Rockfire jumps 14% following positive technical studies
, has completed further technical interpretation on the Company's 100%-owned Plateau Gold Deposit, part of the Lighthouse tenement in North Queensland, Australia.
The analysis and comparison studies between Plateau and the nearby Mt Wright Gold Mine, 47km to the northeast of Plateau. The results show that a significant deposit of gold has been intersected at Plateau.
Gregg Morrison, of Klondike Exploration Services, has been assisting the Company with this work. Greg is an expert in North Queensland and previously developed the multi-element geochemistry classification and zoning model which was used to characterise the Mt Wright Gold Mine. Early observations on of the similarities between Plateau and Wright Gone Mine show:
- 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
Furthermore, the long section of mineralisation at the Plateau shows the consistent and predictable nature of gold and silver mineralisation. 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. Mt Wright the main gold zone 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.
Shares in Rockfire open 14% higher at 0.575p in early morning trade
David Price, Chief Executive Officer of Rockfire, commented: "As we had planned for limited access to the site during the wet season in North Queensland, the Company has continued to make progress with other, non-field-based activities; notably analyzing 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 meters 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."
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