- Rockfire Resources said it had increased the grade of the resource at its Copperhead project in Australia's Queensland state.

The inclusion of molybdenum had significantly increased Copperhead's average copper equivalent rade to 0.35%, from 0.25% as established by drilling in 1988, the company said.

The amount of in-situ copper had consequently rise to 122,500 tonnes of copper equivalent, up from 56,000 tonnes.

'Our technical team have been working on the Copperhead project to plan geophysical surveys,' chief executive David Price said.

'During this detailed planning, it was noted that the original drilling encountered significantly high values of molybdenum.'

'When the molybdenum values are incorporated into the original 1972 estimate, the result is a much higher average copper equivalent grade.'

At 2:44pm: [LON:ROCK] Rockfire Resources Plc Ord 0.1p share price was +0.05p at 0.68p

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