Rockfire Resources identifies 'outstanding' results from dormant gold prospect

Rockfire Resources made gains on Tuesday after identifying “outstanding” past drilling results at its Kookaburra exploration licence in Queensland, Australia.

The company said that the historical drilling results at the Native Bee prospect in 1990 had identified several intercepts including 8 metres at 2.18 grams per tonne (g/t) of gold, while a trench intercept from 1989 identified 19m at 2.8 g/t Au.

David Price, chief executive of Rockfire, said: "Our strategy of systematic appraisal of each of our numerous prospects has identified Native Bee as a high-priority exploration target within the Kookaburra licence. Pegging the Kookaburra tenement has proved to be a prudent, strategic move and is providing Rockfire with material growth opportunity."

Price added that it was “surprising” that the prospect had been sitting dormant and unexplored for the past quarter of a century.

He also stated that the potentially economic gold grades intersected close to the surface fit “nicely” with Rockfire’s strategy of near-surface gold accumulation near to processing facilities, as the Pajingo facility lies just 29km away.

"The company intends to follow up these past significant results with detailed geological and structural mapping. In addition to the mapping, a gradient array IP geophysical and ground magnetic survey will be scheduled for the 2019 field season. Geophysics is expected to highlight the continuity of the sulphide-enriched zones at depth, in order to pinpoint accurate targets for drilling," said Price.

Rockfire’s shares were up 4.55% at 1.15p at 1220 GMT.