TIDMROCK
RNS Number : 6775M
Rockfire Resources PLC
23 September 2021
23 September 2021
Rockfire Resources plc
("Rockfire" or the "Company")
Interim Results
Rockfire Resources plc (LON: ROCK), the gold and base metal
exploration company, is pleased to announce its unaudited interim
results for the six months ended 30 June 2021.
Rockfire continues to focus effort and resources on its
strategic campaign to attain growth, primarily through exploration
success. This forms an integral part of the growth strategy adopted
by the Board to achieve increased asset value and therefore,
shareholder wealth.
The Company's exploration activities have pivoted towards our
large-scale porphyry copper projects in Queensland, Australia at a
time when copper prices have materially increased. The Board
believes the timing of higher copper prices, exploration drilling
at our copper projects and the stable jurisdiction of Queensland
are combining to Rockfire's advantage.
Corporate Summary
On 6 May 2021, the Company announced that it had completed a
placing of 121,429,200 new ordinary shares at a price of 0.7 pence,
raising gross proceeds of GBP850,000. Rockfire's largest
shareholder and Non-executive Director, Nicholas Walley subscribed
for 6,000,000 shares in the placing, thereby increasing his holding
in the Company to 59,000,000 ordinary shares.
The net proceeds of the placing were for
(i) inaugural Reverse Circulation ("RC") drilling at Copper Dome;
(ii) exploration RC drilling close to the resource at Plateau; and
(iii) inaugural drilling at Copperhead.
Rockfire Project Portfolio
Lighthouse
In 2019, Rockfire estimated a maiden JORC resource of 1,147,330
t @ 1.10 g/t Au for a total of 40,400 ounces of gold at the Plateau
gold deposit ("Plateau") within the Lighthouse tenement. On 29
January 2021, Rockfire released an updated resource estimate for
Plateau.
The overall gold envelope at Plateau (grades above 0.2 g/t Au)
now stands at (Indicated and Inferred) 11.4 Million tonnes @ 0.6
g/t Au and 4.0 g/t Ag for 208,278 ounces of gold and 1.5 Million
ounces of silver. Within this envelope and using a more commercial
higher cut-off (grades above 0.5 g/t Au), the Indicated and
Inferred Mineral Resource is 3.9 Million tonnes @ 1.1 g/t Au and
6.4 g/t Ag for 131,302 ounces of gold and 800,000 ounces of
silver.
Using the same 0.5 g/t Au cut-off, a subset of the Mineral
Resource at shallow depths (0-100 m) includes an Indicated and
Inferred 1.4 Million tonnes @ 1.2 g/t Au and 8.8 g/t Ag for 53,336
ounces of gold and 390,000 ounces of silver.
Importantly, the Mineral Resource remains open along strike and
at depth, leaving scope for further resource increases. Within 200
m to the north and south of Plateau, rock chip sampling has
returned 12.10 g/t Au and 6.69 g/t Au, respectively. Both areas are
undrilled and are not included in the current Mineral Resource
estimate.
PLATEAU ALL
Cut-off Au ppm Tonnes Au ppm Au oz Ag ppm Ag oz
----------- ------- -------- ------- ----------
3 45,686 4.15 6,102 20.4 29,974
----------- ------- -------- ------- ----------
2 279,441 2.63 23,586 15.0 135,074
----------- ------- -------- ------- ----------
1 1,490,322 1.63 77,957 8.7 416,638
----------- ------- -------- ------- ----------
0.75 2,274,013 1.36 99,743 7.7 560,363
----------- ------- -------- ------- ----------
0.5 3,896,758 1.05 131,302 6.4 801,373
----------- ------- -------- ------- ----------
0.3 7,811,806 0.72 179,937 4.8 1,206,767
----------- ------- -------- ------- ----------
0.2 11,381,037 0.57 208,278 4.0 1,475,277
----------- ------- -------- ------- ----------
0.1 15,308,341 0.46 227,640 3.4 1,691,638
----------- ------- -------- ------- ----------
0 15,716,940 0.45 228,755 3.4 1,707,657
----------- ------- -------- ------- ----------
Results from a preliminary scoping study at Plateau were
announced to the market on 8 April 2021. The purpose of this study
was to consider the economic potential for open-pit mining at
Plateau.
A modest, net positive cash flow, ranging from AUD $6.8m to AUD
$19.4m (GBP GBP3.7m to GBP GBP10.7m), results from a small-scale,
open pit mine. The range of anticipated cash flows depends on
technical and operational variables. Multiple targets within the
proposed pit outlines are yet to be drilled and the study
identified numerous opportunities to increase gold ounces with
additional shallow drilling.
Only the top 70 m was included in the study, yet gold up to 16.9
g/t Au has been intersected more than 400 m below surface. There is
therefore significant potential to increase the economic outlook of
the project based on continued exploration success at depth. The
study assumed utilisation of one of the nearby existing processing
facilities, of which there are several within commercial trucking
distances of Plateau. Average mined grades range between 1.26 g/t
Au and 1.94 g/t Au from within the optimised pit outlines. The
range of anticipated cashflow depends on technical and operational
variables. Several excellent targets within 250 m of Plateau were
identified for future drilling to explore for additional
near-surface gold ounces.
At the end of March 2021, the results from 34 rock chip samples
were announced, collected from several high priority target areas
surrounding Plateau. Rock chip sampling at the "Northwest Breccia"
at Plateau returned high grade results up to 16.8 g/t Au and 50.4
g/t Ag, whilst rock sampling at the "Northern Breccia" returned
results up to 1.89 g/t Au and 24.2 g/t Ag.
Lighthouse Regional
Ten rock chip samples taken from the Bell Rock gold prospect
("Bell Rock"), which lies 3.5 km southeast of Plateau returned
high-grade gold, including 9.9 g/t, 5.2 g/t, 5.0 g/t and 4.1 g/t
Au. This led to the commissioning of a detailed soil sampling
programme. On 3 February 2021, Rockfire released the results of
this soil sampling, which successfully defined a gold/copper
anomaly in excess of 300 m long and 100 m wide. The highest
gold-in-soil value was 1.7 g/t Au (1,700 ppb) and the highest
copper-in-soil value was 605 ppm Cu. Elevated gold and copper
values extend beyond the limits of the expanded survey area.
Detailed soil sampling was completed over the northern half of
the Jeddah gold prospect ("Jeddah"), also within the Lighthouse
tenement and only 2 km southwest of Plateau. A total of 210 samples
were collected at Jeddah, where continuous rock samples, collected
by Rockfire in May 2018 had returned 10 m @ 1.68 g/t Au, 8 m @ 1.23
g/t Au and 5 m @ 1.35 g/t Au. On 10 February 2021, it was announced
that a cohesive gold anomaly has been detected, covering an area of
250 m (east-west), by 150 m (north-south). The anomaly is defined
by a low-order zone of + 10 ppb Au, with a peak value of 62 ppb Au
and remains open towards the south.
Copperhead
Rockfire announced on 6 January 2021, that a helicopter magnetic
survey completed at the Copperhead porphyry project had doubled the
copper target area. The copper target has increased to include an
area of 5 km east-west x 3 km north-south. Faults and fractures
were defined by the aeromagnetics and correlate well with known
copper mineralisation discovered in streams, soils, and drilling
completed by Carpentaria Exploration in 1972.
Three-dimensional magnetic inversion modelling was undertaken on
the helimag data. This work resulted in a magnetic body being
detected, starting at approximately 450 m below surface. The
magnetic feature is approximately 4.5 km long and 1.5 km wide and
is positioned beneath soil samples containing highly anomalous
copper (up to 0.5 % Cu) and directly beneath five mineralised
diamond drill holes drilled in 1972.
On 24 June 2021, Rockfire announced the commencement of access
track development at Copperhead in preparation for diamond
drilling. Within several kilometres from the actual drilling site,
Rockfire geologists were observing weathered sulphides in fractures
and veins within the intrusions.
Copper Dome
On 19 May 2021, Rockfire announced the results of a
helicopter-supported aeromagnetic and radiometric survey at the
Copper Dome porphyry project. High resolution images have been
produced, with the magnetic data offering a detailed insight into
the geology and structure beneath the dome.
A revised and expanded target, based on the new aeromagnetic
signature, occupies an area 4 km x 3.5 km in size. At least three
separate intrusions are now evident, with one intrusion having been
historically drilled and copper successfully found. Abundant
structures, including faults (and possibly veins) were identified,
providing a greater understanding of the structural setting for the
emplacement of the porphyries.
Three-dimensional magnetic interpretation identified two main
targets, with both showing very strong magnetic responses. These
are interpreted as magnetite alteration commencing approximately
500 m below surface. The larger target is 1.5 km long, 700 m wide
and occurs between 400 m and 1.3 km deep and remains open beyond
that depth. The smaller target is 900 m long, 250 m wide and occurs
between 600 m and at least 1 km deep.
Post-period Highlights
Diamond drilling is in progress at Copperhead. During the
preparation of tracks, pads and infrastructure for drilling,
Rockfire geologists continued to observe weathered sulphides in
fractures and veins. 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.
On 26 July 2021, the Company announced that it had raised GBP1.0
million, before expenses, through a placing of 125,000,000 new
ordinary shares with an institutional investor at a price of 0.8
pence.
A further 1,640,069 new ordinary shares were issued to Patrick
Elliott on 6 August 2021 in settlement of Director's fees for the
period 01 January 2021 to 30 June 2021.
For further information on the Company, please visit
www.rockfireresources.com or contact the following:
Rockfire Resources plc: info@rockfireresources.com
David Price, Chief Executive Officer
Allenby Capital Limited (Nominated Tel: +44 (0) 20 3328
Adviser & Broker) 5656
John Depasquale / George Payne (Corporate
Finance)
Matt Butlin / Kelly Gardner (Sales
and Corporate Broking)
Yellow Jersey rockfire@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004
9512
ROCKFIRE RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2021
6 months to 6 months to 12 months to
30 June 2021 30 June 2020 31 December 2020
GBP GBP GBP
Note (unaudited) (unaudited) (audited)
Impairment of intangible assets - 1,104 (12,324)
Administrative expenses (425,937) (275,202) (707,663)
Loss before taxation (425,937) (274,098) (719,987)
Taxation - - -
Loss attributable to shareholders of the Company (425,937) (274,098) (719,987)
Items that may be subsequently reclassified to profit or
loss:
Foreign exchange translation movement (42,929) 58,000 50,591
Total comprehensive loss attributable to shareholders of
the Company (468,866) (216,098) (669,396)
============== ============== ==================
Loss per share attributable to shareholders of the Company
Basic and diluted (pence) 3 (0.05) (0.04) (0.10)
ROCKFIRE RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
6 months to 6 months to 12 months to
30 June 30 June 31 December
2021 2020 2020
GBP GBP GBP
Note (unaudited) (unaudited) (audited)
ASSETS
Non-current assets
Intangible assets 2,925,443 2,096,980 2,655,196
Property, plant and
equipment. 24,760 28,295 25,706
-------------- -------------- ------------
Total non-current
assets 2,950,203 2,125,275 2,680,902
-------------- -------------- ------------
Current assets
Cash and cash equivalents 1,493,441 181,405 1,350,926
Trade and other receivables 27,110 20,676 39,383
-------------- -------------- ------------
Total current assets 1,520,551 202,081 1,390,309
-------------- -------------- ------------
Total assets 4,470,754 2,327,356 4,071,211
============== ============== ============
EQUITY AND LIABILITIES
Equity attributable
to shareholders
of the Company
Share capital 4 6,950,667 6,628,608 6,828,085
Share premium 17,337,252 14,752,576 16,658,354
Other reserves 2,295,035 2,295,035 2,295,035
Foreign exchange reserve (70,105) (19,767) (27,176)
Retained deficit (22,089,406) (21,437,910) (21,779,517)
-------------- -------------- ------------
Total equity 4,423,443 2,218,542 3,974,781
-------------- -------------- ------------
Current liabilities
Trade and other payables 47,311 108,814 96,430
-------------- -------------- ------------
Total current liabilities 47,311 108,814 96,430
-------------- -------------- ------------
Total liabilities 47,311 108,814 96,430
-------------- -------------- ------------
Total equity and liabilities 4,470,754 2,327,356 4,071,211
============== ============== ============
ROCKFIRE RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2021
Foreign
Share Share Other exchange Accumulated
capital premium reserves reserve losses Total
GBP GBP GBP GBP GBP GBP
At 1 January
2020 6,625,077 14,736,107 2,295,035 (77,767) (21,163,812) 2,414,640
--------------------- ---------- ----------- ---------- ---------- ------------- ----------
Loss for the
period - - - - (274,098) (274,098)
Foreign exchange
translation
movement - - - 58,000 - 58,000
--------------------- ---------- ----------- ---------- ---------- ------------- ----------
Total comprehensive
loss - - - 58,000 (274,098) (216,098)
--------------------- ---------- ----------- ---------- ---------- ------------- ----------
Issue of share
capital 3,531 16,469 - - - 20,000
Total transactions
with shareholders 3,531 16,469 - - - 20,000
--------------------- ---------- ----------- ---------- ---------- ------------- ----------
At 30 June
2020 6,628,608 14,752,576 2,295,035 (19,767) (21,437,910) 2,218,542
--------------------- ---------- ----------- ---------- ---------- ------------- ----------
Loss for the
period - - - - (445,889) (445,889)
Foreign exchange
translation
movement - - - (7,409) - (7,409)
--------------------- ---------- ----------- ---------- ---------- ------------- ----------
Total comprehensive
loss - - - (7,409) (445,889) (453,298)
---------- ----------- ---------- ---------- ------------- ----------
Issue of share
capital 199,477 2,016,931 - - - 2,216,408
Cost of share
issue - (111,153) - - - (111,153)
Share-based
payments - - - - 104,282 104,282
--------------------- ---------- ----------- ---------- ---------- ------------- ----------
Total transactions
with shareholders 199,477 1,905,778 - - 104,282 2,209,537
--------------------- ---------- ----------- ---------- ---------- ------------- ----------
At 31 December
2020 6,828,085 16,658,354 2,295,035 (27,176) (21,779,517) 3,974,781
--------------------- ---------- ----------- ---------- ---------- ------------- ----------
Loss for the
period - - - - (425,937) (425,937)
Foreign exchange
translation
movement - - - (42,929) - (42,929)
--------------------- ---------- ----------- ---------- ---------- ------------- ----------
Total comprehensive
loss - - - (42,929) (425,937) (468,866)
--------------------- ---------- ----------- ---------- ---------- ------------- ----------
Issue of share
capital 122,582 737,423 - - - 860,005
Cost of share
issue - (58,525) - - - (58,525)
Share-based
payments - - - - 116,048 116,048
Total transactions
with shareholders 122,582 678,898 - - 116,048 917,528
--------------------- ---------- ----------- ---------- ---------- ------------- ----------
At 30 June
2021 6,950,667 17,337,252 2,295,035 70,105 (22,089,406) 4,423,443
===================== ========== =========== ========== ========== ============= ==========
ROCKFIRE RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
6 months 6 months
to to 12 months
30 June 30 June to 31 December
2021 2020 2020
GBP GBP GBP
(unaudited) (unaudited) (audited)
Cash flow from operating activities
Loss for the period (425,937) (274,098) (719,987)
- Impairment of intangible
assets - - 12,324
- Share-based payments 116,048 - 104,282
- Expenses settled in shares 10,000 20,000 38,000
- Depreciation 3,312 1,319 769
- Foreign exchange rate changes (20,311) 58,000 (60,984)
----------- ----------- ---------------
(316,888) (194,779) (625,596)
Decrease in trade and other
receivables 12,058 35,296 18,007
Increase in trade and other
payables (48,153) (37,709) (55,803)
Net cash flow from operating
activities (352,983) (253,064) (663,392)
----------- ----------- ---------------
Cash flow from investing activities
Exploration expenditure (293,276) (365,220) (817,153)
Acquisition of property, plant
and equipment (2,705) (19,243) (18,844)
----------- ----------- ---------------
Net cash used in investing
activities (295,981) (348,463) (835,997)
----------- ----------- ---------------
Cash flow from financing activities
Proceeds from issuance of ordinary
shares 850,004 - 2,198,409
Share issue costs (58,525) - (111,153)
----------- ----------- ---------------
Net cash generated by financing
activities 791,479 - 2,087,256
----------- ----------- ---------------
Net decrease in cash and cash
equivalents 142,515 (581,655) 587,867
Cash and cash equivalents at
the beginning of the period 1,350,926 763,060 763,059
Cash and cash equivalents at
the end of the period 1,493,441 181,405 1,350,926
=========== =========== ===============
ROCKFIRE RESOURCES PLC
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
1 Principal activities
The Company is a public limited company, admitted to trading on
AIM and incorporated and domiciled in England and Wales.
The Group's principal activity is exploration for gold and base
metals in Queensland, Australia.
2 Basis of preparation
The unaudited consolidated financial statements are for the
six-month period ended 30 June 2021. They do not include all the
information required for full annual financial statements and
should be read in conjunction with the audited consolidated
financial statements of the Group for the year ended 31 December
2020.
The financial statements are prepared on the historical cost
basis or the fair value basis where the fair valuing of relevant
assets and liabilities has been applied.
The financial statements have been prepared in accordance with
accounting policies consistent with those set out in the Group's
financial statements for the year ended 31 December 2020.
The financial statements incorporate the financial statements of
the Company and subsidiaries controlled by the Company as at 30
June 2021.
The financial information set out in this interim report does
not constitute statutory accounts as defined in Section 435 of the
Companies Act 2006. The Group's statutory financial statements for
the year ended 31 December 2020 have been filed with the Registrar
of Companies. Those financial statements received an unqualified
audit report and did not contain statements or matters to which the
auditors drew attention under the Act.
The Group's consolidated financial statements are presented in
GB pounds sterling ("GBP" or "GBP") which is also the functional
currency.
3 Loss per share
Basic and diluted loss per share
The calculation of basic and diluted loss per share is based on
the loss attributable to ordinary shareholders of GBP425,937 (2020:
GBP274,098) and a weighted average number of ordinary shares in
issue of 833,273,833 (30 June 2020: 631,592,561).
4 Share capital
30 June 30 June 31 December
2021 2020 2020
Issued share capital Number Number Number
Ordinary shares of GBP0.001 each 954,997,653 632,938,535 832,415,592
Deferred shares of GBP0.099 each 51,215,534 51,215,534 51,215,534
30 June 30 June 31 December 2020
2021 2020
Issued share capital GBP GBP GBP
Fully paid 6,950,667 6,628,608 6,828,085
6,950,667 6,628,608 6,828,085
=========== =========== ================
Fully paid ordinary shares carry one vote per share and carry
the right to dividends. There are no shares held by the Company or
its subsidiaries.
The deferred shares carry no voting or income rights. The only
right attaching to deferred shares is to receive the amount paid up
on a winding up of the Company once the holders of ordinary shares
have received GBP1,000,000 per ordinary share.
On 16 February 2021, 1,152,861 new ordinary shares were issued
to Patrick Elliott in settlement of Director's fees for the period
from 01 October to 31 December 2020, at a price of 0.87 pence.
In May 2021, the Company completed a placing of 121,429,200 new
ordinary shares at a price of 0.7 pence, raising gross proceeds of
GBP850,000.
The nominal value of the issued share capital includes a
cumulative foreign exchange difference of GBP925,331 which was
recognised in 2017 when the Group's functional currency was changed
from US$ to GBP.
5 Post balance sheet events
In July 2021, the Company completed a placing of 125,000,000 new
ordinary shares at a price of 0.8 pence to raise GBP1,000,000 to
fund sustained drilling at Copperhead and Copper Dome and provide
the Company with the opportunity to expand exploration at either or
both projects.
In August 2021, 1,640,069 new ordinary shares were issued to
Patrick Elliott in settlement of Director's fees for the period
from 01 January to 30 June 2021.
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END
IR SEWFWEEFSEFU
(END) Dow Jones Newswires
September 23, 2021 02:00 ET (06:00 GMT)
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