Rockfire Resource surges 128 per cent after new gold discovery
Australian focused firm hits gold across a 215m intercept
Rockfire Resources, an Australian-focused gold and copper exploration company listed in London, has seen its share price surge 128 per cent in trading. The gain was triggered by the announcement of successful and consistent gold assays from a geophysical target on its ‘Plateau’ gold project in Australia.
The firm has three medium-grade, near-surface gold prospects positioned among multi-million ounce gold deposits. This most recent investigation intercept indicates the discovery of large gold deposit. Rockfire has particularly stressed that gold mineralisation occurs almost continuously throughout a 215 metre prospect, including 177 metres at 0.5 grams per tonne gold.
Although the company is still down on the year-to-date, and far below its record peak of February 2013, this sudden gain will be welcomed by investors who have kept the faith. Indeed, as the results from 13 further drill holes are yet to be announced, investors are wondering if this could just be the start.
David Price, chief executive of Rockfire, reacted to this most recent development stating:
“This is the first indication that Plateau has grade continuity extending at depth and supports our belief that this deposit is much larger than previously demonstrated. With consistent gold, silver and zinc being encountered close to surface, we always believed that a large mineralised system was somewhere deeper down. This hole has demonstrated that mineralisation can be followed over long intervals.”
FURTHER READING: Gold price predictions for 2020 and beyond