- Rockfire Resources said test drilling at its Marengo prospect in Australia's Queensland state failed to find significant gold or copper deposits.

Geophysical anomalies beneath and to the northeast of One Mile Mountain contained up to 1-2% pyrite, but hosted no significant gold or copper in two holes drilled.

Future work at Marengo woudl focus on exploring an additional 16 historical workings at the Homeward Bound prospect, as well as more than 30 prospects throughout the entire Marengo goldfield.

'The recent drilling only tested beneath one of the old workings at Homeward Bound and intersected gold-bearing veins at very shallow depths,' chief executive David Price said.

'The Marengo licence incorporates an entire goldfield and future work at Marengo will focus on the numerous historical workings, including more than 30 historical prospects within a five square kilometer area.'

'The blind, chargeable geophysical anomaly at One Mile Mountain and northeast of One Mile Mountain do not host significant gold or copper.'

'Importantly, this conclusion has been reached rapidly and at minimal cost to the company.'

'This enables our systematic exploration programs to zero-in on the most prospective targets and test them accordingly.'

'Rockfire has a large portfolio of prospects and this strategy demonstrates our conviction that discovery is only delivered from the drill bit.'

'We will continue to drill our targets in a systematic, thorough and swift manner.'

At 8:15am: [LON:ROCK] Rockfire Resources Plc Ord 0.1p share price was -0.33p at 1.25p

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