Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Rockfire Resources (LON: ROCK) shares are edging higher on Tuesday following an update to its exploration programmes at its gold and copper projects in North Queensland, Australia.
Rockfire said diamond drilling is well underway at the Copperhead porphyry project.
During the preparation of tracks, pads, and infrastructure for drilling, Rockfire said its geologists observed weathered sulphides in fractures and veins at Copperhead.
“As the access tracks advanced towards the drill site, zones of malachite and azurite (copper carbonate) were mapped, as well as occasional fresh chalcopyrite (copper sulphide) in veins,” Rockfire said.
66 rock samples have been collected so far, with samples sent to a laboratory in Townsville for analysis.
The company continues to negotiate landowner access and compensation at the porphyry project in advance of diamond drilling.
Rockfire's gold highlights included the completion of a high-definition gravity survey at the Plateau gold deposit. The survey successfully identified two gravity “high” anomalies, showing potential concentrations of sulphides at depth.
David Price, CEO of Rockfire, commented: “Our exploration team has achieved a remarkable outcome to re-establish access, source water, identify a suitable drilling rig for the terrain and prepare for this logistically-challenging drilling programme. I am pleased to inform shareholders that diamond drilling is underway at Copperhead, almost 50 years after copper was first discovered there.”
Rockfire's share price initially climbed to a high of 1.1p. It is currently trading at 1.035p, up 1.17%.
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