LONDON (ShareCast) - (Sharecast News) - Gold and base metal exploration company Rockfire Resources announced on Monday that diamond drilling down to 500 metres was now underway at its wholly-owned Plateau Gold Deposit on the Lighthouse tenement in north Queensland, Australia.
The AIM-traded firm said six diamond drill holes were currently planned to test the gold mineralisation down to a vertical depth of 500 metres, making for the fourth drilling programme since October 20.

Its board said it was a continuation of its "aggressive" exploration strategy, aimed at discovering a large economic gold deposit at Plateau.

Assay results from the June reverse circulation drilling programme were still pending, the directors added, explaining that the six planned deeper holes were set to be completed in the coming months.

"Gold mineralisation has been encountered in multiple holes within the top 200 metres from surface, so the next step in our exploration is to test down to 500 metres depth," said chief executive officer David Price.

"Below 300 metres from surface is where the main gold mineralised zone was discovered at the nearby Mt Wright gold mine, where more than 1.5 million ounces of gold was mined down to 1,200 metres depth."

Price said the company was "keenly awaiting" the results from its reverse circulation drilling completed in June.

"During that programme, five holes were drilled down to 250 metres depth, and intersected visible sulphides over broad intervals of several hundred metres, and were located up to 100 metres east of previous drilling."

At 1230 BST, shares in Rockfire Resources were up 1.22% at 1.04p.

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