Rockfire Resources upbeat on latest drilling at Plateau

Rockfire Resources announced on Friday that silver grades determined by portable x-ray fluorescence analysis of its October drill samples had identified “significant” silver at its wholly-owned Plateau gold deposit in North Queensland, Australia.

The AIM-traded firm said all drill holes returned significant silver assays, with the silver credits adding potential to the future economics of Plateau.

They included 187 metres at 6.3 grams of silver per tonne from 15 metres, including 11 metres at 32.6 grams of silver per tonne at hole BPL025, and 10 metres at 18.2 grams of silver per tonne from 56 metres, including four metres at 35.4 grams of silver per tonne at hole BPL012.

It also highlighted 36 metres at 5.5 grams of silver per tonne from one metre, including three metres at 18.8 grams of silver per tonne at hole BPL013, 18 metres at 9.5 grams of silver per tonne from 10 metres at hole BPL014, and 14 m at 5.8 grams of silver per tonne from eight metres at hole BPL015,

Other highlights included 23 metres at 7.1 grams of silver per tonne from nine metres, including 10 metres at 9.2 grams of silver per tonne at hole BPL016, 17 metres at 7.2 grams of silver per tonne from one metre at hole BPL017, and 22 metres at 9.8 grams of silver per tonne from zero metres, including eight metres at 18.0 grams of silver per tonne at hole BPL018.

There was also eight metres at 36.0 grams of silver per tonne from 66 metres, including four metres at 63.3 grams of silver per tonne at hole BPL019, 31 metres at 9.7 grams of silver per tonne from 29 metres, including 10 metres at 19.7 grams of silver per tonne at hole BPL020, and 17 metres at 6.0 grams of silver per tonne from eight metres at hole BPL021.

Finally, the board noted 29 metres at 3.8 grams of silver per tonne from zero metres, including six metres at 7.5 grams of silver per tonne at hole BPL022, and 35 metres at 4.8 grams of silver per tonne from one metre, including 12 metres at 7.8 grams of silver per tonne at hole BPL023, and 15 metres at 6.7 grams of silver per tonne from 14 metres at hole BPL024.

“These silver grades are very pleasing and may add to the future economics of the project,” said chief executive officer David Price.

“The use of the portable x-ray fluorescence machine acts as a guide to mineralisation and analysis using proven laboratory techniques such as inductively coupled plasma (ICP) is required to determine a definitive silver assay.”

Price said Rockfire intended to submit the “highly anomalous” samples to the lab for definitive analysis.

“In addition to the silver, elevated and anomalous zinc and lead are also present and the company intends to submit these samples for further analysis also.

“We are eagerly awaiting the results of our recent drilling campaign at Plateau and the company is pleased to inform the market that samples have now been delivered to the laboratory in Townsville.”

At 1427 GMT, shares in Rockfire Resources were down 6.38% at 1.1p.