have been drilled by previous explorers but remain under-explored, leading the Board to believe that they demonstrate significant exploration upside potential.
Rockfire Resources has adopted a strategy of growth based on advancing exploration across its existing portfolio of projects, as well as the continual assessment of opportunities to acquire outstanding strategic mineral projects worldwide.
The Company is led by a highly skilled management team, with a proven track record in exploring and discovering projects.
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