LONDON (ShareCast) - (Sharecast News) - Gold and base metals exploration company Rockfire Resources updated the market on its exploration programme underway at its wholly-owned Copperhead porphyry project in Australia's north Queensland on Tuesday, reporting that the drilling of the first two exploration holes was complete, with a third hole currently in progress.
The AIM-traded firm said its geologists were logging "abundant, narrow, mineralised" veins throughout each hole, including veins hosting both copper and molybdenum minerals.

Drillhole BCH001, the first hole, was drilled to 501.40 metres, with copper-bearing veins recorded from eight metres to the end of hole.

Chalcopyrite, or copper sulphide, veins were still being recorded at 500.87 metres.

Vein frequency varied through each hole, which was in line with expectations from historical drill holes at Copperhead.

The company said the frequency of veins bearing visible chalcopyrite fluctuated "dramatically" throughout the hole, with some sections recording less than one vein per metre, and other sections hosting up to eight veins per metre.

Multiple orientations of the copper-bearing veins were being recorded, with the majority - but not all - chalcopyrite veins striking west-northwest and northwest and dipping "very steeply" both northeast and southwest.

At the bottom of hole BCH001, a weak increase in alteration magnetite was observed, and was likely to be the cause of a "weakly elevated" magnetic response at depth.

Geotechnical and geological logging was said to be well-advanced, while core cutting and sampling was in progress.

Rockfire said it would continue to update the market with its progress, including results, as they were received for each hole.

"Drilling at Copperhead is progressing well - the geology and mineralisation being observed in our first drillhole is in line with the geological logs from drilling in 1972," said chief executive officer David Price.

"Assays are pending, however, so it would be premature to attempt to correlate copper grades with historical drilling.

"Even without knowledge of the grades yet, the presence of the copper sulphides throughout the hole and to a downhole depth of 500 metres supports our belief for the potential of a large, mineralised porphyry copper-molybdenum system."

Price explained that as each hole was drilled, important geological and structural information was provided and the firm's geologists were gaining a better understanding of the deposit.

"More than 980 veins have been recorded and measured in the first hole alone.

"This is critical for targeting the source of the copper-bearing veins, which is beneath our current drilling," David Price said.

"Drilling remains in progress, with another two to three holes to be drilled over the coming months and, as usual, we will continue to keep the market informed of this ongoing work programme."

At 1515 BST, shares in Rockfire Resources were down 7.59% at 0.9p.

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