LONDON: Rockfire Resources plc announced that the Company’s recent helicopter geophysical survey has doubled the footprint of potential copper mineralisation at its 100%-owned Copperhead porphyry project in North Queensland, Australia.

Highlights:

·    A helicopter magnetic survey completed in December 2020 has doubled the copper target area at Copperhead.

·    The copper target is now defined by a minimum area of 5 km east-west x 3 km north-south.

·    Faults and fractures are clearly defined and correlate well with known copper mineralisation already discovered in streams, soils, and drilling completed by Carpentaria Exploration in 1972.

·    The drilling in 1972 tested an area less than 0.6% of the expanded target area.

·    The Copperhead target remains open in all directions.

·    The price of copper has increased substantially from US$4,617 per tonne in March 2020 to US$7,964 per tonne in December 2020; an increase of 72.5% in the last 9 months.

·    Planned work at Copperhead over the next six months includes detailed prospect-scale mapping and soil/rock sampling within the expanded target area, with subsequent drilling.

David Price, Chief Executive Officer of Rockfire, commented: “The result of the magnetic survey is a very exciting development for Copperhead. Rockfire’s determination to identify large mineral deposits is starting to bear fruit and a doubling of the Copperhead footprint is an exceptional outcome from our exploration efforts.

Only a tiny portion of the geochemical and geophysical anomalism has been tested by drilling, and results from that drilling are extremely encouraging. Visible copper minerals were observed throughout the drill holes; two of which were 300 m long.

Copperhead is increasingly becoming a high-value project for Rockfire and more work is therefore planned to advance the project. This geophysical survey has highlighted additional, large-scale targets, defined fault patterns, and identified a preferential direction for future drilling. In summary, this programme has achieved much more than we anticipated and has been very rewarding for the Company.

We will continue to inform the market of our progress on all activities, including on-going work to update gold resources at our nearby Plateau Gold Deposit, also in Queensland.”

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