Earlier this week, Rockfire Resources (LSE:ROCK) announced that it would raise £350,000 at 0.3p a share to fund the expansion and resource upgrade of its Plateau gold project in Queensland, Australia.
In July, the business announced a maiden inferred JORC resource of 1,349,000 tonnes @ 1.18g/t Au for 51,000 ounces of gold for its Lighthouse gold project. Of this, 1,147,330 tonnes @ 1.10g/t Au for 40,400 ounces of gold were contained at Plateau.
Rockfire expects the money raised in this week’s placing to fund drilling that will upgrade this gold to the measured and indicated category. It added that Plateau has similarities to the nearby 1.5m-ounce Mt Wright Gold Mine, with mineralisation open in all directions.
Chief executive David Price said: ‘It is pleasing to have completed this placing to provide funding for the expansion of the resource at Plateau, as well as to target an uplift in the confidence of the resource category. To move towards eventual monetisation of the Plateau Gold Deposit, the increase in confidence from the Inferred category to the Measured and Indicated is a significant step towards achieving this goal.’
In the presentation below from Visual News Services, Price expands on these points, highlighting the opportunity on offer at Plateau and Lighthouse in detail.