Rockfire Resources (ROCK) shares jumped on Tuesday after encountering gold mineralisation occurring “almost continuously” throughout a 215 metre deep drill hole at the Plateau Gold Deposit in Queensland Australia.
Drill hole BPL025 intersected gold grades as high as 6.5 g/t Au and as deep as 177 metres, and Rockfire told investors it believes BPL025 intersected the upper levels of a large mineralised system.
David Price, Chief Executive Officer of Rockfire, said: "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."
Shares jumped 153% higher trading at 1.05p during Tuesday morning
Rockfire said it is anticipating gold grades to increase with depth at Plateau, as they do at Mt Wright; which Rockfire’s geologists consider to be similar.
Mr. Price said: "At the nearby Mt Wright Gold Mine (47 km northeast of Plateau), the 1 g/t Au mineralisation outline starts at approximately the same depths as we see at Plateau, however it is not until around 400 m from surface that the higher-grade +2 g/t Au outline starts at Mt Wright. We expect a similar gold grade increase at depth."
He added: “The aim of the geophysical survey is to identify the geometry of the gold-rich rhyolite and to target a "sweet-zone", where higher average grades might be attainable.”
“Rockfire believes that the discovery of the main-zone gold mineralisation still lies beneath the current drilling levels."
Rockfire told investors it was waiting for results from the remaining 13 drill holes.
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