Rockfire Resources PLC (LON: ROCK) have seen their shares soar on Tuesday after the firm reported consistent gold assays from an operation in Australia.
Rockfire Resources is an Australian focused gold and copper exploration company with mineral assets in Queensland. Rockfire has three medium-grade, near-surface gold prospects, positioned amongst multi-million ounce gold deposits.
Shares in Rockfire soared 113.86% to 0.89p. 26/11/19 13:54BST.
As Rockfire have seen huge success, in the mining sector there have been mixed updates as shares continue to be volatile.
Established names such as Hochschild Mining (LON: HOC) and MC Mining (JSE: MCZ) have seen their shares crash since Friday after they cut their annual profit expectations.
Additonally, competitors such as Serabi Gold (LON:SRB) and Kavango Resources (LON: KAV) have seen their shares rally following impressive updates.
The firm updated shareholders that it had returned broad consistent gold assays from a geophysical target on its Plateau gold project.
Of particular note was gold mineralisation occurring almost continuously throughout a 215 metre deep hole, including 177 metres at 0.5 grams per tonne gold.
Rockfire believes that this hole has intersected the upper levels of a large mineralised system.
“Hole BPL025 was designed to drill down a sub-vertical pipe structure into the centre of a geophysical chargeable anomaly,” David Price, chief executive of Rockfire in a statement.
“This is the first indication that Plateau has grade continuity extending at depth and supports our belief that this deposit is much larger than previously demonstrated. With consistent gold, silver and zinc being encountered close to surface, we always believed that a large mineralised system was somewhere deeper down. This hole has demonstrated that mineralisation can be followed over long intervals,” he added.
This is an impressive update from Rockfire, and shareholders seem to be hungry for more as reflected by the monumental rise in share price across Tuesday trading.
It is important to remember that Rockfire is a relatively young company, however regardless of the size of the company this is still an impressive find.
Shareholders will be thoroughly impressed with the update, and if Rockfire can tap into these resources then shareholders will be excited to see dividends and further growth of the firm.
