Highest gold grades to date drilled at Plateau

03 August 2020

Rockfire Resources plc

("Rockfire" or the "Company")

Highest gold grades to date drilled at Plateau

Rockfire Resources plc (LON: ROCK) the gold and base metal exploration company, is pleased to announce that Reverse Circulation ("RC") drilling which was completed in June 2020, has intersected some of the highest gold grades to date in the top 200m from surface at the Company's 100%-owned Plateau Gold Deposit ("Plateau"), part of the Lighthouse tenement in North Queensland, Australia.  

Highlights:

·    A shallow, infill drill hole (BPL034) has intersected 90 m @ 0.8 g/t Au (from surface), including:

o  22 m @ 2.0 g/t Au (from 45 m)

o  43 m @ 1.5 g/t Au (from 35 m)

o  A peak value of 1 m @ 11.4 g/t Au occurs at 66 m.

·    BPL034 also returned lengthy silver values of 90 m @ 4.3 g/t Ag (from surface), including:

o  20 m @ 10.3 g/t Ag (from 35 m)

o  A peak value of 1 m @ 29.3 g/t Ag occurs at 50 m.

·    A water bore, drilled to provide water for the diamond drilling returned 100 m @ 0.3 g/t Au, including:

o  7 m @ 1.0 g/t Au (from 51 m)

o  20 m @ 0.6 g/t Au (from 39 m)

o  10 m @ 0.7 g/t Au (from 84 m).

·    The water bore also returned lengthy silver results of 130 m @ 4.7 g/t Ag, including:

o  9 m @ 13.1 g/t Ag (from 84 m).

o  A peak value of 1 m @ 17.8 g/t Ag occurs at 91 m.

·    The water bore also returned an extensive zinc interval of 130 m @ 0.7 % Zn, including:

o  14 m @ 2.0 % Zn (from 84 m)

o  53 m @ 1.0 % Zn (from 54 m)

o  A peak value of 1 m @ 3.9 % Zn occurs at 52 m.

·    These results are from the first two of five RC holes drilled in June 2020. A table detailing the drill collars is provided below. Results from the remaining three RC holes are expected from the laboratory in the coming weeks.

·    The current diamond drilling programme, comprising up to 6 drill holes down to 500m depth is proceeding on time and within budget, and an update on this exploration will be provided in the coming weeks.

David Price, Chief Executive Officer of Rockfire commented:

"We are pleased to announce that the drilling completed in June 2020 at Plateau has intersected some of the highest-grade gold to date in the top 200 m from surface.  With an average of 0.8 g/t Au over a 90 m interval, hole BPL034 demonstrates the vertical continuity of gold and assists with the dip interpretation of the mineralisation. It is also pleasing to see a substantial interval of 22 m @ 2.0 g/t Au being encountered at these shallow depths.

"We have noticed in previous drill holes that zinc and silver values are also elevated at Plateau. These two drill holes have added support to this observation with broad, low grade intervals of both elements being encountered."

"We are encouraged by these grades and results of this magnitude continue to drive our exploration. We look forward to keeping the market informed of our anticipated results and the progress of our diamond drilling programme."

Qualified Person Statement:

Information in this announcement that relates to exploration results is based on information compiled by Mr Edward Fry, the Exploration Manager of Rockfire Resources plc, who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Fry has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and a "Qualified Person" in accordance with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr Fry consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

For further information on the Company, please visit www.rockfireresources.com or contact the following: 

Table of drilling statistics for June 2020 RC drilling at the Plateau Gold Deposit, North Queensland

About the Plateau Gold Deposit

The Plateau Gold Deposit is located approximately 50 km southeast from the gold mining centre of Charters Towers in Queensland, Australia. Plateau is near two operating gold mines, the +3 M oz Pajingo Gold Mine (17 km west) and the +10 M oz Ravenswood/Mt Wright Gold operations (47 km north-east).

Plateau is a breccia/rhyolite hosted gold system, comprising similar geology and mineralisation to that seen at the nearby Mt Wright gold mine. Rockfire is targeting a gold system similar to Mt Wright.

At surface, Plateau hosts gossanous and jasperlitic veins and gold-bearing breccias. The breccias lie at the margin of a rhyolite intrusive complex.

Previous Rockfire drilling at Plateau

2017 - November

Rockfire's first RC drilling programme was designed to infill and extend near-surface gold mineralisation. Results from this programme include:

·    Hole BPL002 - 22 m @ 1.9 g/t Au

·    Hole BPL004 - 10 m @ 1.4 g/t Au

·    Hole BPL007 -   5 m @ 1.0 g/t Au

·    Hole BPL008 - 10 m @ 1.9 g/t Au

2019 - October

Rockfire's second RC drilling programme was designed to infill and extend near-surface gold mineralisation, to test a newly identified mineralised zone, and to drill into a deep IP anomaly. Results from this programme include:

·    Hole BPL012 -   12 m @ 2.5 g/t Au

·    Hole BPL013 -   16 m @ 1.7 g/t Au

·    Hole BPL014 -   14 m @ 1.2 g/t Au

·    Hole BPL015 -   12 m @ 1.3 g/t Au

·    Hole BPL016 -     5 m @ 1.3 g/t Au

·    Hole BPL018 -   15 m @ 1.1 g/t Au

·    Hole BPL019 -   10 m @ 2.0 g/t Au

·    Hole BPL020 -   30 m @ 1.2 g/t Au

·    Hole BPL021 -   18 m @ 1.3 g/t Au

·    Hole BPL022 -   22 m @ 1.0 g/t Au

·    Hole BPL025 - 177 m @ 0.5 g/t Au

2020 - January

Rockfire's third RC drilling programme was designed to extend the broad gold mineralisation identified in hole BPL025 towards the east, and to test new IP anomalies. Results from this programme include:

·    Hole BPL026 - 154 m @ 0.2 g/t Au (finished in gold mineralisation)

·    Hole BPL027 - 171 m @ 0.4 g/t Au

·    Hole BPL028 - 10 m @ 0.3 g/t Au (finished in gold mineralisation)

·    Hole BPL029 - 8 m @ 1.0 g/t Au

·    Hole BPL030 - 171 m @ 0.4 g/t Au

·    Hole BPL031 - 8 m @ 1.1 g/t Au

2020 - June

Rockfire's fourth RC drilling programme was designed to infill and extend (within the top 200m) the broad gold mineralisation identified during the January 2020 RC drilling programme. Results for this programme are partially included in this announcement and the remaining results are still pending.

2020 - July

Rockfire's fifth drilling programme and the Company's first diamond drilling programme is currently underway and is designed to extend the broad gold mineralisation down to depth of c. 500 m.