Rockfire Resources upbeat on data reprocessing at Plateau

Gold and base metal exploration company Rockfire Resources released the results of three dimensional reprocessing of aeromagnetic data on Tuesday, flown in 2011 by Ramelius Resources at its wholly-owned Plateau gold deposit, on the Lighthouse tenement in north Queensland, Australia.

The AIM-traded firm said the reprocessing of the data was helping to clarify drill targets at depth.

It said 3D magnetic imagery had confirmed a gold target down to and beyond a depth of 600 metres, with the reprocessing confirming a steep easterly plunge of the low-magnetic mineralised rhyolite host.

A rolling, north-south change in dip direction was also revealed, and a potentially mineralised ‘off-shoot pipe’ was identified at depth in the south western corner of the rhyolite.

Rockfire said a field crew was on site preparing for the start of drilling.

The objective of the first phase of the drill programme would be to in-fill gaps in the drilling data within the top 200 metres, moving to phase two to test for gold mineralisation down to a depth of 500 metres below surface.

“The imagery produced by the reprocessing of the aeromagnetic data is exceptional. It beautifully demonstrates the low-magnetic rhyolite ‘plug’ and defines our target for more gold mineralisation, particularly on the southern margin of the rhyolite,” said chief executive officer David Price.

“The new imagery shows a rolling contact with the adjacent andesite and a steep easterly plunge.”

Price explained that previously, an east plunge was inferred, however, this is the first unequivocal evidence to support that inference.

“Additionally, the identification of the rolling contact on the southern margin is crucial for deeper targeting of gold mineralisation, which tends to occur in close proximity to the southern margin of the rhyolite.”

He said a field crew was now on site at Plateau, preparing for the start of drilling.

“The objective of this drill programme is to in-fill gaps in the drilling data within the top 200 metres and to test for gold mineralisation down to a depth of 500 metres below surface.

“The market will be informed once drilling commences.”

At 1550 BST, shares in Rockfire Resources were up 2.56% at 1p.