Rockfire Resources PLC (LON:ROCK) has raised £350,000 at a price 0.3p to fund the expansion and resource upgrade of the Plateau gold prospect at its Lighthouse project in Queensland.

The cash will be used for a drilling program aimed at increasing the JORC category to “measured and indicated”.

Currently Plateau’s is stated as having an “inferred” JORC resource of 1,147,330 tonnes at 1.10 grammes per tonne of gold for 40,400 ounces of gold.

Previous investigations have suggested gold mineralisation at Plateau is open in all directions.

Investors subscribing to Monday’s placing will also receive one warrant for each placing share, exercisable at 1p per placing warrant for a period of three years from issue.

“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,” said David Price, Rockfire’s chief executive.

“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.”