TIDMROCK
RNS Number : 3841N
Rockfire Resources PLC
20 January 2023
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended .
20 January 2023
Rockfire Resources plc
("Rockfire" or the "Company")
Plateau JV to test for higher-grade gold
Rockfire Resources plc (LON: ROCK), the gold, base metal and
critical mineral exploration company, is pleased to announce that
the Company has entered into a new joint venture ("JV") at the
Plateau gold deposit in Queensland, Australia. The purpose of the
JV will be to test regional targets, as well as the discovery of
higher-grade gold, close to Rockfire's JORC resource.
Highlights
-- Rockfire has entered into a binding heads of agreement with
Sunshine Gold Limited ("Sunshine") to advance the Plateau gold
deposit in Queensland. Sunshine is listed on the Australian Stock
Exchange (ASX:SHN).
-- The JV includes the Lighthouse tenement (EPM25617) and the
adjoining Kookaburra tenement (EPM26705) (together the
"Tenements")
-- The JV will result in Sunshine sole-funding exploration at
Plateau for the next 3 years, with funding being engaged on direct
exploration activity.
-- Rockfire intends to focus its financial, logistical and human
resources on the Molaoi zinc deposit in Greece, which hosts an
Inferred, high-grade JORC resource of 2.3 million tonnes @ 9.4%
zinc, 1.7% lead and 47g/t silver for 250,000 tonnes of zinc
equivalent. The critical mineral, Germanium has also been
discovered, associated with zinc.
-- The Plateau gold deposit has a quoted Inferred JORC resource
of 3.9 million tonnes @ 1.1g/t gold and 6.4g/t silver, using a
0.5g/t Au cut off.
-- Sunshine will target potential for additional ounces in the
top 100m from surface, where the JORC resource is quoted as
Indicated and Inferred 1.4 million tonnes @ 1.2g/t Au and 8.8g/t
Ag, (using a 0.5g/t Au cut off), for a total of 53,336 ounces of
gold.
-- Regional targets within the Lighthouse tenement, including
Double Event, Cardigan Dam, Bluff Creek, Bullseye, Rollston River,
Warrawee, Lower Lighthouse and Horse Creek will also be a focus for
Sunshine to delineate near-surface resources at each of these
regional prospects.
-- Rockfire has the option to retain 25% ownership of the
Plateau gold project by participating in 25% expenditure in
on-going exploration, or the Company may elect to convert its right
over a 25% share of the Tenements to a 1.5% net smelter royalty.
With this structure, any discovery success by Sunshine will
directly benefit shareholders of Rockfire.
David Price, Chief Executive Officer of Rockfire, commented:
"The establishment of this joint venture is a positive step for
the Plateau project and for Rockfire generally. The JV enables our
team to focus its efforts on the Molaoi project in Greece and
allows for the advancement of Plateau at the same time.
"The joint venture structure is designed so that Sunshine will
sole-fund exploration costs on the project, with minimum allowance
for administration costs.
"Sunshine is an excellent JV partner, with a proven track record
of thorough and sustained drilling. The Sunshine team is
experienced and dedicated to discovery and Rockfire's management
believes that Plateau is in good hands with Sunshine as a quality
partner.
"In the meantime, our drilling at Molaoi in Greece has
recommenced after the Christmas/New Year break and the market will
be informed regularly as our drilling programme progresses and as
drilling results are received."
Principal terms of the joint venture
The JV includes the Lighthouse Project exploration permit
EPM25617 and the adjoining Kookaburra exploration permit EPM26705
in Queensland.
As at 30 June 2022, the Company's last announced financial
statement, the Tenements accounted for GBP1,569,459 of the
Company's Intangible assets. As all expenditure on the Tenements
are capitalised, there were no losses or profits attributed to the
Tenements.
During the sole funding period, Sunshine must keep the Tenements
in good order and meet all statutory reporting, rehabilitation and
expenditure obligations.
On the occurrence of each milestone set out in the table below,
Sunshine will acquire the corresponding participating Interest in
the Tenements. Up until the point as Sunshine reaches the stage 1
milestone, Sunshine will have a participating interest in the
Tenements of 0%.
Stage Milestone Total participating Time frame
interest earned
by Sunshine
at end of stage
Sunshine has sole Maximum of
funded AUD $600,000 1 Year from
1 in expenditure 40% execution date
--------------------- -------------------- ----------------
Sunshine has sole
funded a further Maximum of
AUD $600,000 in 2 years from
2 expenditure 51% execution date
--------------------- -------------------- ----------------
Sunshine has sole
funded a further Maximum of
AUD $1,000,000 in 3 years from
3 expenditure 75% execution date
--------------------- -------------------- ----------------
The expenditure requirement for each Stage 1, 2 and 3 is
independent of the other stages and not cumulative.
At the conclusion of Stage 3, , Rockfire has 60 days from
receipt of all data and reports and proposed program and budget, by
written notice, to elect to either:
-- contribute its 25% share of on-going exploration and development expenditure; or
-- Convert its 25% share to a 1.5% net smelter royalty.
-- Completion is expected in late January 2023
The terms of the net smelter royalty are to be based on the
standard Energy & Resources Law Association (formerly AMPLA
Ltd) template.
About Sunshine Gold Limited
Sunshine is listed on the Australian Stock Exchange with ticker
(ASX:SHN). The Company is focused on discovery and development at
its high-quality gold and copper projects in Queensland, comprising
a 100% interest in the Triumph, Hodgkinson, Investigator and
Ravenswood West projects.
The Sunshine board of directors includes Damien Keys, Paul
Chapman and Les Davis, all of whom were responsible for the
establishment and successful growth of Silver Lake Resources. As
the Managing Director of Sunshine, Damien is a geologist with 20
years' experience in mining and exploration across a range of
commodities. Damien has led teams to exploration success with Gold
Fields Australia, Silver Lake Resources, Black Cat Syndicate and
most recently at Spectrum Metals, with the discovery of the Penny
North Gold Mine. Damien has completed a PhD in Structural Geology
at James Cook University in Townsville.
For further information on the Company, please visit
www.rockfireresources.com or contact the following:
Rockfire Resources plc : info@rockfire.co.uk
David Price, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser Tel: +44 (0) 20
& Broker): 3328 5656
John Depasquale / George Payne (Corporate
Finance)
Matt Butlin / Kelly Gardner (Sales and
Corporate Broking)
Qualified Person Statement
The technical information in this announcement is based on
information compiled by Mr David Price, the Chief Executive Officer
of Rockfire Resources plc, who is a Fellow of the Australasian
Institute of Mining and Metallurgy (FAusIMM). Mr Price has
sufficient experience relevant to the style of mineralisation and
type of deposit under consideration and to the activity which has
been undertaken to qualify as a "Qualified Person" in accordance
with the AIM Rules Guidance Note for Mining and Oil & Gas
Companies. Mr Price consents to the inclusion in the announcement
of the matters based on their information in the form and context
in which it appears.
Notes to Editors
Rockfire Resources plc (LON: ROCK) is a gold, base metal and
critical mineral exploration company, with a portfolio of
gold/copper/silver projects in Queensland Australia and a
high-grade zinc/lead/silver/germanium deposit in Greece.
-- The Molaoi deposit in Greece has a JORC resource of 210,000
tonnes of zinc, 39,000 tonnes of lead and 3.5 million ounces of
silver, using a 4% Zn cut off.
-- The Plateau deposit in Queensland has a JORC resource of
131,000 ounces of gold and 800,000 ounces of silver, using a 0.5g/t
Au cut off. 53,000 of these ounces lie within the top 100m from
surface.
-- The Copperhead deposit in Queensland has a JORC resource of
80,000 tonnes of copper, 9,400 tonnes of molybdenum and 1.1 million
ounces of silver, using a 0.13% CuEq. cut off.
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January 20, 2023 02:20 ET (07:20 GMT)
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