Rockfire Resources (LSE: ROCK) chief executive David Price has hailed a set of “extremely positive” results from its drilling in north Queensland, Australia, where all its holes hit gold. The firm's shares opened 20% higher at 1.445p in Tuesday trading.

Rockfire reported that it found “extensive intercepts of continuous gold mineralisation” at its Plateau deposit, 30 miles southeast of Charters Towers on the country’s east coast. Drilling revealed a 2.0 grams per tonne (“g/t”) gold zone at 145 metres, closer to the surface than the 2.0 g/t zone discovered at the nearby Mt Wright Gold Mine. 

The exploration means the gold explorer is now confident that the Plateau deposit extends to an area thought to be more than 200 metres long, 70 metres wide and 200 metres deep. 

Price told in the market in an RNS: “These long intervals of gold in the upper levels of Plateau are extremely positive and demonstrate the size of the mineralising system.”

He added that his technical team believed Plateau presents “similarities” to Mt Wright, an existing underground mine that is thought to host 1.5 million ounces of gold, with the main ore between 400 metres and 850 metres below surface level. 

"We appear to be at the top of a similarly large gold deposit,” said Price.

The drill results at Plateau include three holes of 0.4 g/t, 0.4 g/t and 0.2 g/t, extending mineralisation more than 100 metres east of previously reported results. 

Shares in the AIM-listed explorer have been active of late. Positive results from late November 2019 drilling which announced a major gold system at Plateau saw the price surge from 0.41p to a three-year high of 2.2p. The company then told the market last month that its x-ray analysis of October 2019 drill samples had unveiled significant silver deposits of 2 ounces per tonne at Plateau.

Rockfire said its next steps would be to conduct a geophysical survey called controlled source audio frequency magnetotellurics, which was expected to provide target generation below the levels drilled thus far at Plateau. The same survey method identified deep drill targets at Mt Wright, Price said. 

Author: Tom Rodgers

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