Rockfire Resources plc, a gold and base metals exploration company, has announcement that the company’s 100% owned Copperhead Cu-Mo-Ag deposit in Queensland, Australia, yielded a first JORC (2012) mineral resource of 120,000 t copper equivalent (CuEq).
- Mineral resource of 64 million t at 0.19% CuEq for 120,000 t CuEq in the inferred category.
- The mineral resource remains open to the north, east, west and at depth, leaving room for further significant resource increases.
- This resource includes five diamond drill holes drilled by Rockfire, which were designed to validate historical drill results and to achieve a JORC resource. Both objectives were largely achieved.
- The extent and grade of mineralization at Copperhead has yet to be fully tested. Copper mineralization begins at surface and continues for at least 400m vertically below surface.
- With continued exploration success and resource expansion, Copperhead demonstrates the potential to form a low cost, bulk tonnage surface mining scenario.
- The price of copper remains robust with continued strong demand for electric vehicles and green energy, including wind turbines and solar panels.
- Copperhead is located approximately 250 km by road from Australia’s largest copper smelter near Townsville.
David Price, CEO of Rockfire, said, “We are thrilled to have delivered this premier resource on time and on budget. One of the main objectives of the company was to achieve a first copper resource at Copperhead and I commend the team for the dedication they put into achieving this milestone. Rockfire has JORC gold resources, JORC silver resources and now a JORC copper resource in its portfolio, creating diversified material value in the company’s project base.
“This first resource highlights the potential size of Copperhead, with each hole intersecting copper at varying intervals. Some of the impressive intervals encountered during the inaugural drill program include 501m at 0.14% CuEq, 357m at 0.11% CuEq, 185m at 0.2% CuEq and 370m at 0.2% CuEq. Higher copper grades were encountered up to a peak of 2.28% Cu in individual one meter long samples.
“This is a good start for Copperhead and more resources should be discovered to the north, east, west and at depth. A preferential structural orientation to the northeast remains open, with highly anomalous soil samples trending towards a regional-scale gravity trough. Over 3,000 copper-bearing veins have been measured in the core, with many of the veins containing sericite/muscovite alteration and quartz. This suggests that the drilling took place in the upper levels (quartz/sericite) of a classic porphyry system and above the porphyry source itself.
“Rockfire’s inaugural drill program at Copperhead was designed to validate historic drilling from 1972. During our recent drilling, the extent of copper mineralization has been extended beyond historic drill limits and grades were sampled and confirmed in the entirety of each hole, rather than selectively. and sampling at sporadic intervals, as was the case in 1972.
“Copperhead is now showing promising signs of being a significant copper discovery. Rockfire drilled five holes to obtain an initial inferred resource and further drilling is expected to increase the mineralization footprint, delivering increased tonnage to an already impressive 64 million tons The final size of Copperhead is not yet defined.
“Rockfire is in the enviable position of being well funded and with cumulative JORC Queensland resources of:
- 130,000 ounces of gold at the Plateau.
- 800,000 ounces of silver at the Plateau.
- 120,000 t of CuEq at Copperhead (comprising 80,000 t of copper, 9,000 t of molybdenum and 1.1 million ounces of silver).
“Rockfire management is very pleased with the progress the company has made across its portfolio and we would like to thank all of our shareholders for their continued support as we create and sustain further value in our endeavors. The continued addition of mineral resources to our business creates value and ultimately wealth for shareholders. I want to emphasize that Rockfire has sufficient funding to sustain our current exploration momentum. We will continue to update the market as our work progresses. »
Read the article online at: https://www.globalminingreview.com/exploration-development/22032022/rockfire-resources-provides-copperhead-maiden-resource/