On Thursday, Rockfire Resources (LSE:ROCK) announced it has exercised its option to acquire the Copper Dome Porphyry Copper Deposit in central Queensland from Symbolic Resources. The deposit is just 50km to the southwest of another of the firm’s interests, Copperhead, and the plan is to develop both projects simultaneously.
The acquisition follows by Rockfire earlier this year. The explorer carried out a programme of soil sampling, rock sampling and structural and geological mapping. On Tuesday, Rockfire said that soil sampling at Copper Dome had returned strongly anomalous results of up to 0.1pc copper. The copper anomaly has been extended south from the previous Rockfire survey by 500m and the anomaly remains open towards the east and west. The firm found copper-in-soil is strongest at the margins of the mapped porphyries. Summing up the exploration, David Price, Chief Executive Officer of Rockfire said:
This exploration has returned very high-grade copper-in-rock samples, medium level copper-in-soil values and low-level gold-in-soil assays. Importantly, this work has resulted in the delineation of clear geochemical targets."
The plan now is to develop the Copper Dome and Copperhead projects ‘with the aim of outlining very large tonnage copper resources." Price adds.
Copperhead, located close to the central Queensland coast, lies within a belt of porphyry copper deposits. Five diamond drill holes, drilled by previous explorer Carpentaria revealed chalcopyrite and pyrite throughout each hole, two of which were 300m deep indicating a potentially large target.
In consideration for Copper Dome, Rockfire will pay Symbolic A$30k in cash and issue 3,720,454 shares with an equivalent value of A$50k.
David Price, commented;
"Our management team is encouraged by the confirmatory work done by the Rockfire exploration team as part of our technical due diligence on Copper Dome. With coherent copper occurring around the rim of a mapped porphyry, as well as gold occupying the boundaries of two close-spaced porphyries, the geological setting shows excellent signs for gold and copper mineralisation."
"Now that Rockfire owns Copper Dome, your company is in a unique position of controlling two potentially large-scale porphyry copper projects in its portfolio, both of which are considered worthy of inclusion in the Porphyry Copper Assessment published by the US Geological Survey. The Company's intention is to expand our exploration into geophysics, including ground magnetics and gradient array IP. These two geophysical techniques are expected to identify clear targets in and around the geochemical anomalies, which will lead towards drilling."
Author: Stuart Langelaan
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