Rockfire Resources is an Australian-based gold and copper mining operation in Queensland. It has been creating a lot of interest recently following new of progress with its Plateau gold project, one of three it has rights to. These are medium-grade prospects, near the surface.
A 215 metre hole (Hole 25) has yielded continuous gold mineralisation at 0.5 / tonne which has prompted a rush into Rockfire Resources’ stock. But this was followed by another possible strike following drilling at a different zone within the Plateau Project.
A further geophysical survey has backed this up with evidence of an anomaly which could yield more gold. The company is still waiting on drilling results from October, but thus far this is creating a frenzy among UK shareholders.
Rockfire Resources shares trading up on gold discovery
Rockfire Resources shares had been trading in the 1.7-1.8 range going into this week but have since soared as high as 2.1. A month ago they could have been had for as little as 0.38 to 0.42.
While Plateau has been creating most of the excitement, Rockfire has other gold projects in Queensland, including at Double Event and Cardigan Dam within the Lighthouse Tenement and Native Bee within the Kookaburra Tenement. It also has rights to copper and base metals fields within the same region of Australia, although the focus is very much on the latest gold findings at the moment.
Rockfire’s key gold fields are strategically located between producing mines, including the Pajingo and Mount Wright mines, which are already in production. The current tests in Plateau are around 40 kilometres north-east of the Pajingo mine.
Latest results are a good outcome for Rockfire
The results are a good outcome for Rockfire with the results looking very similar to the geology of the nearby Mount Wright mine, which has similar types of rocks. The company is now looking at a number of opportunities that were simply not on its radar a few months ago. It has further results still to come from its original 14 hole drill program with most of them expected back by Christmas.
CEO David Price described it as “a great outcome.” The mine is located to nearby processing facilities which the company could potentially leverage should one or more gold mines come online.