Rockfire Resources (ROCK) , told investors on Thursday it exercised the option to acquire the Copper Dome Porphyry Copper Deposit in Queensland, Australia.
Rockfire will pay Symbolic Resources A$30,000 (£16,300) in cash and A$50,000 (£27,000) in issued Rockfire shares at 0.731p a share, the average closing price 5-days prior to the exercise of the option.
It will then assume 100% ownership of the Copper Dome Exploration Permit to Mine.
The company said the prospect is “vastly under-explored”, with recent soil sampling identifying strong gold and copper anomalism, with samples showing copper values of up to 23.4% Cu and gold samples of up to 3.2g/t Au.
Shares ticked up 3.45% to 0.75p a share following the announcement
David Price, Chief Executive Officer of Rockfire said: "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."
Rockfire said it will expand the exploration into geophysics, including ground magnetics and gradient array IP in order to identify clear targets in and around the geochemical anomalies, which it said will lead towards drilling.
David Price added: “The Company's objective is to grow and expand the mineralisation at Copper Dome in conjunction with Copperhead (50km to the northeast) and to develop both porphyry projects simultaneously, with the aim of outlining very large tonnage copper resources."
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