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Shares of Rockfire Resources PLC (LON: ROCK) surged 23.5% after the company announced that its recent helicopter magnetic survey completed in December 2020 has doubled the copper target area at Copperhead.

The Copperhead porphyry project is located in North Queensland, Australia and is 100% owned by the company. The new target area is now defined by a minimum area of 5 km east-west x 3 km north-south.

The target area has faults and fractures that are clearly defined and correlate well with known copper mineralisation already discovered in streams, soils, and drilling completed by Carpentaria Exploration in 1972.

Rockfire is set to benefit from the rising copper prices, which rose 72.5% in 2020 from US$4,617 per tonne in March 2020 to US$7,964 per tonne in December 2020.

The company intends to start drilling at the site in the next six months, but must first complete detailed prospect-scale mapping and soil/rock sampling.

David Price, Rockfire’s CEO, 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.

Adding:

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.”

Rockfire share price

Tradingview chart of Rockfire share price 06012021

Rockfire shares surged 23.5% to trade at 1.174p having rallied from Tuesday’s closing price of 0.95p.

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