LONDON (ShareCast) - (Sharecast News) - Gold and base metals exploration company Rockfire Resources announced on Friday that a ground magnetic survey had highlighted multiple new target structures at its wholly-owned Plateau gold deposit in the north of the Australian state of Queensland.
The AIM-traded firm said a ground magnetic survey had been completed at Plateau, where it previously-announced a JORC-compliant gold resource of 53,336 ounces of gold in the top 100 metres from surface.

It said the new ground magnetic data highlighted structures which could be faults, veins, or dykes, some of which were already known to host high-grade gold found in rock samples.

Multiple structures had been highlighted which had not yet been explored, and lay within 250 metres of the company's gold resource.

Rockfire said it had reverse circulation drilling planned, with several of the targets to be tested as part of upcoming drilling, expected to start in May.

Previous geological, geochemical and geophysical exploration techniques had suggested that gold could originate from the southeast direction, adding that there were "promising" structures aligned towards the southeast.

Those structures would be tested during the next drilling campaign.

"This geophysical work has highlighted structures which are not readily discernible from the surface mapping," said chief executive officer David Price.

"Of particular interest is the evidence of radiating structures gained from the data - a common phenomenon surrounding intrusive bodies, such as the rhyolite plug at Plateau.

"Several of these radiating structures host gold, but many of them are unexplored."

Price said Rockfire intended to explore those features in the coming drilling programme, which was expected to start in May.

"The company is planning infill and extension drilling at both the Central Breccia and the Eastern Breccia, as well as exploration drilling close to both gold resources.

"Regular announcements will be made once drilling commences and the market will be kept up-to-date with drilling progress and results."

At 0941 BST, shares in Rockfire Resources were up 6.17% at 0.93p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE