Gold and base metal exploration company Rockfire Resources (LON: ROCK) has seen its shares rise Monday after an update on its diamond drilling programme at its Copperhead porphyry project in North Queensland, Australia.
The company said more than 1200 veins containing copper have been recorded in the core from the first three holes, with veins bearing copper and molybdenum sulphides encountered in all four holes completed.
The individual copper-bearing veins range in width from 1 mm to 2.5 cm and occur up to 6 veins per metre.
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Rockfire also stated that geology and veining in the drill cores indicate that drilling is occurring within the upper levels above an extensive porphyry copper system.
Data has now been submitted to the laboratory for analysis, with Rockfire awaiting the results.
Ongoing drilling is targeting the discovery of the primary porphyry source as the company continues to drill deeper into the mountain.
“With each hole drilled, our knowledge of the Copperhead porphyry system is increasing. Structural recordings of copper and molybdenum-bearing veins are providing information and vectors for planned future holes. We will continue to keep the market informed of our ongoing drilling,” said David Price, CEO of Rockfire.
At the time of writing, Rockfire Resources shares have climbed over 7% to 0.846p, decreasing the year-to-date losses.
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