Rockfire Resources shares surge after gold discovery
Abraham Darwyne
Company News - 2 min
13:45, 4th July 2019

Rockfire Resources (ROCK) FOLLOW announced on Thursday a maiden JORC Resource of over 50,000 ounces of near-surface gold in Queensland, Australia.

It found inferred resources of 1.35 million tonnes at @1.18 gold per tonne at its 100%-owned Lighthouse tenements in Queensland.

Rockfire said there is room for resource growth, with plans to expand the resource to a target of 2.7 - 4.8 million tonnes, grading between 1.2g/t Au and 1.6g/t Au at the Lighthouse tenements.

The company highlighted its discovery cost of AUD$13 (£7.50) per resource ounce of gold. Gold was trading for £1,110.21 on the day of the announcement.

Shares were trading 23% higher at 0.8p each on Thursday

The resource included drilling at both the Plateau and Double Event Prospects, which are within 30km of each other.

The deepest gold intersection at Double Event was 25m vertical from surface, and the bulk of drilling at Plateau was within 50m vertical from surface, making for a relatively near surface gold resource.
 
Rockfire said that Double Event and Plateau were open in all directions and that both resources are within easy trucking distance from operational processing plants.

David Price, Chief Executive Officer of Rockfire commented; "Rockfire is on an exciting and rapid growth curve and we are looking forward to further expansion of our copper and gold resources with continued exploration success.”

He added: “This result from our Maiden Resource at Lighthouse demonstrates and measures our exploration success to date and provides a sound platform for continued growth of the Company's asset base."

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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