Rockfire Resources PLC (LON:ROCK) have said that it has made a new discovery with high potential in Australia.
The firm said that it has found a potentially ‘major’ gold system at the Plateau deposit in the north of Queensland, Australia.
Rockfire have been operating at this new sight and the results have returned extensive intercepts of gold mineralization.
The gold miner added that an important milestone was hit with a zone being found at a grade of above 2.0 grams of gold per tonne of ore.
David Price, Chief Executive Officer of Rockfire, commented:
“These long intervals of gold in the upper levels of Plateau are extremely positive and demonstrate the size of the mineralising system. The Rockfire technical team continues to see similarities to the Mt Wright Gold Mine, 45 km to the northeast of Plateau, hosting over 1.5 million ounces of gold, where the main gold ore is between 400 m and 850 m below surface.
“We appear to be at the top of a similarly large gold deposit. The dimensions of Mt Wright, which is 250 m long, 60 m wide and mined to over 1,200 m deep, compare favourably with those of Plateau; being 200 m long, 70 m wide and currently drilled to only 240 m. The broad intervals of gold mineralisation between 0.2 g/t and 0.5 g/t in the top 200 m are also characteristic of Mt Wright.”
“The next step is for Rockfire is to conduct a CSAMT (Controlled-source Audio-frequency Magnetotellurics) geophysical survey. Such a survey is expected to provide a high-definition target generation beneath the levels drilled so far at Plateau. CSAMT was used very effectively at Mt Wright, leading to the identification of deep drill targets. This is expected to commence as quickly as possible after the wet season finishes.”
The firm said that all of the holes drilled at the Plateau deposit hit gold, which means that the deposit has now expanded to over 200 meters length, 70 metres of width, and 200 metres of depth.
Shares in Rockfire Resources trade at 1p (-2.08%). 25/2/20 14:15BST.