Nov 06, 2020

Drill campaign firms faith in NQ gold project

Drill campaign firms faith in NQ gold project

Recent drilling at the Plateau project in North Queensland has strengthened Rockfire Resources’ belief in the deposit’s potential, says chief executive officer David Price.

The company this week announced results from foru additional diamond drill holes from the July to September 2020 drilling campaign at Plateau, which within its Lighthouse tenement area about 50km south-east of Charters Towers.

Gold has been intersected in each hole at Plateau, including below 600m from surface.

The latest results included a high-grade gold interval of 0.74 m at 16.9 g/t gold (half an ounce per tonne), lying within a strong zone of 4.5 m at 3.0 g/t gold.

“As more holes are drilled at Plateau, it is very pleasing to see more frequent intervals of stronger grades (+1.0 g/t Au) being intersected and more occurrences of high grade gold (+5.0 g/t Au) being encountered,” Mr Price said.

“The interval of 4.5 m at 3.0 g/t Au at 380 m depth, which lies outside our target zone, indicates the potential for additional targets at depth and will be followed up with drilling.

“An intercept of 2.5 g/t Au at 639 m in hole BPL040 is also very encouraging as it demonstrates, for the first time, that the gold system remains active and mineralised with gold at depths beyond 600m from surface.

“Higher grades, up to 16.9 g/t Au, are being intersected west of the position of this hole, indicative of the variability of gold grades in these systems.”

Mr Price said more drilling was required to drill out the higher grades at those depths.

A gravity survey is being planned to provide additional information about the underlying source of gold, as a comparatively inexpensive means of determining potential vectors towards a main source.

“This drilling program has only strengthened our belief in the potential of the deposit we are exploring,” he said.

“The company is excited in our pursuit as we better understand this mineralised system. Accordingly, an expanded mineralisation model will be developed to feed into an updated JORC resource at Plateau, which will incorporate drilling from the last three campaigns.

“While the company’s focus remains heavily on the progression of Plateau, the Board remains motivated to advance its other assets and, as such, is scheduling work at Jeddah (gold), Bell Rock (gold), Copperhead (copper) and Rollston River (zinc).

“Our ongoing work program will advance each of our prospects within our expansive portfolio; all in North Queensland.”