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Copperhead upgraded to 122,500t copper equivalent
Copperhead upgraded to 122,500t copper equivalent.
About this update from Rockfire Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7084B Rockfire Resources PLC 10 June 2019 \n\nThis announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 (\"MAR\").\n10 June 2019\nRockfire Resources plc\n(\"ROCK\", \"Rockfire\" or \"the Company\")\nCopperhead upgraded to 122,500t copper equivalent\nFurther to its announcement on 2 July 2018, Rockfire Resources plc (LON: ROCK) is pleased to announce a grade increase to the 1972 historical metal estimate at its 100% owned Copperhead Project in north Queensland, Australia (\"Copperhead\"). This upgrade results from including a second round of core sampling in 1988 and significant molybdenum, both of which were not included in the original estimate.\n· The inclusion of molybdenum significantly increases Copperhead's average copper equivalent (Cu Eq.) grade to 0.35%, from 0.25% as established by drilling in 1988; \n· Using the original tonnage and the new Cu Eq. grade of 0.35%, the amount of in-situ copper increases from 56,000 tonnes of copper to 122,500 tonnes of copper equivalent value;\n \n· At a current copper price of £4,535 per tonne, this represents an in-ground value of £555m*; \n \n· Rockfire has developed a staged exploration target, with planned drilling expected to deliver the next milestone of between 50 - 100 million tonnes, with a grade range of 0.30 - 0.40% Cu equivalent**;\n \n· The estimated tonnage only includes a small drilled portion (approximately 5%) of a large surface geochemical anomaly which is 3km x 2km in area and mineralisation remains open in all directions \n \n· All historical drill holes (5 in total) were mineralised with copper and molybdenum throughout their lengths and terminated in mineralisation;\n \n· Copperhead is 100% owned by Rockfire Resources plc;\n \n \nDavid Price, Chief Executive Officer of Rockfire commented; \n\"Our technical team have been working on the Copperhead Project to plan geophysical surveys. During this detailed planning, it was noted that the original drilling encountered significantly high values of molybdenum. When the molybdenum va...