London-listed Rockfire Resources (AIM:ROCK) told investors that it had commenced a new round of drilling at the Plateau Gold Deposit located in Queensland, Australia.
The gold and base-metal focused explorer said that reverse circulation drilling had begun with a planned program of 1,500 m of drilling in 13 proposed drill holes.
The program will aim to expand gold mineralisation encountered in earlier drilling, specifically hole BPL025, labelled “a very successful hole” after the group intersected 177m grading at 0.5 grams per tonne gold.
“Success with this follow-up drilling will demonstrate significant extension of this deep gold mineralisation in an east-west orientation,” said David Price, CEO of Rockfire Resources.
Shares in Rockfire Resources reacted positively and were trading 30.30% higher at 1.025p on Monday morning.
The drilling will also aim to expand and “build greater confidence” in the gold mineralisation at the near-surface resources at the Plateau site, the company explained.
The program is expected to take around 15 days to be completed, with gold analyses to follow the completion of drilling.
“Geological mapping, rock sampling and XRF analysis of drill samples from October 2019 drilling is in progress and the Company expects results from this analysis within the next few weeks,” added Price.
The group intersected high-grade gold deposits at the Plateau prospect in December which demonstrated gold mineralisation extended deeper and indicated “strong growth potential” at the resource.
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