Rockfire Resources PLC (LON:ROCK) has hit high-grade gold during drilling at its Plateau gold deposit in Queensland, Australia.

One particular highlight from drill hole BPL012 was an intersection of 1 metre at 18.4 grams per tonne of gold, the second-highest gold grade encountered at Plateau.

READ: Rockfire Resources reports “consistent” gold grades at Plateau

The results of the drilling are expected to add to the current 41,000 ounces of gold of the company’s current resources estimate, with further drilling planned to extend the gold mineralisation further.

“We’re delighted that drilling beneath the Plateau resource has hit such excellent grades and widths. These results demonstrate that gold mineralisation extends deeper and provides strong growth potential for the resource”, said Rockfire chief executive David Price.

He added that the intersections were 65 metres from the surface and “well within depths possible for open pit mining” and that further geophysics are planned to improve the company’s understanding of the resource at depth.

The shares were 4.8% lower at 1.5p in late-morning trading.

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