Rockfire Resources leaps after 'bonanza' gold find

Rockfire Resources soared on Monday after intersecting “bonanza grade” gold in recent drilling at the Double Event Prospect in Queensland, Australia.

The AIM-listed miner said it encountered gold of up to 26.90 grams per tonne and a further 300 meters of mineralisation after drilling three holes containing gold inside the Kookaburra licence.

David Price, chief executive of Rockfire, said: "We are thrilled with these results, which starts to demonstrate the potential of the Double Event vein system. Having now drilled over the boundary into the Kookaburra licence, this opens up enormous potential within this tenement, which was only recently pegged by Rockfire."

Drilling highlights included 25.9 grams per tonne of gold at 1-metre depth and 10.04 g/t of gold at 3m depth.

"The most exciting aspect of this drilling, (aside from the high grade, near-surface gold), is discovering that this vein system is now over 4.5km in length, with two sections of 400m each now having been demonstrated to contain potentially economic grades and potentially mineable widths," said Price.

A statement from the company said it now had “a high degree of confidence to commit additional work” and define the extent of the gold through geological and structural mapping ahead of further drilling.

Rockfire Resources’ shares were up 23.40% at 1.45p at 1237 GMT.